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Turned down for a loan - not sure why but what next?
Even with a good credit score I was turned down for a bank loan of 25K over 5 years for urgent home improvements. Once these improvements are made we can move out of a rental and save around £1800 per month, so the repayments will be easily affordable. In my early 60's I suspect age may be the issue, but when I retire then…
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Overdrawn Directors Loan Account for liquidated company
I'm not sure if this is the correct section to post this on, but it was the closest one I could find. Here's my situation... Up until last year, I was 1 of 2 directors of a small business. I was also a 50% shareholder. In July, I resigned following financial issues within the business and as a result, it led to my…
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How long before a paid up loan comes off credit report ?
I've paid up a small outstanding loan, in order to improve our (mine and my wife's), chance of getting a larger loan. Currently when trying to get the larger loan we are getting refused. In terms of multiples it's affordable, hence why I think the paid up loan may still be on the credit report. I also have a PCP for a car.…
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AA vs MNBA
Had a 95% chance of an AA loan for £20K at 5%, my credit rating via the MoneySavingExpert dashboard of 99%. I was accepted but at 12%! As a person who has great credit history how on earth did I offered 12% while at least 51% have to be offered the 5%? I find that very strange. Then looked at MNBA at 5.7% and confirmed…
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Applying for a loan - Should I select the 'consolidate debt' option or stick with 'home improvements
Howdy, A simply question in the hope someone out there in internetland might know more than my good self. I've heard through the grapevine ( sounds like a song! ) that when saying asking for a loan ( or extended loan in my case ) via the usual tesco, sainsburys ( many others available ) , that when comes to the 'reason'…
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Am i employed or self employed?
I'm about to apply for a personal loan and want to answer the form confidently. I am the managing director of a company in which i own 50% of the shares. I receive a salary and have a contract and also receive dividends. I know when i bought my home the broker said i'm classed as self employed by mortgage lenders, but…
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Loan and Fraud
Hi. I have had a conservatory built with the terms of 36 months interest free loan. I have completed the application form 3 times now and it has been rejected. Each time the conservatory company asks me to increase the "annual income" on the form. I am retired and the only source of "annual income" that I have is my state…
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Borrowing money to buy a business
Hi everyone I have done a bit of research but wanted some advice. We want to buy a business but will need loan. We own our own house which is worth around 300k. There are 2 business we are looking at buying one is worth around 700k and other 1.2million. We have a bit of savings but not loads. What we wanted to know is if a…
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Sister penalised for estranged husbands Amigo loan-can she resurrect her Ombudsman complaint?
Will try to keep this post as brief as possible, but its complicated.... Some years ago my sister married a man who we now know is a prolific con artist and scammer. Soon after getting married he persuaded her to re mortgage her house (that she had solely owned for the previous 7 years) to financially support his business,…
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Car Finance for returning UK citizens
I have been trawling the internet contacting Car Finance Companies. Can't find a product to suit our circumstances. UK citizens returning to the UK after 24 months away. Have a UK address/bank account/credit cards etc. No UK earned income in this time, only overseas income which has been used to pay UK mortgage and all…
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Asking for a better rate
I’ve been approved for a personal loan, which I’m going to use to replay my outstanding car loan which is at a higher rate. I’ve just found out I am getting an increase, and wonder if that makes me a better risk. It is worth asking them to reassess the interest rate and see if they are willing to reduce it?
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PCP query re balloon payment
Hi all you lovely people Here's my dilemma My PCP on Toyota car expires in August . Toyota is in v good condition 4 years old 23000 miles on clock. Balloon payment to pay in August is £3250 approx. ( I have the money put by to pay it , will take a large amount of my savings). I'm looking at a Renault deal at 0% for 24…
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Two Loan Requirement
Hi helpful people. We are looking into getting an extension on our house. We are also wanting new windows. Both are genuinely urgent/required this year. I'm assuming it could be an issue if I apply for credit with the window company, and then also try to apply for a home improvement loan for the extension? Basic answer…
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not sure what to do with loans?
i have 3 loans adding up to about £40k one loan of 5k ver 4 years and two loand of 17k each over 8 years i pay aroung £650 a month for these. i currently have mortgage that shas around 10 years left with about 55k currently i am having no money left at the end of each month due to the loans, would it be better to remortage…
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Bridging loan advice
Our predicament is….. our house is currently for sale….. We have the opportunity to purchase a house for £90k (private quick sale) it’s a wreck but soooooo much potential. We have enquired about a bridging loan and it is an option, however we are trying to think ‘worst case’ ‘best case’ is we get 90k bridging loan,…
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HP Car Loan
Took out an HP loan of £10k last November to buy a new car over 4 years. Have been able to make lump sum reductions of £1000 on 18 January and a further £1000 on 21 February. Had a statement from the lender showing the January payment as being applied to the loan on 15 February. Rang them today (had not received any…
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refused finance
Hopefully someone can help with this! My son went to University aged 18, but really struggled with his mental health and quit after just 1 term. He spent the next few years living at home and working. It took him about 4 years to develop his confidence enough to apply to go back. Even though he was keen he was still very…
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Car Loans
I currently have a car on a PCP, I am looking at potentially changing the car but due to interest rates looking at personal loan options. Has anybody had success getting amounts over 25k or are personal loans capped as to the amount that can be borrow. I have good history, no defaults, ccj's bankruptcies. Any suggestions…
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Switching Car Finance to Personal Loan
Hi. I'm looking at switching my car HP finance to a personal loan to take advantage of better interest rates. HP is currently 10.9% apr. I got 2 questions really...should I make the application for the PL as a debt consolidation loan or just a straight personal loan? Also, part of the PL application asks for outgoings. As…
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I need advice for financing a cheap car please
Hi all. In the past I was silly with money and got in to real financial problems but that’s now hopefully all behind me and I’ve been 10 years ‘clean’! After lying low for the past 10 years with no debt of any kind it has also meant I have no worthy credit score. I’ve recently applied for and been accepted for a M&S credit…
