Two loan questions:

rsjg80

This could be a case of nobody actually knows but I'll ask them anyway,

1) If you apply at your bank branch (to a person) are you more likely to get accepted than if you apply online to the same bank or does it make no difference?

2) I've had a few late payments but not missed payments - is this logged/ as bad/ better etc than missed?

3) Ok, I know I said two questions but this is more rhetorical: is there any common sense/ personalisation in the banking world anymore?!

CLAPTON

1. depends
2. it is logged, not as bad as missed
3. yes sometimes

but what is the problem? which is not rhetorical.

rsjg80

CLAPTON wrote: »

1. depends
2. it is logged, not as bad as missed
3. yes sometimes

but what is the problem? which is not rhetorical.

I'm normally told it's the wrong decision but I think I'm possibly the exception to a generally good rule.

I'm looking for a consolidation loan (not looking for anymore money or looking to buy a car/ holiday or anything stupid!!) just what I already owe. I've never been made bankrupt, not MISSED payments and earn well over £20k a year (teacher) but can't get a loan which I can EASILY afford (less than a quarter of my pay a month) and would basically solve my problems, mean I'm paying money off, mean companies wouldn't lose money on me and even gain one some business. My situation changed recently (I qualified as a teacher and got a FT job) but this doesn't seem to be taken into account - I WANT to pay off my debts, can afford to easily but no-one seems to use common sense!

CLAPTON

Figures, facts, detail... otherwise can't really comment but
if repayments of non mortgage and non student loans are a quarter of your salary then that is huge.

... and as an intelligent graduate please consider how they KNOW you are only consolidating (as a teacher do you believe everything pupils tell you....... )

cottonsocks_2

If you have only recently qualified, and if your salary has only recently increased it may take a few months for this to be reflected in your credit score.

rsjg80

Thanks for your replies.

I'm not going to get into loads of facts and figures but simply put if I did get this loan all my outgoings would equal less than half my pay, leaving me the other half as surplus!! I rent a house (with partner). I have built up a fair bit of debt over the years retraining, moving etc but the loans I looked at would mean I'd be debt free in 5 years.

That's why I asked the 'personalisation' question as regards banks. I bank with Barclays and wondered if I went in they'd treat my application more personally than an online application.

As regards the 'how do they know' question - I assumed that would all be included in your credit file? Who you owe and how much etc?

Cheers for your help anyway.

cottonsocks_2

Yes they probably would. They would be able to look at your finances and may be able to get authorisation to lend you the money if they think it makes financial sense. Sometimes though if you have debt elswhere they may not be willing to take on another financial institutions lending. But it is certainly worth a try. banks like to lend money.