not yet on electoral role, but need a loan

n.jethwa

Hi, I have recently taken out a mortgage on a property from February this year.
I now wish to take out a loan to consolidate credit card and overdraft debts and a hire-purchase due very soon, but I won't be on the electoral role till September.

I rented a flat previously for a year, and was on electoral role there. Also on electoral role at my previous address with parents of 9 years.

I have been already declined for a loan at the beginning of this month from Sainsbury's bank.

Do you think I was refused just because I'm not on the electoral role yet, or also due to recent mortgage?
Also how would it work if I were to use my previous address of 9 years (with parents) instead of my new one?

Regards
Nik

CLAPTON

giving misleading information on a loan application can lead to a livetime oof problems as it may appear as fraud... don't do that.

consolidating loans, although superficially attractive is a high risk strategy unless you have already changed the spending habits that caused these debts in the first place.... once the loan is in place its just too easy to continue using the CC, OD etc and before you know it you have CC, ODs and the loan to pay back... think first about your spending and only then about consolidating.

as far as sainsbury bank was concerned .. have you asked them why there refused you...

n.jethwa

Thanks for that advice.

As far as my credit cards are concerned, I am planning to cut them up upon paying them off - if I get the loan I'm looking for. I've worked out, using online comparisons, that the monthly repayments will be affordable for me in terms of the interest I'm currently paying on the credit cards.

The response from Sainsbury's said they could not disclose any further information about the decision, and suggested I request a copy of my credit report.

I've checked my credit report, and the only thing amiss I could see was me not being on the electoral role yet.

CLAPTON

If that's the case then you either need to wait until being on the electoral roll appears on your credit report or apply for a loan in person (say from your bank if the APRs OK) so you can explain why you are not on the electoral roll.

n.jethwa

Thanks for the help. I will try at the bank and see what their APR's are like.