Refused a loan

JOHNSTONE1

Hi, i have a loan for 20k with Natwest whom i have banked with since i was 16. I also have a credit card with them which is fully paid off, a savings account with savings in regular wages coming into my current acount and an isa. I phoned today to see if i could add an extra 3k onto my existing loan and to find out how much more t would be a month, she said it would be 50 pounds more a month which i said was fine she asked me the same questions they did last time to which the answers are all the ame and then said id been refused due to my credit rating. Ive checked my credit report with equifax and it said had a very good rating which would be excellent apart from the fact i'm not on the electrol role. I never have been so surely this applied last time. I have no missed payments several store cards etc all paid off.

Will them checking and refusing me effect my rating negativly?is there anything i can do? i'm really p;ssed off! x

Caroline73_2

Why do you want to extend a loan when you have savings? Or am I missing something?

JOHNSTONE1

My husband has a car loan which we want to pay off, the 3k plus some of our savings would pay it off leaving some in the savings account for rainy days etc

Caroline73_2

So it's not just £20k loan you have then, it's also a car loan on top of that. It's probably that issue as well as not being on the electoral role.

Why having savings for a 'rainy day' when you are paying interest on debt?

JOHNSTONE1

the car loan is nothing to do with me it doesnt show on my credit rating as i said my rating was very good almost excellent barring the fact it said i need to go on the electrol role.

My savings are there for emergencies which do happen quite alot and i'm always glad that ive put money aside when these things happen. After my loan repayments i am left with enough money to put some away in savings and live perfectly well. By paying off the car we would be saving ourselves more money per month meaning more that can be saved meaning we can pay off the loan quicker.

Caroline73_2

Put yourself on the electoral register and reapply.

Or you could apply for a joint loan with your husband to pay off both loans. Or apply for a 0% credit card to pay off the car.

CLAPTON

what's your income?

JOHNSTONE1

My income at the moment is 23K

CLAPTON

I would think that in the current climate debts equal (i.e. 20k +3K) to your salary would be be seen as very high.. which indeed they are

TheGrant

It's an offence not to be on the voter's roll.if you are eligible.

sammy115

It would be done on affordability and I would say that the other poster is correct £20K and 3K would rule you out for more credit.

A joint loan might do it but you would have to go on the electoral role.