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Credit files good so why turned down?
LTS_2
Posts: 13 Forumite
Just this morning we, my hubby and I, have been turned down by liverpool victoria for a personal loan. We need to borrow 25,000 to pay off our CC's and take advantage of just one interest rate so we can be debt free earlier that just paying the minimum amount on all. Before we applied we made sure our credit rating was good and sent for copies of our credit file from all three CRA's. We were annoyed to find a CCJ listed as active on the call credit file which was satisfied in September 2004. The CCJ was issued as our car insurance company withheld payment to the person whose car we hit. Callcredit have now updated our file but we have still been declined. Back in July last year a re-mortgage was finally completed after 6 months but during these 6 months we were having trouble meeting the minimum payemts on our CC's. we contacted all companies and agreed payment until we recieved the money from the re-mortgage. We even paid some off with this money. Could this be the reason why we have been turned down? We have been listening to Martin on the radio for some years now, we have his book and visit this website regularly. we completed a budget plan and stick to it ridgedly with just 10 a month to spare we now cannot see light at the end of the tunnel. We are left with two options, borrow to full value of the house or sell up and start again after some saving time. Is it all a sign, we have been bad so we must now pay the price? 
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Comments
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Most regulars on here would doubt that....LTS wrote:... We need to borrow 25,000 to pay off our CC's ....
Post what cards, amounts, apr's and minimum payments. Initial feeling is you need to snowball this debt, not replace it.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Hi LTS!
Post a SOA and maybe we can see another way other than consolidation. We normally can!
It can often work out cheaper for you. Have a look at this thread for a SOA guide!
How long did you leave it before applying for the loan after your file was updated? Sometimes these things can take a while to update!
The late payments certainly won't work in your favour. Also if you have a lot of potential debt this can harm your rating. For example having cards with no balance but £5,000 limits. The potential debt is there. Cancel all old unused cards and reduce current card limits (if this applies to you).
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Thanks. being a newbie have posted my query twice. You will probably know this by now. my other one is titled to sell or not to sell.0
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Thanks. being a newbie and somewhat thick have posted my query twice. The other is titled to sell or not to sell and have posted my SOA against that one. I need to delete this one, can you help0
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