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Co-Op Loan Decision Appeal
I applied for a career and development loan and have just been advised that I am unsuccessful. They told me to check Experian for reasons.
I have downloaded my report from Credit expert which shows an impeccable report regarding payment status etc with no missed payments, no defaults etc.
Th loan was 5k and all payments are deferred for up to 2 years so why have I been refused ?
I was told I can appeal the decision for a Manager to look at the application in more detail however, what are my chances of success if I enclose my credit unblemished report ?
FYI, I am a homeowner who earns £50k/pa with a loan (£15k) and a credit card (£1k).
I have downloaded my report from Credit expert which shows an impeccable report regarding payment status etc with no missed payments, no defaults etc.
Th loan was 5k and all payments are deferred for up to 2 years so why have I been refused ?
I was told I can appeal the decision for a Manager to look at the application in more detail however, what are my chances of success if I enclose my credit unblemished report ?
FYI, I am a homeowner who earns £50k/pa with a loan (£15k) and a credit card (£1k).
0
Comments
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It may be more to do with affordability? Why do you need to borrow the money if you are already earning £50k per annum?
If you are stopping work to study, how would you repay your career development loan on top of your existing loans and mortgage?
Worth appealing though - could be they have made an error inputting your details into their computers and a check might put things right.
R.Smile
, it makes people wonder what you have been up to.0 -
I am not stopping work. This is a postgraduate course which will further improve my career prospects and I really cannot see how Co-op see me as a risk ? !0
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The bit that sounds a bit odd, is that you are earning £50,000 and cannot scrape up £5k. You must have very high overheads which are probably hitting their affodability criteria.0
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No, my overheads are not high. The issue is the cost of the monthly instalments for the course (£3000 per annum split over 3 payments !).
Hence, the prospect of a career and professional development loan looks much more manageable !
You must remember that the CLD loan is aimed at people who are already earning and is different to a student loan.0 -
If you earn over £4k a month I am sure you could budget to either save or pay this cost, unless your monthly bills are very large, surely the best way to do things and save on paying unnecessary interest charges?0
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I have downloaded my report from Credit expert which shows an impeccable report regarding payment status etc with no missed payments, no defaults etc.
Could the problem be the amount of debt you already have with loan & cc (& mortgage?)?loose does not rhyme with choose but lose does and is the word you meant to write.0
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