Warning co-operative bank

wowi

That might be the case, but i do wish they would inform you of this before you apply. Although it just said minimun salary £10,000 on the form!

choille

I'm with the co-op bank for my current A/c & have found their call centre staff most helpful & polite. I wish I could say the same of HSBO/Halifax where I have my business A/C but certainly couldn't.

wowi

choille wrote: »

I'm with the co-op bank for my current A/c & have found their call centre staff most helpful & polite. I wish I could say the same of HSBO/Halifax where I have my business A/C but certainly couldn't.

They are probably fine until there is a problem and I have also had problems with Halifax myself many years ago when a £1000 got transferred from my current account 2 someone else is account.. Took me months to get it back!!

Dabooka

You want to borrow MORE than your annaul wage with £1500 in debt and wonder why you were knocked back? I'm sorry mate, I know it's not what you want to hear but unless something substantial would be offered as secuirty or it was a joint loan with a high earner, I'm not suprised in the least.

Were you not warned in branch that it was a high value loan for such a small income? I'd have thought the branch staff would have had an incling that you were going to be unsuccessful in the application. I assume the facts you've posted on here are the same as what you told them?

EDIT: Our accounts are mainly with Co-Op and they've been fab, even when sorting out problems caused by other institutions.

tryingtoruletheworld

Experian tell you who you may be able to get a loan from, not how much they will lend.

Expecting an unsecured loan for more than you earn in the current economic climate with outstanding debt is a litle hopeful I'm afraid!

iolanthe07

The Co-op bank generally has a good reputation on here, but I don't think any mainstream lender will lend more than an applicant's gross annual wage unsecured. If I earned only £19k I wouldn't want the burden of a £20k unsecured debt - I think they have done you a favour, tbh.

woody01

wowi wrote: »

Be very careful if applying for credit with this company. I have an exceptionally high credit score on Experian and was recommended this bank as they advertise on the Experian webpage. I was declined a credit application and they refuse to give me a reason other than I did not meet their credit scoring requirements!! The staff are very unhelpful and are very reluctant to pass you on to a superior.

That was useful :rolleyes:

wowi wrote: »

I wanted 2 borrow £20,000
have abt £1,500 debt at moment
I earn £19,000
never had any issues with repaying credit!

So you want to borrow more than your income and you are suprised.
No wonder people can't get credit with borrowing like that.

borders_dude

Its up to the co-op bank who they give a loan too. Maybe they just dont like you!

Its up to them and if they dont want to give you one then thats their choice.

Clive_Woody

wowi wrote: »

I wanted 2 borrow £20,000
have abt £1,500 debt at moment
I earn £19,000
never had any issues with repaying credit!

With a salary of £19K your annual take home would be around £15K (around £1250/month). I obviously have no idea what your monthly outgoings are but once these are paid the amount you would have left to pay off this debt would be relatively small. With interest being added every month you would be looking at a very long repayment term even if they were prepared to lend to you.

While your credit rating may be exceptional, this doesn't mean you will be accepted for any level of loan. I suspect if you had asked to borrow £5k you may have been considered more favourably, but as others have already stated I think Co-Op have been very sensible in not lending more money than you earn in a year.

~Brock~

Clive_Woody wrote: »

While your credit rating may be exceptional, this doesn't mean you will be accepted for any level of loan. I suspect if you had asked to borrow £5k you may have been considered more favourably, but as others have already stated I think Co-Op have been very sensible in not lending more money than you earn in a year.

Bit boring though isn't it.....letting the facts get in the way of a good story...