Can a bank overide a loan decision and reconsider...

moneysucks

Hey,
I've recently applied for a loan to consolodate all my existing debts but was refused due to my credit score.
I wonderd if any of you knew if I was to go into my branch and prove to them that I pay more out to my creditors than I would the monthly repayment of the loan they offer wether they'd reconsider?

chalkie99

But even if they did, they would have no guarantee that you would actually settle your existing debts with the new loan, so they will be looking at you actually doubling your credit. Given that you have a poor rating that is unlikely to happen.

loopy.magic

It's worth a try but don't get your hopes up as it's likely they will refuse you again. You can ask for a manual underwriting and consideration for the loan, depending on how nice your bank is they may do this.

chambta

I would suggest you're wasting your time. The credit scoring tells it what they wish to know.

moneysucks

Can the branch manager not even overide the credit check decision if I booked an appointment with him?

mfp

I would be very interested in this too!

skintbutsolvent

Not sure if its exactly what you mean, but about 8yrs or so ago I applied for 10k to LTSB, it was refused but the manager managed (after several phone calls) to get me 9k with the condition that mt previous loan with them was paid off automatically and my OD limit cut dramatically. Sadly for me it was a slippery slope and I ended up bankrupt a couple of years ago, the credit scoring was obviously right and the real people wrong. *sigh*

chambta

moneysucks wrote: »

Can the branch manager not even overide the credit check decision if I booked an appointment with him?

Or her?

Rightly or not in most banks they'd not even entertain the idea of seeing you as it wouldn't be within their power to do anything.

moneysucks

I have a loan with another company wich debits from my account (£150) this is the only thing that does (as my partner pays rent etc) so i'm left with approx £700 of my wages. If they can see i'm paying that off every month and i'm left with a fair bit, they might reconsider?
I'm trying to get 10k which according to Natwest's calculator is £216.53 typical, so it's not much more a month really. Do you think they could base it on my disposable income rather than doing a credit check?
I just wanna put all my debts into one monthly repayment.

chambta

moneysucks wrote: »

I have a loan with another company wich debits from my account (£150) this is the only thing that does (as my partner pays rent etc) so i'm left with approx £700 of my wages. If they can see i'm paying that off every month and i'm left with a fair bit, they might reconsider?
I'm trying to get 10k which according to Natwest's calculator is £216.53 typical, so it's not much more a month really. Do you think they could base it on my disposable income rather than doing a credit check?
I just wanna put all my debts into one monthly repayment.

They would first check whether it meets the bank's affordability criteria but bear in mind rent would be taken down regardless of whether you personally pay this. What does this leave you from the £700 you mention? Do you have dependent children? Which bank are you with?

moneysucks

I spoke to a guy in the bank the other day, he did mention that rent would have to be considered as it says on my details that I currently rent, he then said if I was to change my address temporally to my parents and change my details to living with parents, rent would not have to be considered.
I bank with Natwest.
I have no children etc, my wages goes on food, credit card payments, and paying off an overdraft I have with HSBC.