Tesco Loans Help Needed!!

lukebr0wn

Hi,

A week ago i applied for a Tesco top-up to my existing loan of £4000, up to £6000. The guy on the phone said i was quote 'more than eligibile, due to the fact i'd made all previous payments, around 7 or 8 payments i think, without problem. I was told the monthly payment would be £147, which was £7 dearer than the $140 i'd already paid successfully for months.
Today i've been declined however. I'm thinking of appealing, as this top-up is needed, and also because the repayments are far better than taking out a different loan, which will charge it's own on top of the £140 im paying for Tesco. Do you think i have a case.

I earn the same as i did when i got my first loan from them, which is £1500 a month after tax, and my outgoings are the same, just £40 a month phone bill as live with parents.

Any advice on the best way to go about it is welcomed!!

Your help is much appreciated.

tamarto

"Do you think i have a case?"

Short answer = No.

It isn't your right to have someone lending you money you know?!:rolleyes:

They don't care that this top us is needed, all that says is that you can't live within your means.

lukebr0wn

tamarto wrote: »

"Do you think i have a case?"

Short answer = No.

It isn't your right to have someone lending you money you know?!:rolleyes:

They don't care that this top us is needed, all that says is that you can't live within your means.

No need for the rolling eyes i din't laim that it was my right. All i'm saying is that as i have made all previous payments i assumed i would be in a decent position to be accepted.

It's needed for unexpected car repair, i can't budget for the unexpected.

Thanks for the reply, but didn't feel i did anything to deserve pure sarcasm.

tamarto

lukebr0wn wrote: »

No need for the rolling eyes i din't laim that it was my right. All i'm saying is that as i have made all previous payments i assumed i would be in a decent position to be accepted.

It's needed for unexpected car repair, i can't budget for the unexpected.

Thanks for the reply, but didn't feel i did anything to deserve pure sarcasm.

Please don't confuse sarcasm with fact just because it's not the answer you want.
7 or 8 payments isn't really much either not even a years worth of payments.

You think car repairs are unexpected? Most people who own a car allow for the fact it may break down occasionally. (no eye roll here for the sensitive)

lukebr0wn

I usually account for a small repair but not for £2000 worth!! Come on, you know the eye roll is a symbol for sarcasm !!

I know the amount of payments is quite low, but the criteria for a top up states once you've made 8 payments you are eligible.

MrsTinks

They have every right to refuse to "top up" your loan - the fact that you need to borrow more so soon would be a warning bell if you ask me...
The call handlers do not make the decisions - the underwriters do that. I am not sure if Tesco allow you to appeal (some lenders don't) but it IS possible to have a rejection overturned - I know because I have done it...
Minee however was with Egg... and it took over 45 minutes by phone (whilst sat in my car in a layby LOL). The fact that I didn't and couldn't have had any details to hand and yet could go through my SOA in meticulour detail, my credit history in detail, and frankly gave the poor girl a free lecture on responcible lending, money management etc I do wonder if she over rules it to get rid of me in the end
Seriously though - you cannot "force" them - but if they DO let you appeal make VERY sure you do your home work before appealing...

also... you need to learn to budget for things probably not what you want to hear but if you have £1500 coming in a month and only £40s a month in bills then why do you need to borrow??? You should even after car and party costs have about a grand to play with???

tamarto

lukebr0wn wrote: »

I usually account for a small repair but not for £2000 worth!! Come on, you know the eye roll is a symbol for sarcasm !!

I know the amount of payments is quite low, but the criteria for a top up states once you've made 8 payments you are eligible.

£2000 worth of repair that you had no clue you'd need, i's suggest picking your cars better

Eligable yes, guaranteed no.

lukebr0wn

Just shows how fickle these companies are, just got off the phone after 5 minutes speaking to a helpful lady, explained agent on phone had led me to believe it wouldn't be a problem. Money will be in the bank in 2 working days :beer:.

As for financial planning your right, but to be fair i'd just finished paying my grandmother £900 a month for the last 6 months for money she'd lent me for a car for my birthday, didn't want me taking out a loan actually lol!
From now on my budgte is going to be tightened up can guarantee you that.

And as for the car, i would get a different one, but would break the nan's heart i think!!

Thanks for your advice everyone.

tlc123_2

hi Luke

I too have just applied to top up my tesco loan - by quite a lot though. weve been approved in principle, but they've asked to see our bank statement. That really is in a mess. Have attached a covering letter to explain that part of the loan os debt consolidation to repay the OD but to be honest am now expecting them to reject us.

Did you have to give in a back statement?
How did you get it overturned?
T