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Is being part time likely to affect a loan application?
gonna-b-debt-free
Posts: 3 Newbie
in Loans
I have just been point blank turned down for a loan from Sainsburys.
It was £7,500 for credit consolidation. Monthly payment was less than than already being used to service the debt (asked and stated on the application). I have a pristine credit record with mortgage and non-mortgage debt so far well managed.
Salary is £50,500 BUT thats for 22.5 hours per week so I classified myself as "part time".
I know that it is anybody's guess as to why someone gets turned down, but is it likely that it is affected by being "part time" rather than "full time"? And in that case, is there any legal definition of "full time"? Although I am only contracted at 22.5 hours I usually work over 40 which in anyones book would put me at full time, but I don't know how it would work legally.
It was £7,500 for credit consolidation. Monthly payment was less than than already being used to service the debt (asked and stated on the application). I have a pristine credit record with mortgage and non-mortgage debt so far well managed.
Salary is £50,500 BUT thats for 22.5 hours per week so I classified myself as "part time".
I know that it is anybody's guess as to why someone gets turned down, but is it likely that it is affected by being "part time" rather than "full time"? And in that case, is there any legal definition of "full time"? Although I am only contracted at 22.5 hours I usually work over 40 which in anyones book would put me at full time, but I don't know how it would work legally.
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Comments
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gonna-b-debt-free wrote: »I have just been point blank turned down for a loan from Sainsburys.
It was £7,500 for credit consolidation. Monthly payment was less than than already being used to service the debt (asked and stated on the application). I have a pristine credit record with mortgage and non-mortgage debt so far well managed.
Salary is £50,500 BUT thats for 22.5 hours per week so I classified myself as "part time".
I know that it is anybody's guess as to why someone gets turned down, but is it likely that it is affected by being "part time" rather than "full time"? And in that case, is there any legal definition of "full time"? Although I am only contracted at 22.5 hours I usually work over 40 which in anyones book would put me at full time, but I don't know how it would work legally.
Best bet is to ask them on what basis they declined you.
Bear in mind by you are asking for an additional £7.5k ontop of existing debt. Who is to say you will not consolidate anything with it and go and spend it on something else. This is how the lenders think and if the percentage of exisiting debt plus the new amount is a high enough percentage of your salary (full or part time) they will decline you.0
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