Ex- Credit Analyst - Throw your Credit & Underwriting Q's at me.

jesster_2

Hi Mike

Don't know if this is something you'd know about. My OH is self employed and is waiting for early discharge from bankruptcy. The problem is that he needs to renew his public liability insurance (he's a builder / plumber) but keeps getting knocked back because of the bankruptcy. DO you know of any companies he could try? Or have any suggestions? It's really beginning to get him down because he may not be able to work if he can't get any... Any ideas gratefully received! thanks

bluezone

Gemmzie wrote:

What if I renew and then transfer it? Or do all in one. It's up from it's twelve months this month

I have just been in the same situation - I had a contract for a friend in my name. I was told by vodafone that it was in my best interest to get the upgrade and then transfer over to friends name. Otherwise when you transfer to another name they just renew the contract but not the phone.

I hope this helps - and Hi MIke

Mike_St_Helens

jesster wrote:

Hi Mike

Don't know if this is something you'd know about. My OH is self employed and is waiting for early discharge from bankruptcy. The problem is that he needs to renew his public liability insurance (he's a builder / plumber) but keeps getting knocked back because of the bankruptcy. DO you know of any companies he could try? Or have any suggestions? It's really beginning to get him down because he may not be able to work if he can't get any... Any ideas gratefully received! thanks

Hmmm, This isnt really my field, I am more educated in Lending rather than Insurance.

has he a broker he can use? I cant say ive heard of it being hard to get insurance for self employed people though. Tell you what, there is a specialist forum here... http://www.debtquestions.co.uk/debt_forum/ check it out, register and pop a post on there, someone is sure to know there.

Mike

Mike_St_Helens

bluezone wrote:

I have just been in the same situation - I had a contract for a friend in my name. I was told by vodafone that it was in my best interest to get the upgrade and then transfer over to friends name. Otherwise when you transfer to another name they just renew the contract but not the phone.

I hope this helps - and Hi MIke

Hi Bluezone !

Are you hogging my limelight !! :rotfl:

siewhung1314

hi, ive just signed on to view my credit reports, all looks well except my score is very low due to lack of credit applications and searches. i dont understand why this is so because ive recently applied for a capital one card and have been accepted, ive also applied for a current account but no news yet, and i have a new mobile contract which has been successfully accepted. my score is 455/1000. can you give me advice on how i can improve it further? i would be so grateful if u could help! thank you:o

Mike_St_Helens

siewhung1314 wrote:

hi, ive just signed on to view my credit reports, all looks well except my score is very low due to lack of credit applications and searches. i dont understand why this is so because ive recently applied for a capital one card and have been accepted, ive also applied for a current account but no news yet, and i have a new mobile contract which has been successfully accepted. my score is 455/1000. can you give me advice on how i can improve it further? i would be so grateful if u could help! thank you:o

Hi there,

Their own score of 455/1000 means pap all. Every lender has its own rules. I cant at all see why they are saying they say you have a low score due to lack of aplications and searches,... Having a lack usually means a good score, purley because you are not 'hungry' for credit. In the essence applications I think it may mean applications of running accounts, have you got many on your file? are they mature accounts ?

Mobile contracts are hit and miss... some people with bad credit have no probs in getting a new contract, some with bling files get binned !

You can Up your 'score' by making sure you are on the VR, keep all credit up to date, not applying too much and generally being a good borrower !

Mike

Snaggles

Hi Mike, no questions to ask (I'm a credit underwriter/judgemental lender too, although I suspect not for the same company you were with), but just wanted to say 'Great thread', what you are doing is really helpful, and very community-spirited. If you start getting inundated with questions, feel free to ask me to help out with answering some of them (I've only been in this field of work for a couple of years, but have a good handle on the basics). Great party on Friday by the way, was quite 'merry' when I eventually signed off lol.

siewhung1314

Mike_St_Helens wrote:

You can Up your 'score' by making sure you are on the VR, keep all credit up to date, not applying too much and generally being a good borrower !

Mike

hi! thanks for replying so soon! as a newbie i dont understand the term VR? :rolleyes:

lightatendoftunnel?

hello Mike
I am in process of reclaiming charges for Argos and i have a default with them. In the template letter on consumer action group it asks for the default to be removed. I really dont understand how this works and if i can do it??? Also i have a default from 2001 does that just automatically go?

Thanks for your time, it is very appreciated.

MrsTinks

Hi Mike (and Snagglepuss )

Firstly great thread

I've recently applied for a loan through A&L and I was turned down on the grounds that my unsecured debt would then be higher than my annual income (Working it out we're talking by about £1500 if not less) - So I have appealed writing a letter including my full financial situation and my SOA and monthly budget etc etc. (Basically as my sig shows I've paid off over £4k of my debt since March and have about I think 60%+ of my income after tax to use to pay off debts etc even allowing myself a generous "allowance")

In your experience how likely do you think I am toget a loan on appeal in that kind of situation? I also stated I would ofcourse take out a seperate PPI plan to cover repayments should I be ill, injured, unemployed etc...

Cheers!

Tine

Edited to add that I have no naughty marks on my credit history at all and no outstanding balances on my one remaining credit card and I am not using my £900 overdraft - My credit rating is ok but not EXCELLENT as I have moved about a fair bit due to work and only recently got on the ER here but I have no defaults. There are a fair few credit searches from the start of the year when I was changing banks and credit card and loan when leaving Lloyds as they are useless lol.