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

Mike_St_Helens

Snagglepuss wrote:

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.

hey thats great thanks

We have opend our very own Credit department, welcome.

can I ask for a hint in the firm you work at ?

Mike_St_Helens

siewhung1314 wrote:

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

Sorry Vr = Voters Roll

Mike_St_Helens

lightatendoftunnel? wrote:

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.

Howdy... Right...

Claim your fees back, you have a right, if you have defaulted, then you can only ask for the default to be amended to the actual amount defaulted. You cant have it removed unless you can prove it was because of Argos's fees you defaulted... if you get my drift.

Your Default should drop off the month after the date of your default +1month.

mike

Mike_St_Helens

tine wrote:

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.

Right... Im not sure they will turn around the decision, they are entitled to decline, for any reason. I also would guess that 100% debt to income that they use is 'the' deciding factor, a letter wont ake much difference.

Ill tell ya... if A&L have told you that they have binned you because of the debt alone, then you have got past the bad credit issues, they are a non judgemental lender so they actually look at you rather than relying on a score.

Have you an MBNA acc... they lend very well also, they also do loans...

mike

lightatendoftunnel?

Thanks Mike
That makes perfect sense now, I thought it was to good to be true to have it removed. But if i have it on the actually amount it will be only a small amount so maybe a little better. Cheers

MrsTinks

Mike_St_Helens wrote:

Right... Im not sure they will turn around the decision, they are entitled to decline, for any reason. I also would guess that 100% debt to income that they use is 'the' deciding factor, a letter wont ake much difference.

Ill tell ya... if A&L have told you that they have binned you because of the debt alone, then you have got past the bad credit issues, they are a non judgemental lender so they actually look at you rather than relying on a score.

Have you an MBNA acc... they lend very well also, they also do loans...

mike

LOL nope no accounts other than those in my sig I might give MBNA a go if they don't overturn the loan decision... SO annoying when this is a debt I can afford and have planned for and so on and so forth and then they won't let me have it WHAAAAAA

Thanks for the speedy reply tho!

Mike_St_Helens

lightatendoftunnel? wrote:

Thanks Mike
That makes perfect sense now, I thought it was to good to be true to have it removed. But if i have it on the actually amount it will be only a small amount so maybe a little better. Cheers

Hey no problem !

Its nice to be thanked...

Dont forget though in 'underwriting' eyes... a default is a default no matter how much !

Mike x

Mike_St_Helens

tine wrote:

LOL nope no accounts other than those in my sig I might give MBNA a go if they don't overturn the loan decision... SO annoying when this is a debt I can afford and have planned for and so on and so forth and then they won't let me have it WHAAAAAA

Thanks for the speedy reply tho!

yeah call em !... They work under many sudonames also such as Virgin loans etc etc...

Egg are V good also ...

Mike

siewhung1314

i want to apply for a personal loan, but due to my low credit rating do you have any idea what type of companies that i may be in with a chance?

Snaggles

Mike_St_Helens wrote:

can I ask for a hint in the firm you work at ?

I'll pm you - not that I want to hide it but I know they are keeping a check on this website at the moment due to some confidential information that was leaked on here (nothing to do with me, I have to stress!). Personally I think it's a great place to work and but it seems some of my colleagues were not of the same opinion!