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Declined by Santander.. *rolls eyes*
immoral_angeluk
Posts: 24,506 Forumite
Well I've been declined for a 5k loan from santander, despite having a good income, decent credit report and low debt/available credit..
Waiting until the 8th August as advised by my bank to see if I become preapproved as apparently that's when they update their systems and preapproved limits, but have been told if not preapproved there's a slim chance of anyone getting a loan, which seems stupid to me but I guess it's another case of 'victims of the economy'.
I want a new car somewhere around the 5-6k mark and I have nearly 1k in savings I could use as a deposit for HP or toward the cost with a personal loan, anyone got any suggestions on where to go from here?
credit report details (from experian):
13 accounts, 9 of those which are settled, I have a mobile contract on there, my current account (Have had it for about 8 years, and I've never had or been in an overdraft or had any bounced payments...) as well as 2 open credit card accounts using approx 81% debt to available credit.
Total available credit is £1917 according to experian, with £1559 owing as of today..
The only late payments I've ever had were 2 about 3 years ago due to a messed up direct debit.
There's no CCJS, defaults notices of correction or anything like that. No financial associations as I removed my ex this month on both experian and equifax, just waiting for callcredit to confirm.
There are 2 searches in the last 6 months. 7 in the past year.
Lived in my current house (rented) for nearly 5 years and have been on the electoral roll the whole time, as well as at my previous address where I lived for 3 years.
30 aliases which are all my maiden name, or variations of my current/maiden name.
My equifax report shows substantially less than experian.
My details, age 25, divorcee with 2 children living in HA rented house.
Work 24hrs pw for a well know advice charity as a debt caseworker, earning approx 16000pa gross earned income (thats what I actually get, not pro rata. 1612 pa child maintenance, and a further 14648pa from working/child tax credit and child benefit, so a total household income of £32260 per annum. I've worked for my employer for 2 years.
I think I've covered everything... does anyone have any suggestions?
Edit: I know I can't really afford many more searches on my file, hence my asking for help!
Waiting until the 8th August as advised by my bank to see if I become preapproved as apparently that's when they update their systems and preapproved limits, but have been told if not preapproved there's a slim chance of anyone getting a loan, which seems stupid to me but I guess it's another case of 'victims of the economy'.
I want a new car somewhere around the 5-6k mark and I have nearly 1k in savings I could use as a deposit for HP or toward the cost with a personal loan, anyone got any suggestions on where to go from here?
credit report details (from experian):
13 accounts, 9 of those which are settled, I have a mobile contract on there, my current account (Have had it for about 8 years, and I've never had or been in an overdraft or had any bounced payments...) as well as 2 open credit card accounts using approx 81% debt to available credit.
Total available credit is £1917 according to experian, with £1559 owing as of today..
The only late payments I've ever had were 2 about 3 years ago due to a messed up direct debit.
There's no CCJS, defaults notices of correction or anything like that. No financial associations as I removed my ex this month on both experian and equifax, just waiting for callcredit to confirm.
There are 2 searches in the last 6 months. 7 in the past year.
Lived in my current house (rented) for nearly 5 years and have been on the electoral roll the whole time, as well as at my previous address where I lived for 3 years.
30 aliases which are all my maiden name, or variations of my current/maiden name.
My equifax report shows substantially less than experian.
My details, age 25, divorcee with 2 children living in HA rented house.
Work 24hrs pw for a well know advice charity as a debt caseworker, earning approx 16000pa gross earned income (thats what I actually get, not pro rata. 1612 pa child maintenance, and a further 14648pa from working/child tax credit and child benefit, so a total household income of £32260 per annum. I've worked for my employer for 2 years.
I think I've covered everything... does anyone have any suggestions?
Edit: I know I can't really afford many more searches on my file, hence my asking for help!
Total 'Failed Business' Debt £29,043
Que sera, sera.
Que sera, sera.
0
Comments
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Do you absolutely need a new car right now?
If not how much can you afford to save per month because if I was in your shoes I'd steer well clear of being tied up for years with a loan.
Having said that I've got my car on HP through Black Horse, the advantage of HP is that if something goes wrong then the HP co have a certain responsibility also - but I guess you know that already lol.
Have you seen a car you like and spoken to the salesman? They might have an idea of who's the easiest to get HP from?
I still think saving up is the best idea thoughKarma - the consequences of ones acts."It's OK to falter otherwise how will you know what success feels like?"1 debt v 100 days £20000 -
Do you absolutely need a new car right now?
If not how much can you afford to save per month because if I was in your shoes I'd steer well clear of being tied up for years with a loan.
Having said that I've got my car on HP through Black Horse, the advantage of HP is that if something goes wrong then the HP co have a certain responsibility also - but I guess you know that already lol.
Have you seen a car you like and spoken to the salesman? They might have an idea of who's the easiest to get HP from?
I still think saving up is the best idea though
In theory it seemed a good idea, but now I've been declined I'm wondering if it's actually going to work...Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
Black Horse allow you to make overpayments - but they're my only experience of HP I'm afraid.
80k isn't that bad for a w reg, it's normally about 12000 miles a year (I think that's what I read somewhere). How much is yours worth? Has anyone had a look and told you if there are going to be any other imminent issues with it?
I'd be tempted to carry on for a while longer and get some advice on the motoring forum as they know their stuff and can probably tell you what the most common faults are going to be.
It's just so tying being locked up in creditKarma - the consequences of ones acts."It's OK to falter otherwise how will you know what success feels like?"1 debt v 100 days £20000 -
Black Horse allow you to make overpayments - but they're my only experience of HP I'm afraid.
80k isn't that bad for a w reg, it's normally about 12000 miles a year (I think that's what I read somewhere). How much is yours worth? Has anyone had a look and told you if there are going to be any other imminent issues with it?
I'd be tempted to carry on for a while longer and get some advice on the motoring forum as they know their stuff and can probably tell you what the most common faults are going to be.
It's just so tying being locked up in credit
and that's just the things I know about now, MOT is due in sept.. :eek:Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
"suspension sounds like a 30 yr old bed from a brothel...."
Lol
The worst thing is you'll probable get rid of it and the next owner will get another 5 years out of it without spending a penny on it :rotfl:
I would still check with the motoring guys 'just to see'
Doesn't sound good thoughKarma - the consequences of ones acts."It's OK to falter otherwise how will you know what success feels like?"1 debt v 100 days £20000 -
"suspension sounds like a 30 yr old bed from a brothel...."
Lol
The worst thing is you'll probable get rid of it and the next owner will get another 5 years out of it without spending a penny on it :rotfl:
I would still check with the motoring guys 'just to see'
Doesn't sound good thoughTotal 'Failed Business' Debt £29,043
Que sera, sera.0 -
i have a ford ka 2001 51 plate and has 93,000 miles on clock, last year i spent £300 on my car, however when i take it for an mot they always say how good nick it is in and it only ever needs a bulb replaced, no rust or anything i am the same thinking do i get rid of it or keep it or spend more on a new car, but i was in the same situation in 2003 when my then n reg astra was in excellent nick and cost me next to nothing traded it in and the car is still on the road, so i am thinking maybe it is best better the devil you know and stick with the one i got, me and hubbie are hoping to adopt early next year so dont wont to be stuck with a loan if one of us has to do reduced hours.
Make £200 by end of January... £20.42/£200
Grocery Challenge £200 pm Jan £0/£200
January no spend days - 1/310 -
It's such a difficult one to call. Yea, I can save as per my original plan. But everytime I save the repair costs eat into my savings so it's like 2 steps forward 1 step back. If I could get finance I would use what I would've saved to pay off the finance ASAP, and I wouldn't be forking out on such ridiculous repair costs! The joy of old cars.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
I'm wondering whether it would be worth looking into leasing to be fair..Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
immoral_angeluk wrote: »Work 24hrs pw for a well know advice charity as a debt caseworker, earning approx 16000pa gross earned income (thats what I actually get, not pro rata. 1612 pa child maintenance, and a further 14648pa from working/child tax credit and child benefit, so a total household income of £32260 per annum. I've worked for my employer for 2 years.
£14648 a year from working/child tax credit and child benefit ? :mad:
No wonder the country's skint.
Most people dont even get that much as a years wage0
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