Has anyone ever appealed against a loan decision?

tiff25

Just wondering wether anyone actualy gets results buy doing this, Its natwest we have a loan with them already that we asked to top up we have never missed a payment can afford the extra repayments on the extra money. but just recently i was late paying my credit card on by a a couple of days never happened before just a one off just forgot (huge mistake) and the credit card is with natwest too so they can see that it was just a one off. i only asked for 3k even the lady in the bank looked at my account and said she cant see any problems my account is well run. But it got declined the only reason i can see is the credit card thing. would it be worth appealing so they can look into it all and hopefully see that the decision was wrong?

Silvafox

If what you're saying is 100% correct - I'd certainly give it a go as a human being looking into the case may be more sympathetic rather than the usual automated system.

Good luck.

zppp

tiff25 wrote: »

Just wondering wether anyone actualy gets results buy doing this, Its natwest we have a loan with them already that we asked to top up we have never missed a payment can afford the extra repayments on the extra money. but just recently i was late paying my credit card on by a a couple of days never happened before just a one off just forgot (huge mistake) and the credit card is with natwest too so they can see that it was just a one off. i only asked for 3k even the lady in the bank looked at my account and said she cant see any problems my account is well run. But it got declined the only reason i can see is the credit card thing. would it be worth appealing so they can look into it all and hopefully see that the decision was wrong?

What reason was it for the deline, credit scoring or affordability?

tiff25

i dont know she didnt say just that it had been declined, she said that she thought it was probably the credit card thing.

TheXO

If you are going to appeal the decision you need supportive information to go with it, such as - Salary increase, bonus due, partner's salary increase, revised budget planner showing more disposable income, savings stashed away elsewhere. It's all about risk to the bank, if you can show you are low risk then the appeal may work. More than likely you were declined due to the late payments as these would have been registered very quickly. When you appeal try and show 1 years worth of credit card statements showing you have a cleanish sheet (apart from the 2 late payments), and get the Personal Banker to put in a valid reason why these payments were missed (on holiday, in hospital something along those lines).
If you have a bank account/credit card elsewhere and these have a clean history it may be worth putting them down for supportive info as well.

Hope this helps

zppp

If it was the credit card, then it would be down to credit scoring. I suggest you check you Equifax/Experian report and see if there is anything recorded on there.