Declined for a loan, can anyone explain?

hoggums

Berto wrote: »

I dont want to be paying back so much each month that I live like a hermit and become bitter towards my own financial situation. I personally feel that life is to be lived and enjoyed, it is far to short to be worried by money and getting debt free,
...

This makes me so angry - another of the "I want it now" generation.

You fail to realise you are on a low salary and cannot afford the car you want.

Anyway this is all academic because you won't be able to get the money anyway, perhaps that will make you reflect on the buy now pay later attitude you have.

jon_boy75

hoggums wrote: »

This makes me so angry - another of the "I want it now" generation.

You fail to realise you are on a low salary and cannot afford the car you want.

Anyway this is all academic because you won't be able to get the money anyway, perhaps that will make you reflect on the buy now pay later attitude you have.

illustrating my point perfectly!

at least i dont need to look through previous posts now

NeverEnough

jon_boy75 wrote: »

the good advice is really nice, but some of the comments of late have been plain unhelpful and negative

obviously, some postings are ludicrous, but there's nowt wrong with this person asking, and his/her explanation is open and honest.

I've been on here for years, as have many of you, and there's a definite trend towards sarcastic, negative comments of late

just because times are tough, it's not up to us to take it out on those in need...and yes, read the full post before the knee jerk reactions

Gosh, well said....:eek: I was astonished to read the incredibly nasty, sarcastic, sniping remarks made at the OP..... I've been a "reader" on these boards for a long time now and have only just started posting and was shocked at the nastiness in this thread. Surely if you have nothing positive to add, then its better to say nothing? The OP didn't deserve to be blasted and attacked from all directions, he just asked a simple question - a straightforward, polite reply could have sufficed, not an all-out onslaught on his financial management and lifestyle.....:eek::eek:
(I'll get me coat and go back to MFW and DFW sub-forums....haven't seen spiteful, miserable comments on those forums yet!)

Bob_the_Saver

Berto wrote: »

Hi,

I recently applied to tesco's for a loan of £16500 to get a new car and settle an outstanding loan of £7000 and I was turned down.

I earn approx £24-30K a year (depends on bonus), I have worked for my employer for nearly 8yrs, lived in/owned the same house for close to 4yrs and am married.

I've checked my credit file and it shows as current:
I have 3 current bank accounts (2 personal and 1 joint, i've now asked for one of my personal accounts to be closed as it was not used)
2 credit cards (closed 1 down today leaving a balance of £2000 on remaining card)
my loan £7000
Our mortgage
An old vodafone contract (that I though had been cancelled but is soon to be so - this is showing at an old address tho?)
and 2 previous loans (both settled)

Checking my file shows I have 3 consecutive default payments on one of my credit cards- this was a result of me thinking i'd cancelled the card, moving address and them adding card protection payments, meaning I did not realise there was a balance to be paid until I got a phone call and them i immediatley paid the full balance.
Also I had 1 late payment on an old loan that finished may last year. So in 5 yrs I have missed 4 payments none in the last year.

I have also notice that my bank (who I have been with for 17yrs) have my DOB incorrect.

Would my late payments and incorrect DOB have caused this decision and if I get my DOB ammended would it make a difference?

I have asked my bank to update my details, asked for 1 unused bank account to be closed and cancelled 1 credit card is there anything else I can do or should I try a different lender?

Thanks

Basically mate.... they don't think you can afford it.