Tesco loan declined - where to go from here?

Ex_Bank_staff_&_claiming

Dear All,

I have just had a tesco loan declined and need some help and advice please, here is my story.

I have recently had a very poor credit file with a default 2 months ago i appeal to their better nature and go my default removed. Hurray I hear you say. I checked experian and yes indeed the loan has been removed.

I have also had a big change in circumstances and as a result I want to re look at my debts as I am skint flint the day after payday!

While I had a bad credit rating I took out a loan with a "deemed poor credit" company.

Which is for around 4,400, I also have a credit card at 600 limit 700, another at 500 with a limit of 800 (Bad credit score card.) And a catalogue bill of 650.

At the moment you can imagine this is no fun.

So I wanted to reduce this massively, I have 19 open/ settled ac/s on my file (Oh dear) 57% of credit being used (according to experian) searched 2 times in the last 3 months (Car insurance) and 2 late payments (for going over my overdraft limit?!?!)

So trying to get £6000 to settle everything at around £150 a month!

And then tesco decline me!

So on that basis and with loan declined I feel a touch deflated. Out of the 19 accounts listed I have 8 opened and I want to close these off and try and get back on the right track.

I phoned Tesco and was told I was declined due to my credit file, Experian rating says I'm 900 but that means nothing to any financial company.

So anyone please help. I would like an unsecured loan with a lower APR then the 26.9% I pay at the moment, bank doesn't want to touch me and would send me back onto a solo card as well.

So the questions are

Am I credit risk? Or bad debt?
Is there any cheaper providers less than 26.9% who do unsecured as my current bad credit loan cant extend the term and reduce the payment.

Eek help & thank you for getting all the way through my war & peace

Beast

That's all a little confusing...

How much do you earn?
How much do you owe?

Ex_Bank_staff_&_claiming

Total owe 6k and earn 22.5k

MrsTinks

Please report the spam... it'll get removed quicker

Ex_Bank_staff_&_claiming

And sorry this is spam why?

NeverEnough

Ex_Bank_staff_&_claiming wrote: »

And sorry this is spam why?

There is a pervasively negative trend on this subforum - the disease seems to be spreading like wildfire!!! A group of nasty, spiteful, flippant individuals have taken to making sarcastic, unhelpful and in some cases, downright untruthful, posts in reponse to people looking for advice....:( then accusing them of being "trolls" if they dare to react negatively to the pile of venom hissed at them.....or just for no particular reason at all.

These boards could do with a moderator at times like this. What a pity that there are !!!!!! in the world who will destroy any positive or helpful efforts.

Just ignore them and hopefully their own hatefulness will be self-consuming and self-limiting (you can but hope!)

CHR15

NeverEnough wrote: »

There is a pervasively negative trend on this subforum - the disease seems to be spreading like wildfire!!! A group of nasty, spiteful, flippant individuals have taken to making sarcastic, unhelpful and in some cases, downright untruthful, posts in reponse to people looking for advice....:( then accusing them of being "trolls" if they dare to react negatively to the pile of venom hissed at them.....or just for no particular reason at all.

These boards could do with a moderator at times like this. What a pity that there are !!!!!! in the world who will destroy any positive or helpful efforts.

Just ignore them and hopefully their own hatefulness will be self-consuming and self-limiting (you can but hope!)

Mrs Tine was responding to a spam post which has now been removed.

Mrs Tine is also a Board Guide on the MSE Forum (there is a clue in her Signature)

You've ranted at everyone else, why not start on the BG's as well??? :T:T

I find your post abusive by the way using language like that. Maybe you should rant at posters like yourself next.

NeverEnough

CHR15 wrote: »

Mrs Tine was responding to a spam post which has now been removed.

Mrs Tine is also a Board Guide on the MSE Forum (there is a clue in her Signature)

You've ranted at everyone else, why not start on the BG's as well??? :T:T

I find your post abusive by the way using language like that. Maybe you should rant at posters like yourself next.

Tut tut. I find your post abusive too, as well as your unhelpful attitude. If spam is removed then Board Guide's should be sufficiently savvy to explain or edit their post - the postas it stands makes no sense at all and makes it look as if the OP is being accused of spamming. Perhaps you should wake up and stop accusing others unjustly? :eek:

michael1983l

I think I understand your post and can give you my opinion on your situation. Having 2 charges and only recently having defaults/CCJs on your credit file will almost certainly mean you cannot get a loan at the moment due to the financial climate.

I have a poor credit history in the past but not recently, I have no late or missed payments recorded on my accounts in my credit file and earn £42k, yet I still cannot get a loan at the moment.

I do have a bit of outstanding debt but it is reduced every month and I am paying my highest APR off first, however that means I am permanently in my O/D because it is not the lowest APR and I think this is quite a turn off for lenders.

zppp

NeverEnough wrote: »

Tut tut. I find your post abusive too, as well as your unhelpful attitude. If spam is removed then Board Guide's should be sufficiently savvy to explain or edit their post - the postas it stands makes no sense at all and makes it look as if the OP is being accused of spamming. Perhaps you should wake up and stop accusing others unjustly? :eek:

Excuse me, but having read this for the first time, it is not abusive whatsoever. Due to the number of spam attacks on this site, some people choose to add a note to state something has been reported until the response is deleted.

What you are doing is trolling, because you are taking this thread off topic for your own ego.

Bringing the thread back on topic

michael1983l wrote: »

I think I understand your post and can give you my opinion on your situation. Having 2 charges and only recently having defaults/CCJs on your credit file will almost certainly mean you cannot get a loan at the moment due to the financial climate.

Absolutely correct. If a lender can see a default on your credit file, indicates financial distress, and that you are unable to meet your other commitments. Lenders have to follow the Lending Code, to ensure that they are lending responsibly.

The other thing to draw attention to, is that you are looking to do this as a refinance. There are many people on this site who would say err on the side of caution in doing this. It can be more costly and or take longer to pay these debts off. I suggest that you have a look at the following websites:

CCCS: www.cccs.co.uk/
National Debtline: www.nationaldebtline.co.uk/
CAB: www.citizensadvice.org.uk/
DirectGov: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/index.htm

You may also want to have a look at the Debt Free Wannabee board for further information.

NeverEnough

zppp wrote: »

Excuse me, but having read this for the first time, it is not abusive whatsoever. Due to the number of spam attacks on this site, some people choose to add a note to state something has been reported until the response is deleted.

What you are doing is trolling, because you are taking this thread off topic for your own ego.

Bringing the thread back on topic


[/QUOTE]

Excuse me, that is untruthful and rubbish - I am not a troll, merely aghast at some of the disgusting behaviour on this subforum. It is not meant to be a display of how flippant or offensive posters can be in response to other posters questions, which seems to happen a good bit on this particular subforum.

Unfortunately, the Board Guide failed to edit her now out-of-context post, which led to confusion on the part of the OP, and any other readers subsequent to that - given that several very recent threads had absuive postings to the OPs from some of the "nice regulars", it looked like this OP was being accused of being a troll, given that the post to which it was referring was actually deleted.

So there. Ego yourself.


[/QUOTE]

Bringing the thread back on topic

[/QUOTE]

Good. It would be far more valuable to those seeking advice if they were not attacked and insulted by the regulars. And it would be nice if the regulars didn't jump to conclusions and become judgemental.

At least advice was eventually given, albeit you first "needed" to insult me. :eek:
People should not be intimidated into not taking reasonable action against nasty, spiteful, ubcalled for remarks in posts - the reaction is NOT trolling, although the nasty remarks certainly are.