Loan refusal - please read

RobertoMoir

With the greatest of respect, you've got good advice here already which you appear not to like because its couched in fairly flippant terms (fair enough disliking that I suppose) and because it isn't telling you what you wanted to hear (less sympathy for that).

If your brother has a broadly identical credit history to yours, earns £1k or so more and got a £10k loan accepted where yours was turned down then I'd say that their acceptance was arguably the "abnormality" rather than your refusal. Lenders don't seem to like to lend that sort of money lightly these days.

A loan that takes you over 50% of your salary without anything to secure it on isn't going to make most lenders jump for joy these days, so I'd suggest that your brother's credit history is maybe a little better than yours for some reason, and/or the exact amount they borrowed vs. their precise salary hasn't taken them over some "50% salary" trigger point, whereas you borrowing £10k against just under £19k would.

Nobody has to loan you money, and the decision to loan, or not, is based purely on the risk of lending vs. the potential profit.

It isn't even a case that they think that lending to you might not make them a profit, rather that they think they can achieve the same profit in easier ways. For example, lending £2k to 5 people is a better risk than lending £10k to one person if they all have the same "risk" attached to them.

Neil_Wootton

Thanks to the 2 useful posts on this page - i shall take your advice on board. to mr/mrs/ms easilydistracted i thankyou. It's not that i consider it a trivial thing and i dont think i've suggested that i do at any point. Post number 24 on here has given me the most useful advice, and to the rest of you, i really am not trying to start an arguement, i'm not a dreamer or unrealistic. I simply seek to understand a process and if none of you were interested in answering the questions i had in a structured and reasonable manner i really cant see the need for you to have polluted what could otherwise have been a useful thread to others reading (if not forum posters).

I was under the impression that this forum could be used by those seeking answers to questions regarding things including their financial state and suitability. I still have questions i want to clarify in relation to my original post but dont now want to continue posting certainly on this thread for fear of being met by pointless negativity. If i could delete your posts i would do so as to at least try and purify the thread, but as far as i can see that is not possible. Is it any wonder that the average new member posts 3 times then !!!!!!s off (i believe i have read that) if all they are met with is this degree of hostility.

To those of you who have been kind enough to answer my questions politely and with useful information i thank you, and if you wish to U2U me with any further advice or questions if you want to clarify what i'm asking i would most apprecaite your time

Neil_Wootton

in reply to posts 30, 31 and 33 - i took rather a while typing that last post so missed tyour posts in the menatime, so my apologies as this was not directed at you.

I have not been a member since 2003 - i just joined today!

Ex_Bank_staff_&_claiming

Neil I think it was aimed at Judy, i am in a similar situation and had a bad response to my post as well have you tried to see if there are any credit union within your area that may help. They may charge higher Apr but there are some good and bad things written. I took a loan with everyday loans and 5500 I pay 232 at around 20 something APR. Try and avoid the extremely high APR companies like the plague.

Hope this of some help

Neil_Wootton

fair point that - what is a credit union?

real1314

Neil_Wootton wrote: »

Thanks to the 2 useful posts on this page - i shall take your advice on board. to mr/mrs/ms easilydistracted i thankyou. It's not that i consider it a trivial thing and i dont think i've suggested that i do at any point. Post number 24 on here has given me the most useful advice, and to the rest of you, i really am not trying to start an arguement, i'm not a dreamer or unrealistic. I simply seek to understand a process and if none of you were interested in answering the questions i had in a structured and reasonable manner i really cant see the need for you to have polluted what could otherwise have been a useful thread to others reading (if not forum posters).

I was under the impression that this forum could be used by those seeking answers to questions regarding things including their financial state and suitability. I still have questions i want to clarify in relation to my original post but dont now want to continue posting certainly on this thread for fear of being met by pointless negativity. If i could delete your posts i would do so as to at least try and purify the thread, but as far as i can see that is not possible. Is it any wonder that the average new member posts 3 times then !!!!!!s off (i believe i have read that) if all they are met with is this degree of hostility.

To those of you who have been kind enough to answer my questions politely and with useful information i thank you, and if you wish to U2U me with any further advice or questions if you want to clarify what i'm asking i would most apprecaite your time

Wow, you're giving rankings for whether you found replies useful! Don't you think that is more than a little arrogant? Nobody has to answer your question "politely", you're not a paying customer.

People can give advice and help on here, but no-one is paid to do it, it's all voluntary. You'll always get a range of opinions, and you should consider them all - even views you do not like / agree with can help you understaand your situation.
Just because you don't like what your hear is no reason to be so critical of others. You're actually behaving far worse than you have accused others of, imho.

Apples2

Neil_Wootton wrote: »

fair point that - what is a credit union?

It's yet another place which isn't going to lend you £10,000 to buy a car.

jon_boy75

hi neil

you too have fallen foul of the negative replies...it's happening alot. ask one question, get an answer to a completely different one
only the lenders can decide if you can afford it, not the posters on here
there's a pattern emerging here of smug responders saying "aint gonna happen"...just dont bother responding, it's pointless
try to get some quotation searches if you can, firstly with your bank, experian (if you subscribe) moneyextra, lending wizard etc

jon_boy75

also specialist car finance places, higher apr, but they're another option

jonnyboy82