Loan refusal - please read

Rupert_Bear

byrnedolly wrote: »

Hi,Neil,
I just wanted to send you a quick message of support.I have recently joined this forum in the hope of talking to likeminded people in the same boat as me, but instead I have found that many will just give you abuse, and tell you that you are basically an idiot and not very good at handling your money. I have asked innocent questions on here about overdrafts, and why my bank will only let me have £200, and some of the answers almost had me in tears. I felt like being told off by my own mother.I will never ask for any advice on this forum again.I'm really disappointed.
As for the loan, I have had a refusal for only £1000 from Halifax, and I never got an explanation either.My credit report is very good.I think banks just decided to stop lending and are unwilling to help anyone.Much like the people on this forum.Hope you sort youself out, good luck.

I honestly do not think banks have stopped lending but they are now very selective who they lend to. I still think if you have a good relationship with your bank you can get anything within reason.

With me I have had an overdraft facility with Lloyds for about 10 years now and the limit has not changed from the £10,000 limit that was agreed 6 years ago. However they wanted it to reduce it to £5k because it not was being used., I phoned them and asked if it could remain at the original figure and they were happy to do that.

Summing up then if you have a good track record with your bank they will look after you.

WhiteHorse

Neil_Wootton wrote: »

... although i wasn't registered to vote at the time ...

At the moment, this is the main reason. £10,000 is a one heck of a lot for someone of that age to ask for, particularly when they have no credit history whatsoever.

Wanting it for a car is also going to be very offputting, as young men are statistically most likely to trash their cars. They can no doubt see all sorts of problems there.

Your best course of action is to buy a £50 car and run it for a couple of years. Get a credit card (a high interest one if necessary), use it sparingly and always pay it off.

Then they may look on you more favourably.

Neil_Wootton

zppp and other replies since last night thanks for the various info - i was never advised regards their reason for decline!

DigitalJedi

Hi Neil

I agree with the posters who suggest you are being a tad unrealistic. I'm in the fortunate position to earn a decent wage, well above what you are earning and I still would find it hard to take out a £10k loan to buy a car with.

You say you are not out to impress your friends with your car but yet you want a Lotus Elise. That is hardly a practical sort of car is it?

At the end of the day, you are a young guy, short credit history, earning not very much asking for a large loan in a time of great economic uncertainty. Add on top of that a credit file with a couple of declined loan requests and you can see that you don't look like a safe bet.

You'll probably now think I'm picking on you because I'm not being constructive (aka telling you what you want to hear)

RuthnJasper

byrnedolly wrote: »

Hi,Neil,
I just wanted to send you a quick message of support.I have recently joined this forum in the hope of talking to likeminded people in the same boat as me, but instead I have found that many will just give you abuse, and tell you that you are basically an idiot and not very good at handling your money. I have asked innocent questions on here about overdrafts, and why my bank will only let me have £200, and some of the answers almost had me in tears. I felt like being told off by my own mother.I will never ask for any advice on this forum again.I'm really disappointed.
As for the loan, I have had a refusal for only £1000 from Halifax, and I never got an explanation either.My credit report is very good.I think banks just decided to stop lending and are unwilling to help anyone.Much like the people on this forum.Hope you sort youself out, good luck.

Without prejudice: I think Neil was a little hasty in calling a poster a "donkey fiddler", that's not going to help any situation.

pmduk

Some finance companies will put arbitrary limits on the length of loans for certain items; eg a holiday will need to be paid for with 18-24 months; a motor-bike within 36 months. These limits often relate to their experience of defaults. People less likely to pay for a holiday once the memory of it has faded etc.

jonnyboy82

DONKEY FIDDLER:rotfl::rotfl:

redpete

RuthnJasper wrote: »

And I'm with YOU, Wutang.

Hey Ruth or Jasper, please tell me you didn't really think Wutang was being entirely genuine with what he wrote?

Neil_Wootton

in actual fact if you read my replies correctly at no point have i actually called anyone a donkey fiddler - read point 4 again carefully.

Some more useful info aswell - thanks people

Clive_Woody

RuthnJasper wrote: »

I got a Renault Megane eighteen months ago (private sale) for £500 - still drives like a dream, and sailed through its last MOT. Worth doing the groundwork - genuine bargains are out there.

Good luck! x

I got a brand new Octavia vRS a few months ago, drives like a dream and came with 0% finance and 17.5% off list price. No MOT needed for years.

No idea how this helps the OP, but seeing as so many have gone off at tangents I felt the need to join in.