Agreement in principle...

littlemissB_3

Hi
This is my first post on here please bear with me, let me introduce myself, im miss b im 25 working mum of one.

Well my situation is this...

I have one ccj on my credit file (satsfied and was only £195) i jave one default again under 200 pound both of these were from 2002 and i know they will come off in 2008.

I have online access to all three credit ref agencies and monitor closely due to being a victim of identity theft.

Since getting my ccj and default i have managed to obtain a few high interst credit cards and catalouges, which i have used VERY responsibbly and paid off at least usually more of the minimum balance exh month.

I have been searching high and low for a loan that i need to refinance my (AUTHORISED) bank OD as i would like to start being in the black at the end of every month instead of the red.

With my bank and there own personal internal system or whatever it is at my financial reveiew they did in april i got told i have a rating of 1 out of 5 1 being the best..(im very good with my bank account no rejected dd'd or bounced cheques etc) and he advised me to apply for a loan with them (he knew about the default and ccj) subsequently this was rejected.

Anyhow i plodded on with life reminding myself in 2008 i should be able to get the loan and clear the OD.

But got advised that since i turned 25 i would of got a few extra points on my credit file etc.

Decided to have one last ditch at getting a loan with my bank (natwest) applied online (have done this in the past and got an atomatic reject) anyway it gave me the agreement in principle thing and sent the releveant forms (i checked with the CRA'S and they had preformed a search) so i have signed and sent back all requested info plus additional info to confirm ID etc..

That would of been received by them on monday i checked again with the CRA'S today and it says a 2nd and subsequent search had bene made.

Now im a bit confused as of yet no loan has been paid in to my account.. nor have i had a letter rejecting the application.

I expect to get rejected but i wonder (i dont know what you guys think) becuase of my extreme good behaviour with my bank and me having the highest rating they have internally do you thnk they is a chance they would actually give me this loan (bear in mind the 4 yr old satisfied ccj and default)

i only wonder this as normally they have rejected me outright buit this time they didnt...

aghhhh all very confusing, expecting rejection letter tomorrow but hey you never know?!?
any ideas or experiences would be great!!

Thanks in advance and thanks for the great info ive read on here in the past few hours b4 plucking the courage to post!!!

little missB

anniecave

Welcome to MSE!

With a loan, they won't just pay the money into your account - you would have to be notified of the interest rate and terms etc first and agree to it first, I would think.

Do you have any balances outstanding on the high interest cards/catalogues? You are only using any credit responsibly if you keep the interest you are paying to a minimum at all times! If you do have balances outstanding on high interest stuff, take a look at the articles on debt shuffling, you need to look at if you are paying more interest on this than on the overdraft. You need to keep working at getting all debts paid off, but whatever is high interest aim to pay this off first. (Exceptions being "priority debts - rent or mortgage, council tax, water, gas, elec - they should always be paid up to date)

Have you looked at moneysaving in other areas to pay all your debts off quicker?

skintas_2

i applied for a loan saying approved on pricipal, paid £39.99 to loan broker, got info on here, kept phoning them telling them i heard it was a con i was gonna get ripped off they assured me i wasnt. 4 days later got the paper work thru they were shaving trouble with my loan and the lender had pulled out. they needed me to sign new paperwork to do a credit check..... that was 2 weeks ago, cant be bothered warning everyone else with low credit do not pay money up front as you will not get it back.....................