Appealing a PCDL Loan decision, pretty urgent!

zonda90999

Hi, I need some urgent help/advice about appealing a loan decision.

I applied to the Co-op about a PCDL, £2750 for fees, and £6090 for living costs. I listed the details as they wanted; filled out the form correctly; enclosed an SAE with a covering note to get my documents I had to send, back; and I forked out £5.90 for safe delivery via Royal Mail to them.

I had a text message today saything they were missing some paperwork. I phoned them up and it turns out I had missed a couple of boxes and a living cost (Insurance) was not allowed. I said ok then, remove the insurance from the list. I asked if they could tell me what side of the fence it was looking like at the moment. I was told it had been denied.

I am needing the loan to start an MSc in October, but if this has been denied, then that plan is well and truly down the pan.

The only explanation I can come up with, and probably obvious is my credit score. I have one account with Halifax that is in arrears, or they call it that. It's my old student account from first year. I got close to the overdraft limit then a payment went out that I wasn't aware of which took the account out of it's limit, where it sat all summer with the Halifax just putting more Fees on it and making it so I cant use the account. As a student I couldn't get Job seekers or anything like that to try and pay some of it off, and it wasn't my fault there was a lack of jobs. I agreed to pay it off at £10 a month which is all I could afford and sometimes had to scramble round to get. According to Experian I have missed 2 payments which is news to me, I phoned the Halifax up in time to say I can't pay it at the moment. My regular current account also suffered a similar fate in that summer, so when student loans came in I had to fork out £400 in fees before I could do anything. My current account only has a £250 overdraft on it, which I do my best to avoid using. A few times I have dipped into it I have done what I can to get back out of it when possible. A few times Halifax have charged me for using an "arranged" and an "unarranged" overdraft which has pulled me back into it a couple of times, or taken me £30 further into. At the moment I get JSA of £106 every 2 weeks, I have done what I can to avoid going back into the overdraft.

I also owe some money to British Gas, which I thought I had set a standing order up with of £25 a month for 4 months. I had that phonecall with them to do that and it seems it either didn't go through or they're not bothered.

Off the top of my head the student overdraft and British Gas are the only 2 things I owe money on. The student overdraft I have been meeting the overdraft payments. The Student overdraft would have been paid off if my former boss had paid me NMW or even paid me the National Minimum wage he owes me of £1661.17, or even made the £200 a month we had agreed (and an agreement which he signed! Or at least one minute says he signed then the next says someone called Mr. Rashid signed)

So, is an appeal worthwhile or would it basically be like spitting on an oil rig fire? If it is worthwhile how would I be best going about it etc?

Apologies if I rambled, just so frustrated at the moment :mad:

CLAPTON

what exactly do your credit reports show?

Tixy

If you have exceeded your overdraft limit / or gone overdrawn with no credit then on your credit file this is marked as a 1 marker - its not actually a missed payment marker when on a current account, but a 'breached the terms of the account' marker.

British gas may also report on your credit file - does it say you are in arrears with them on your credit file?

Having markers on the 2 current accounts will impact on your ability to get credit. And a PCDL is subject to credit status the same as other consumer credit.

Whilst the lack of jobs or the fact that your boss didn't pay you obviously hasn't helped your situation these are not things that would be taken into account when applying for a loan.

zonda90999

My credit reports shows that My British Gas Gas element of it all is settled
British gas Electric is obviously the one in trouble saying I am 1 payment late
Jacamo (I wasn't aware I had) says its satisfactory as well
Halifax Student account says its on the debt management programme, says default. Will stay on credit history for 6 years apparently
Current account is labelled as satisfactory. I only work off the Current account and an Easy cash account from halifax (which is impossible to take overdrawn).

Is it worth trying to appeal the decision?

Tixy

With a recent default on file then you are likely to find it difficult to get any main stream credit until its settled, you'd be considered high risk by any bank. I can't see an appeal is likely to work, but if they've declined you then you wouldn't actually lose anything by appealing.

zonda90999

Lovely. Well I think then I am completely screwed then if I try Barclays instead or even appeal the decision. Not put me in the greatest of moods. Oh well. Thanks for the help

toblerone_7

zonda90999 wrote: »

Lovely. Well I think then I am completely screwed then if I try Barclays instead or even appeal the decision. Not put me in the greatest of moods. Oh well. Thanks for the help

Did you have any luck with Barclays the 2nd time around?

I got rejected by Co- op, appealed rejected again.
I missed a overdraft payment on my account too! They say it goes off in a year

Applied to Barclays, not very hopeful
I've already started my course and really enjoying it. 30th Nov is when first payment is due :S

somethingcorporate

I am not sure they are likely to come back over a year after they originally posted.

Last Activity: 28-09-2011 3:26 PM

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