Santander loan application

MWAUGH1983

xdm941 wrote: »

I sent a letter in to them at the appeals address specified on their website. Only problem is I have no idea how long they normally take to respond when appealing through this channel or how to chase it up.

Personally I don't think they would have massive loads of appeals to get through but I guess I could be wrong.

I really hope it will be any day now!!!!

If you can get a decision on your appeal in 48 hours then that's great!

I see you did it over the internet - the appeal in the branch is done over the computer and it apparently comes back within 48 hrs so he will give me a ring hopefully tuesday or today if you like!

I don't think they would have many appeals either but at the same time it depends on their internal post policy in terms of when they receive it and action the request in terms of looking at your application.

Do you bank with santander?

xdm941

I used to but now with First Direct. Didn't apply with FD as I figured i'd only had an account with them for a few months but I had three years with Santander (account is actually still open).

A mortgage broker recently told me that companies who offer the very best market rate for mortgages and loans will have the strictest criteria. As Santander was a few notches down the list I thought i'd play it safe and apply to them.

I do wonder with all the goings on with the Eurozone debt and banks ordered to ring-fence their retail divisions whether this could have led to a temporary tightening of application criteria. Just a guess though.

The only negative thing I could find on my credit report was three searches in six months. One for an O2 contract in March, Barclays Stockbrokers made a full credit search when I opened a share dealing account (this really annoyed me) and one for a barclaycard.

So looking back maybe this is the erroneous data causing the problem.

MWAUGH1983

xdm941 wrote: »

I used to but now with First Direct. Didn't apply with FD as I figured i'd only had an account with them for a few months but I had three years with Santander (account is actually still open).

A mortgage broker recently told me that companies who offer the very best market rate for mortgages and loans will have the strictest criteria. As Santander was a few notches down the list I thought i'd play it safe and apply to them.

I do wonder with all the goings on with the Eurozone debt and banks ordered to ring-fence their retail divisions whether this could have led to a temporary tightening of application criteria. Just a guess though.

The only negative thing I could find on my credit report was three searches in six months. One for an O2 contract in March, Barclays Stockbrokers made a full credit search when I opened a share dealing account (this really annoyed me) and one for a barclaycard.

So looking back maybe this is the erroneous data causing the problem.

I remember my brother saying a couple of yrs ago that everyone's credit rating was lowered by one because of the credit crunch which would make sense in a way. Though when people are trying to shift even the lowest amount of debt it can cause an issue.

Without sounding rude how much was the loan for as it does seem odd with you salary and past dealing son your credit file that you would be rejected for any credit! They do say if you space applications out then it wont damage your rating to much so 3 in 6 mths might be an issue but still cant imagine it knocks loads of your score.

How did you find them as a bank?

xdm941

The loan was for £7500. I hear a lot of different opinions on how lenders react to how many searches in a given time frame. However I too think it shouldn't be that much of an issue. Especially the !!!!!!s at Barclays Stockbrokers who I did complain to but they refused to remove the search. I told them it was unfair for someone to 'expect' a credit search when not actually applying for credit - but they got me on the small print.

I actually found Santander terrible as a bank. I had regular problems with them stopping my card whilst abroad and when I called them I got through to the 'normal these days' Indian call centre where I honestly struggled to understand what the person was saying. I was in new york one weekend and the final straw was when my card was stopped on a Saturday and they claimed they could not sort it out until monday when the fraud team were back. I did get a resolution that day but after a lot of aggravation and costly telephone calls. I also had three £25 charges applied to my account once for going £3 over my over draft. Two were dropped but again had to call, explain blah blah blah. In the end I just had enough.

First Direct are superb though. Always through to a UK call centre instantly with no 'press one for ... ' etc. etc.

I know after having a bad experience with as a bank people will ask why I asked for a loan with them. Bloody good question to be honest. I guess I just thought I would have minimal dealings with them concerning a loan and simple repayments in comparism to being abroad with no access to my current account!

tonycottee

xdm941 wrote: »

I' only using about 5% of my available credit too.

Are you saying that you have a large amount that you could borrow on credit cards? If so, this could have been why you were declined.

xdm941

No, only have two credit card with 3000K limit total.

Hanky_Panky

MWAUGH1983 wrote: »

Hi All,

When in santander on saturday trying to get a loan to transfer over my tsb loan. It was declined and the guy said he would appeal it; I said that would be fine.

Just wondered if anyone had an application approved this way and whether it was common practice?

Cheers
Martin

Just wondering why you are applying for another loan when according to your other posts https://forums.moneysavingexpert.com/discussion/3497759 You have other account/s out with debt collection agencies.

They may be another way.

nelly12

michael1983l wrote: »

In which case if what you say is accurate, it sounds like the Santander unsecured consumer lending pot is dry.

As far as I know the pot is certainly not dry. Santander are one of the most liquid banks in the market place at the moment. perhaps the OP isn't telling us the full story?

MWAUGH1983

Hanky_Panky wrote: »

Just wondering why you are applying for another loan when according to your other posts https://forums.moneysavingexpert.com/discussion/3497759 You have other account/s out with debt collection agencies.

They may be another way.

Why would anyone wonder why? Applying for a loan with santander who I bank with benefits me in term of getting my finances under one roof and also improving my credit rating as I will be able to meet payments every month.

If you are talking about the barclays account as per link you provided the outstanding balance is what I think they owe me from PPI and this will be sent to the ombudsman this week.

I am getting my finances in order! Since September 2009 I have paid of a loan, 2 credit cards, overdraft and got rid of a bank account. My finances are improving.

Hanky_Panky

Congrats on getting to grips with your finances. I have had a brief look at some of your previous posts though and would question your motivation in moving a loan from LTSB to Santander.

Simply because you don't like their attitude isn't enough when you bear in mind that you will end up paying more over the two loans than if you just finished this one (including the settlement discount).

In addition from the brief look I had you have the following:
Defaults from Barclays, Capital 1, LTSB and Egg, there may be more and you may be trying to get some of them removed however highly unlikely you will get them all removed.
Also you have accounts that have been passed to DCA's like Wescot, Moorfields, Capquest and Lowells.

With that track record the chances of you getting a loan from a mainstream lender like Santander are very low indeed.