Knocked back for Sainsbury's loan

pleasedelete

allyb79 wrote: »

So they thought that you would pay off the loan in quick time and not give them all their interest I guess?

I think probably that he has credit cards with limits of 25k although he hasn't used them for at least 2 years and owes them nothing. Probably had access to 100 k across his cards which probably freaked them. He has worked for a fair few banks and financial institutions who usually issued cards and bank accounts to staff. He tended to close bank accounts but kept credit cards as owed nothing and no cost.

We have now closed a few of them.

We use an Amex charge card each month and pay it off. Never credit cards but Amex never shows on credit reports etc.

fozmcfc

I got turned down for an A&L loan in late 2008, best thing that could have happened to me.

It was my wake up call, I needed to sort myself out.

Like the above I got a CC with 0%. A Virgin card with 0% for 16 months and transfered £3500 over to it. Didn't look back, 2 years later £13k or so of debt cleared and money in the bank for a flat deposit.

At the time I was frustrated, but within a year I knew it was the best thing that had happened to me in years.

As for earning loads and why does someone want a loan, well certainly in my case, it was a case of just cause I earn a lot, meant I had more money to throw away on gambling, gadgets etc....

chanz4

pleasedelete wrote: »

I think probably that he has credit cards with limits of 25k although he hasn't used them for at least 2 years and owes them nothing. Probably had access to 100 k across his cards which probably freaked them. He has worked for a fair few banks and financial institutions who usually issued cards and bank accounts to staff. He tended to close bank accounts but kept credit cards as owed nothing and no cost.

We have now closed a few of them.

We use an Amex charge card each month and pay it off. Never credit cards but Amex never shows on credit reports etc.

It will be his avialble credit, £100k available, they see it as a very high risk as over 50% of salary

Melaniep101

CLAPTON wrote: »

I'm not sure what a 'disposal income' is but with 1,800 disposal income why did you need a loan?

Because I have just bought a house and invested nearly all my savings in the renovations. I needed the loan to replace my very old Golf which probably won't see out the winter.

opinions4u

Melaniep101 wrote: »

Because I have just bought a house and invested nearly all my savings in the renovations. I needed the loan to replace my very old Golf which probably won't see out the winter.

Sounds like you could buy a half decent runaround with a month's spare cash!

fozmcfc

Basically you want it now, rather than save for a while, which would enable you to get a brand new car, without having to pay thousand in interest on top.

With £1800 desposible money, surely it makes sense to get a £500 - £1000 second hand car when the golf really does pack up and use it for the next 6 - 12 months.

In the meantime you start to put away and save for the next 6 - 12 months and replace it with a new car.

Melaniep101

fozmcfc wrote: »

Basically you want it now, rather than save for a while, which would enable you to get a brand new car, without having to pay thousand in interest on top.

With £1800 desposible money, surely it makes sense to get a £500 - £1000 second hand car when the golf really does pack up and use it for the next 6 - 12 months.

In the meantime you start to put away and save for the next 6 - 12 months and replace it with a new car.

I wasn't after a brand new car, or a cheap runaround. I was looking for something 3 years old or so which would be reliable whilst doing a lot of mileage. I opted for Sainsburys as it was the lowest rate loan and I'd considered my ability to pay it off.

Anyway, enough of justifying myself, I was just trying to sympathise with the OP and add my experience.

Curr946

Sainsburys are picky as hell, but if you raise a dispute with them they will appeal it for you.

Customer Relations
Dundas House
Viking Way
Rosyth Europarc
Rosyth KY11 2UU

01383426986

fozmcfc

Melaniep101 wrote: »

I wasn't after a brand new car, or a cheap runaround. I was looking for something 3 years old or so which would be reliable whilst doing a lot of mileage. I opted for Sainsburys as it was the lowest rate loan and I'd considered my ability to pay it off.

Anyway, enough of justifying myself, I was just trying to sympathise with the OP and add my experience.

There is no justification needed, just by going by your previous posts, its seems like you are in a position to save for a few months and thus avoid paying interest.

Fair enough if you want to pay interest, that's up to you, but surely even you must see that it is slightly mad to do so.

There could be a better way for you, if you are still determined to get the car ASAP. You could try for a 0% purchase credit card and pay for the car with that. That way at least you will have a year plus to pay it off for no interest.

Or prehaps a card that allow a balance transfer to a bank account for a one off fee (usually 4%), again you that have xx amount of months to pay the card back at 0% interest.

Again going by the amount of spare money you have, you should easily be able to pay it off before the 0% runs out and thus could avoid paying a penny in interest or 4% at most.