Losing The Will To Live!!!!

Karly_2

Are Experian and Alliance & Leciester driving to be the two most pointless companies on this planet??????????

I have no idea how anyone can believe that the financial credit system is an efficient one. I find that I am in some sort of mad cerdit vortex!

Two months ago I applied online for a consolidation loan application of £12,000 at 5.9% APR with Alliance and Leicester. Although this was initially rejected I was told to ring the Underwriting Department who stated that they were willing to offer £10,000. I accepted, but I received the loan agreement it was for 12.9%! There had not been any mention of it being other than at 5.9%. I then sent three emails in 2 weeks to the email address that I received and did not receive a single reply. When I called 2 days ago and I asked why at I had been offered at 12.9% the specture of being recorded caused the robot lady I was dealing with to be unable to answer my question. I stated that I would like £6,000 at 12.9% I was told that I would be informed within 24 hours and 2 days later I received a letter stating that I had been rejected! Just let me get this right - they will accept if I want to borrow £10,000 but not if I want to borrow £6,000! This is madness!

Let me explain why I required this loan. The reasoning for undertaking this loan is
in order to consolidate my an Egg Loan of £5,700 at 7.9% and
a Barclays Loan of £4,000 17.9% which will result both in a
much lower interest and a much lower and manageable single monthly payment if I received the £10,000 loan at 5.9%. At 12.9% it would cost me more if I paid off both Egg and Barclays as Egg is 5% APR cheaper than A&L.

In August of two years ago I took out a loan of £8,000 Egg and have
paid the required monthly amount of £181 on time with the result that
I currently have an approximate balance of £5,500 with Egg and £3,000
with Barclays together with an overdraft of £1,000.

I have been looking to consolidate my debts and to make one simple monthly payment. I therefore wished to take a loan of £12,000 with the remaining £2,500 being used to undertake further professional qualifications.

Since I currently have no problems paying my monthly commitments to
Egg and 2 Barclays Loans at approximately £350 per month, there would
be no problems at all in making the monthly payment of £230.79 per
month to Alliance and Leicester over a 5 year period resulting in
total payments of £13,847.40.

I am led to believe that the problem for the initial rejection by
A & L maybe due to an error in the electoral roll section of the
Experian Credit File.

I contacted Experian just before Christmas and alerted them to the
fact that I was recorded incorrectly twice at the same address. Their
record showed that I had moved out in October 2005 when in fact I had
been at this address since August 2002. The problem was that in having
received an Electoral Roll form in October 2005 with my name on it I
assumed that I would continue to be recorded on the electoral roll
until I or anyone else who moved in indicated otherwise. This is not
the case and in fact the Experian Credit File claims incorrectly in
the Electoral Roll section that I was not a resident of my current address from October 2005
until April 2006 (when clearly I was) merely because of this Electoral
Roll form.

This in itself is a further problem in that it incorrectly shows
that I have only been a resident at my current address since April 2006
(when in fact it has been 4 years and 5 months) which I have heard that 3
years at the current address is vital.

I have once again contacted Experian concerning the Electoral Roll
problem and they stated that my local council will not retrospectively include me on the Electoral Roll
(even though I have always paid my Council tax on time and in full) and
despite the fact that I sent copies of all my utilities bills (of which
there were over a hundred) back to 1999 they will not rectify the Electoral Roll information.

The only thing they suggested is that I include a Statement of Correction
which I had already previously done. I have also heard that including such
a statement can be counterproductive in that the requirement for the
provider to read it usually results in an automatic decline.

After speaking with someone at Experian concerning the Electoral Roll she
suggested that I speak with the general help desk at Experian to assess
whether there was another issue that may result in my rejection. I then had
to repeat the same information to another 'customer service' assistant who
said that they could not find anything negative on my credit report with
them. The only thing that was mentioned was that there is a link to my
parent's address in that my Barclays
Bank Account and Mobile account is registered at that address as both
accounts were initiated pre-1997. I saw no reason to change the addresses
of these 2 accounts particularly as I have a loan with Barclays and to
notify of such a change may impinge upon these two accounts. She suggested
obtaining a copy of my parent's address credit file but
how can I when I do not live there?

However, even by providing all the information to Alliance and Leicester
and obtaining a loan through them I do not wish to repeat this process
everytime I apply for credit and it is also a matter of principle. I make
all credit payments ontime.

In summary there are only 2 reasons why I may have been declined credit:

(a) The Electoral Roll stating that I have only been residence since April
of last year but when I make an application and am asked when I moved in I
am honest in stating August 2002;

(b) Having two credit accounts held at another address (being my
parents);

Besides this I really have no idea whatsoever and I just wish that someone
could tell me why.This has become a complete and utter nightmare. If
it is a problem for me it must be a problem for hundreds of thousands
of people.It is a credit vortex!

I would very much hope that the error can be rectified to allow me to
obtain a consolidation loan with you which would put me on a much
better footing both in terms of a single monthly payment, which is 33%
lower than I pay now, with a lower interest rate and a lower amount to
be paid over 5 years. If I can make payments with my current loan
providers I do not understand how I could be a risk at all.

Furthermore, I have a permanent full-time position paying a salary of
£32,000. I have a very good credit history and obtaining this loan
with Alliance & Leicester will reduce my monthly payments by
approximately a third so of course I can easily make the payments.

Any help or advice you could give me would be very much appreciated.

Many thanks.

MABLE

Furthermore, I have a permanent full-time position paying a salary of
£32,000. I have a very good credit history and obtaining this loan
with Alliance & Leicester will reduce my monthly payments by
approximately a third so of course I can easily make the payments.
unquote

and you still need to consolidate on this salary. Perhaps these companys are doing you a favour.

Indispensable_Hobbes

perhaps they dont need to but it makes more financial sense!

lostcrusader

Credit Reference agencies are the biggest con going personally.

They obtain your data then charge you to get it.


ITS MINE MINE MINE..... so BANKS stop using them and provide loans on a persons own ability to pay rather than some system that is never updated and fails people....

By the way, having worked for the government for 16 years can anyone explain what £32,000 is please.


:rotfl:

Karly_2

MABLE wrote:

Furthermore, I have a permanent full-time position paying a salary of
£32,000. I have a very good credit history and obtaining this loan
with Alliance & Leicester will reduce my monthly payments by
approximately a third so of course I can easily make the payments.
unquote

and you still need to consolidate on this salary. Perhaps these companys are doing you a favour.

I have no idea what you are trying to say!!!!

Karly_2

jenyking wrote:

perhaps they dont need to but it makes more financial sense!

Don't need to? Of course not, but this is not relevant to what I am saying.

Makes more financial sense? To who? Them? You mean they make a lot more profit out of me? Why don't they charge 50% APR then? Great reply - thanks!

GirlRacer_2

Funny you should mention this, I've been having problems with my Electoral Role entry with Equifax. Have lived at the same address since January 1997, every year on my electoral registration form my address has been stated incorrectly and every year I've contacted them and asked them to correct it. This year I completely lost the plot and gave the local council some megga grief. Result..... My address is now correct on the Electoral Role. Hoowever, when I checked my credit report it claims that I was registered at my previous address until December 1996 and my current address from December 2006, so it looks like I've been 'nowhere' for 10 years. Have written to Equifaf with all the supporting documentation from the council and am awaiting a reply. It's so frustrating!