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Loan with one old settled default?
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welshone27
Posts: 180 Forumite
in Loans
Hi I spend a lot of time reading these forums and a friend of mine has asked me to ask a question for him if you wouldn't mind.
He earns 32,500 a year. He lives in a rented property which he pays 400 a month. He has 1 default on his credit reports which was settled in 2007, it drops off july 2013.
Ofcourse a default is a default. Do you think he'll have any chance being accepted for a loan from a bank/tescos etc? Besides the one default his credit record is up to date with no other late payment charges. He'd like to borrow around 5000. he hasn't applied for any yet as he doesn't want unnececary serches on his record unless he knows if he has a chance.
Thanks in advance.
He earns 32,500 a year. He lives in a rented property which he pays 400 a month. He has 1 default on his credit reports which was settled in 2007, it drops off july 2013.
Ofcourse a default is a default. Do you think he'll have any chance being accepted for a loan from a bank/tescos etc? Besides the one default his credit record is up to date with no other late payment charges. He'd like to borrow around 5000. he hasn't applied for any yet as he doesn't want unnececary serches on his record unless he knows if he has a chance.
Thanks in advance.
Faced up to my debt Jan 2012.
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Comments
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What does his bank say - the one where his wages goes into?0
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jonesMUFCforever wrote: »What does his bank say - the one where his wages goes into?
Well if his bank said yes then the OP wouldn't be on here would they.0 -
He hasn't approched them yet, he hasn't approched anyone as he doesn't know if it's even worth a try as he has that one default.Faced up to my debt Jan 2012.0
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welshone27 wrote: »He hasn't approched them yet, he hasn't approched anyone as he doesn't know if it's even worth a try as he has that one default.
Get him to ask his bank, generally the rule of thumb is if his own bank wont entertain the idea then no other would.0 -
Ok great thanks for your advice. I shall pass this on :-)Faced up to my debt Jan 2012.0
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BugsyBrowne wrote: »Well if his bank said yes then the OP wouldn't be on here would they.0
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creation maydo if settledDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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