Consolidate 14k Halifax cc to Halifax Loan. Bank say no.

rb10

Monkey2401 wrote: »

The halifax loan would be 48 months at £345.12 - 8.8 APR% thus paid off in 4 years.

You may already be aware of this, but remember that it's a representative of 8.8%APR.

This means that at least 51% of applicants get the 8.8% rate - you may well end up with a higher rate, even if the decision is overturned.

Monkey2401

I have been going into the branch and they dont seem bothered at all. The 3 times I have been to my local branch I have seen 3 different people. I have tried to explain to them what I have been saying on here, but all they seem to care about is what the computer says, which is always going to be no, so unless my wages get doubled im going to get the same answer all the time.

I did get the rate from the internet just to give an idea of what a loan would cost me.

Macca83_2

rb10 wrote: »

You may already be aware of this, but remember that it's a representative of 8.8%APR.

This means that at least 51% of applicants get the 8.8% rate - you may well end up with a higher rate, even if the decision is overturned.

fair point. If you're using the online calculator you can pretty much write that rate off. You need to challenge actual applications with figures that are specially tailored to your situation.

opinions4u

The loans were rejected outright which I could have told them at the start application. What I hoped would happen is that I would sit down with someone that is not a computer to make a decsion bases on what I am telling them.

Automated credit scoring systems have a far more reliable outcome for the bank than manual underwriters over-riding decisions. While you might not like it, the computer makes better decisions.

By the way, just about everybody declined for a loan would want a human being to intervene and change the decision.

I understand a bank is in business to make money, but shouldnt they help people who are be in debt with them to get out of it?

If you can afford to maintain the debt why would they want you to get out of debt?

I just cant get my head around the fact I owe them the money all ready so how can I be a risk?

Maybe you are a risk worth taking at credit card rate. But not at personal loan rate.

Monkey2401

to be honest, at the moment im not too bothered about the rate as long as it is not stupid, I just want to get a sensible loan so at least the money I have been spending on the minimum payment for the credit card would now be used to at least start to pay something off a loan.

Monkey2401

Opinions4u, im amazed as to how so many people thank you and the status you have become. All you seem to be doing is taking the p*ss and pulling my posts apart. Macca83 has at least given some sound advice, so please go and annoy someone else and stop wasting my time and yours.

Cash_Flow

Monkey2401 wrote: »

Hi,

I am after some advice. I have a 14k credit card with Halifax. It started off at 1k and every 6 months they gave £1k as I was always paying the minimum. Before I knew it I was up to 14k and they stopped. I earned 15k and i guess they didnt want to push it up anymore. Since I have been in this position which is about 5 years. I have only ever paid off the minimum monthly payment which is about £300.00. I guess by now I have paid over 14k in interest.

Im not one to default as although im not happy with the way they kept giving me the money knowing that I was not treating the credit card correctly, I still spent it.

My issue is that I have gone to the Halifax who has been my bank for 15 years and asked that they transfer the 14k on the credit card to a loan so I can at least start to pay it off. I have advised that as I owe them the money they dont put anything in my account, they just transfer from one account to another, but that was far to easy. Due to the amount I earn and the amount I am requesting the computer says no as they did it as a normal loan request. I understand why it says no, but what I cant understand is why they cant do it as I alredy owe them the money. To me they know they are making £300 per month and have me between a rock and a hard place and they know it.

I have been rejected 3 times in the last 3 years.

Is there anyone that can help or give some advice on what I can do that would be really helpful as at the moment im close to telling them what they can do with the card and the debt.

You need to speak to the customer support team who may be able to refinance your existing borrowing at a more favourable rate of Interest.

meer53

Opinions4u has neither pulled your posts apart or taken the pi*s. Everything they say is true and common sense, try reading them again.

You're just another poster who isn't willing to accept advice they don't like. You won't get very far with that attitude. Try paying more than the minimum, thats how you can repay your debt.

Cash_Flow

Monkey2401 wrote: »

Hi,

I am after some advice. I have a 14k credit card with Halifax. It started off at 1k and every 6 months they gave £1k as I was always paying the minimum. Before I knew it I was up to 14k and they stopped. I earned 15k and i guess they didnt want to push it up anymore. Since I have been in this position which is about 5 years. I have only ever paid off the minimum monthly payment which is about £300.00. I guess by now I have paid over 14k in interest.

Im not one to default as although im not happy with the way they kept giving me the money knowing that I was not treating the credit card correctly, I still spent it.

My issue is that I have gone to the Halifax who has been my bank for 15 years and asked that they transfer the 14k on the credit card to a loan so I can at least start to pay it off. I have advised that as I owe them the money they dont put anything in my account, they just transfer from one account to another, but that was far to easy. Due to the amount I earn and the amount I am requesting the computer says no as they did it as a normal loan request. I understand why it says no, but what I cant understand is why they cant do it as I alredy owe them the money. To me they know they are making £300 per month and have me between a rock and a hard place and they know it.

I have been rejected 3 times in the last 3 years.

Is there anyone that can help or give some advice on what I can do that would be really helpful as at the moment im close to telling them what they can do with the card and the debt.

You need to speak to the customer support team who may be able to refinance your existing borrowing at a more favourable rate of Interest.

Macca83_2

I wouldn't dismiss what Opinions4u has to say. I agree with some of his points. But i do believe that the Halifax really need to assess whether or not they are providing you with the best option. The treating customers fairly initiative, under fsa guidelines, is a huge thing that the Halifax now subscribe to and they have to show that they are providing you with the best outcome.