HP Application - Wait for electoral roll update?

jamesd256

Hi,

Just been told it will take me a couple of weeks to get my electoral roll data updated with Equifax and Experian.

I'm hoping to get HP finance from Black Horse Caravan Financing, and currently have an Equifax score of 523.

I have half a few credit arrangements logged against my current address, and I am in full time employment.

Do you think I need to wait for my details to be updated? I don't think they would let me apply again if the first one was turned down, even if I get on the electoral roll.

The caravan dealer has our deposit because I stupidly believed I was on the electoral roll, only to find I wasn't.

Thanks,

J

DCFC79

Er yes you wont get far if your not on the ER, wait till your on there and take it from there.

jamesd256

DCFC79 wrote: »

Er yes you wont get far if your not on the ER, wait till your on there and take it from there.

I hear what you're saying, and I've no doubt it's very sound advice.

But I'm starting to think I have nothing to lose by applying now.

Since my borough are doing a canvas, they won't be updating the agencies until October now. I have sent Equifax and Experian a letter from the borough electoral roll people.

I am now in doubt as to how long it's going to take for them to 'update' my records based on a letter, and what exactly the update will entail.

Speaking to Equifax, I was lead to believe that my actual electoral roll data will be updated based on the letter, but other sources I've read since state that this is not the case, and that a note is placed on record instead.

This being the case, this note, which might take a month to arrive on file, may not satisfy the lender anyway.

Also, after a certain time, the dealer is entitled to sell the van to someone else and keep my deposit.

I'll probably get rejected, but it's going to take too long to get on the electoral roll anyway I think.

DCFC79

Why not give it a go then,

jamesd256

After a lengthy conversation with customer services, I finally managed to get Black Horse to give me an email address to query the matter, and I received this interesting response:

"Unfortunately I am unable to answer your question as we cannot advise on anything unless we have created a credit search on yourself.

You will need to make a finance application to ourselves through the dealership, for us to do so.

However, it is not necessary essential to be on voter’s role at your address, providing we can trace you via other credit at the address given."

I think that tips the scale in favour or saying s*d it to the electoral roll guff.

DCFC79

jamesd256 wrote: »

After a lengthy conversation with customer services, I finally managed to get Black Horse to give me an email address to query the matter, and I received this interesting response:

"Unfortunately I am unable to answer your question as we cannot advise on anything unless we have created a credit search on yourself.

You will need to make a finance application to ourselves through the dealership, for us to do so.

However, it is not necessary essential to be on voter’s role at your address, providing we can trace you via other credit at the address given."

I think that tips the scale in favour or saying s*d it to the electoral roll guff.

There you go then, good result.

jamesd256

Just a quick update, my application was processed without any problems.

For a comparison of rates, I went to moneysupermarket.com, to find that all the offered loans were rated as 'low' likelyhood of acceptance.

I'm guessing this is because of the electoral roll issue, which goes to show that HP criteria are apparently more relaxed

DCFC79

jamesd256 wrote: »

Just a quick update, my application was processed without any problems.

For a comparison of rates, I went to moneysupermarket.com, to find that all the offered loans were rated as 'low' likelyhood of acceptance.

I'm guessing this is because of the electoral roll issue, which goes to show that HP criteria are apparently more relaxed

So what was the percentage for the loan ?