Co Operative loan issue

The_cleaning_guy

Tixy wrote: »

Defaulted on the IVA? - no you wouldn't be in the same position - it would likely be worse, you might also have had a bankruptcy on your file, or CCJs, or at least unpaid debts.

Defaulted on the original debts? well you did default on them by entering the IVA, and the defaults would also have originally shown on your credit file. If you could have avoided an IVA and made repayments sufficient to repay the whole debt and if your creditors hadn't obtained CCJs against you at any point then you could probably had a better credit file by now than if you hadn't entered an IVA.

Agreed. it was the single worst thing i have ever done. i could have done a better job myself but they sold it well. never mind you live and learn i suppose.

DevilPigeon

The IVA and associated defaults will remain on your file for a period of 6 years from the default date, whether they've been settled or not. The IVA will still be showing as an entry within the 'court information' section, and this will be seen by potential lenders.

The fact it's been settled is definitely a good thing, but as has been said it's presence within your file will be like a red flag to some creditors.

tell_it_how_it_is

Would you consider lending your own money to someone who had had an IVA or been bankrupt? I think it'd be fair to assume the answer would be a big fat no. You can't really knock their decision.

opinions4u

So, in summary, this thread should be titled "I've had an IVA and don't understand why my bank won't lend to me".

Got it.

chanz4

Going by what the op has said also, I get the feeling he has a basic account which some banks automatically say no lending

BugsyBrowne

chanz4 wrote: »

Going by what the op has said also, I get the feeling he has a basic account which some banks automatically say no lending

I think the OP is more disappointed that experian didn't take his IVA as a negative and only mentioned recent searches.

CHR15

chanz4 wrote: »

Going by what the op has said also, I get the feeling he has a basic account which some banks automatically say no lending

I thought that too as this account has only been running since the IVA saga.

I'm struggling to grasp the whole concept of "screamed from the rooftops at co op " when there is a history of avoiding repaying debts, unlikely to be only one debt either, normally a whole raft of debts.
I actually feel embarrassed for the OP for acting this way, I can only imagine the conversation the Co-Op workers had after the call.

Hopefully OP understands what a horrific risk he is to lenders now, which is why they are running for the hills.

Next lesson is to understand how useful a Credit Score is.

poppasmurf_bewdley

The_cleaning_guy wrote: »

Hi,
I have banked with the co op for 5 yrs now with no issues.
I applied for a 2k loan a couple of days ago and was refused which was no surprise as they are stupidly hard to get money out of.


How can I move forward with the co op? Any suggestions please, I have complained but frankly dont want to wait for 4357 days to get a letter from them giving me experians details !

If only other banks had been so 'stupid' in the years leading up to the 2008 Financial Crisis.

The bank is not being stupidly hard, it's being incredibly sensible.

dresdendave

The_cleaning_guy wrote: »

Hi,

How can I move forward with the co op? Any suggestions please, I have complained but frankly dont want to wait for 4357 days to get a letter from them giving me experians details !

Am I misreading this, nearly a twelve year wait for the details?

RobertoMoir

The_cleaning_guy wrote: »

With no other outstanding monies and a score of 913 and a really good 5 yr record with them I just cant understand why they would refuse me.

The problem I see here (and without wanting to patronise you, the way you go on about "but but but I have a good credit card score", I'm not sure you actually understand this) is that valid reasons could include "Because we felt like it" and "we always refuse loan applications made on even-numbered calendar days". While those would be incredibly stupid reasons for a business to make a business decision, that would be their problem, not grounds for a complaint.

They are under no obligation to lend to you, and you might not have met their criteria for a loan customer for any number of reasons.