Sainsburys underwriter loses the plot

DCFC79

KingElvis wrote: »

What a load cobblers somebody has been telling you, utter shizzle.

A trip to pokey may be on the cards though..........

Whats pokey when its at home ?

KingElvis

DCFC79 wrote: »

Whats pokey when its at home ?

Noun1.pokey - a correctional institution used to detain persons who are in the lawful custody of the government (either accused persons awaiting trial or convicted persons serving a sentence)

rawlings135

rawlings135 wrote: »

My ex husband walked out 3 yrs ago leaving me to pay a hefty joint loan on my own. The payments per month are £298. per month. I have just received a court order with a financial settlement of me paying the rest of the loan off in exchange for the family home. I must get his name off the Sainsburys loan within 28 days otherwise I could go to prison (scary when you have 2 children).
I rang up Sainsburys to get apply for a loan and was refused on the basis of my credit score which incidently is 999 with experian (because I am asssociated with the ex he is bringing my credit score down according to Experian). I have never missed a payment with any of my finance/mortgage accounts.
The new loan I was offered on application was £82 per month. I was told to put a report together, a copy of my credit report/bank statements/decree absolute etc and send it to the underwriter which I did.
The underwriter has refused it again on the basis of my £200,000 mortgage even though I am selling the property next year and I have £160,000 equity in my home.
So Sainsburys would rather I go to prison and not be able to pay anything whilst in there and struggle paying £298 per month, than pay £82 per month and get all of there money next year!!! Something very wrong somewhere!!
Oh and the help they give is absolutely zero.... Do not go near them with a barge pole.....

I possibly will go to prison because of the court stamped consent order not because I am in debt. The fact That I am still paying the £298 per month and have done for the past two years from my own bank account surely shows that I can pay £82.00 a month!!! This is not a black and white case and is not simply Computer says no as I have been told many times this week!!

rawlings135

DCFC79 wrote: »

Wonder who gave the OP the wrong advice,

yes that is right and in this case a consent order was drawn up! on the end of signed consent order it states if I do not comply with the order I could face a prison sentence.

rawlings135

antrobus wrote: »

Are you sure?

Normally the way these things work in divorce (or similar), is that the court will order one party to take on the responsibility of the joint loan, and to use their best endeavours to persuade the lender to transfer the loan into their sole name but otherwise indemnify the other party against any claim the lender might make.

yes that is right and in this case a consent order was drawn up! on the end of signed consent order it states if I do not comply with the order I could face a prison sentence.

rawlings135

mynameistallulah wrote: »

Bringing it down from what? 999 is the top score (not that it means anything)!

According to Experian even if your credit score is excellent if you are associated with someone who is bankrupt etc it puts a black mark against your address! The only way I can disasociate myself from him is get him off the loan (by taking out a new one).

Didnt think there was black listing anymore???

loubel

Did you actually take legal advice on the Consent Order before going to court?

Tixy

Sainsburys see that your circumstances are changing. The fact that you have managed to repay a £298 loan in the past is not necessarily reflective of whether you will be able to afford a loan in the future on top of a large mortgage by yourself.

They are under no obligation to offer you a loan in your sole name.

The underwriter has not lost the plot - he has looked at your level of income, assets and liabilites and at his guidelines and decided to decline your application.

In general a lender is going to prefer the security of having 2 debtors legally responsbile for a debt than 1 debtor.

Who advised you on the consent order? solicitor? mediator?
I'd suggest you explain to them that you have been unable to obtain a loan and so cannot comply with the consent order and see what they suggest.

Tixy

rawlings135 wrote: »

According to Experian even if your credit score is excellent if you are associated with someone who is bankrupt etc it puts a black mark against your address! The only way I can disasociate myself from him is get him off the loan (by taking out a new one).

Didnt think there was black listing anymore???

There is no black mark against your address. It relates to the fact that you are financially associated.
There are no black lists. But certainly being financially associated with someone who is bankrupt will make potential lenders much more wary of lending to you.

Tixy

rawlings135 wrote: »

yes that is right and in this case a consent order was drawn up! on the end of signed consent order it states if I do not comply with the order I could face a prison sentence.

Could - not will. Exceptionally unlikely for a consent order. Especially in these circumstances and considering you have children.