Earn £93k a year, Rejected for 10K loan?!

spadoosh

Silky89 wrote: »

That's really lovely, great.

[STRIKE]Unfortunately for you, still won't get you one step closer to the loan though.. Try again in 8 - 12 months[/STRIKE].

Or apply for your credit files, find out what the problem is and try and rectify it. What will have changed in 8-12 months, what if its nothing to do with the previous loan and the op has abeen a victim of fraud.

Rayden, please order your credit files and then you can possible work out why you have been refused (to some extent) obviously a bank can refuse what they want and all have different criteria to meet!

Rayden

spadoosh wrote: »

Or apply for your credit files, find out what the problem is and try and rectify it. What will have changed in 8-12 months, what if its nothing to do with the previous loan and the op has abeen a victim of fraud.

Rayden, please order your credit files and then you can possible work out why you have been refused (to some extent) obviously a bank can refuse what they want and all have different criteria to meet!

Thanks for advice - Just done this with equifax now. I'm thinking it's probably due to my ex's poor credit; and the fact there is still a financial link with him through this loan that's being paid by him but still in my name.

Rayden

pickpocketlocket wrote: »

You seem to be basing your decision on the viewpoint that property prices only ever increase, yes? Have you looked at how much new builds that were £485K two years ago are worth now?

We had a look - the place we're living in at the moment sold for 350K in 2008; and is now on the market now for 490k.

Pricing is fairly stable around here with an upward trend- lots of demand due to ability to walk into city of london but live in what looks like a village. Little independent bakery, butcher etc. Lattes galore and a waitrose. I wouldn't be considering this purchase in most other parts of london (or the UK).

iolanthe07

I have a few K in credit card debt

This may be the key to your problem. £93K isn't exceptional in London by any means (though it would be down here in darkest Somerset) but lenders may still wonder how you racked up 'a few K' in credit card debt on an income about three and a half times the national average.

spadoosh

Rayden wrote: »

Thanks for advice - Just done this with equifax now. I'm thinking it's probably due to my ex's poor credit; and the fact there is still a financial link with him through this loan that's being paid by him but still in my name.

Was the loan defaulted?!

Dont forget the other 2 credit file companies (i have sorry, sure someone will tell you who they are!)

Is the loan a big one? Any chance youd be willing to pay off the loan to sever the link?!

MiddyMum

Rayden wrote: »

Thanks for advice - Just done this with equifax now. I'm thinking it's probably due to my ex's poor credit; and the fact there is still a financial link with him through this loan that's being paid by him but still in my name.

Do you still speak to this ex, is he even still paying it?

Rayden

iolanthe07 wrote: »

I have a few K in credit card debt

This may be the key to your problem. £93K isn't exceptional in London by any means (though it would be down here in darkest Somerset) but lenders may still wonder how you racked up 'a few K' in credit card debt on an income about three and a half times the national average.

I suppose I should be more explicit..! I don't always have a 1.5k credit card balance - I usually pay it off each month, but it's been around 1.5 for the past couple of months due to a few bigger purchases; it'll be back to zero again next month...!

Rayden

MiddyMum wrote: »

Do you still speak to this ex, is he even still paying it?

We do not speak; the court made him solely responsible for the loan; and as far as I know he's been paying for it. (nationwide said it was nothing to do with my credit report that i didn't get a loan - it was due to their 'lending criterea').

MiddyMum

Rayden wrote: »

We do not speak; the court made him solely responsible for the loan; and as far as I know he's been paying for it. (nationwide said it was nothing to do with my credit report that i didn't get a loan - it was due to their 'lending criterea').

Oh my, I wouldn't rely on an ex paying a loan that was in my name. I would be certainly finding out where he was to make sure he was still making his payments on time, if he has paid any late, what the current balance was etc. How much was the loan for? As for nationwide with their " lending criteria " since this was a " computer says no " jobby, it could still very well be a credit issue and depending on the credit reference agency they use a default may show on equifax, but not experian or call credit for example.

liam8282

To me it looks as though you cannot get a loan simply because it is for the deposit on a property, as they said it does not meet their criteria for lending.

If everything else you say adds up, I can't see why you would have a problem getting a short term personal loan for £10,000 for "something else".

As you say you work in a bank, why don't you ask your colleagues or people in different departments for advice. Also as you would get a preferantial rate, it seems strange that this wouldn't be the first place you would look anyway.