Rejected twice!

aqueoushumour01

Catster77 wrote: »

I just applied to Abbey for a loan of 10k (Consolidating a Cahoot loan at 21.9% Apr, An Asda CC and a 3rd loan with AA) I have banked with Abbey for approx 12yrs.

I did everything correctly.. checked my credit score 999 out of 1000

No credit searches in last 12 mths

I'm on the Electoral Register

I've not missed a single payment in last 3 yrs

Still got turned down!

They sent me a letter stating I could perhaps borrow £3k from UCC plc

Thing is the loan and CC are both with Abbey/Santander..... I won't be extended the loan period I just wish to reduce the amount I pay per month by approx £50 and how much I pay back in the long run.. saving me about 2k I think!

So whats the problem and what should I do next? Or more importantly who should I try next?

Only thing I can think of is that I'm Self Employed but surelymy good payment history should be enough?

i got turned down from Abbey for a 5k overdraft. affordability is more than fine and no credit score issues so maybe they're being more careful these days??

mparter

Catster77 wrote: »

I just applied to Abbey for a loan of 10k (Consolidating a Cahoot loan at 21.9% Apr, An Asda CC and a 3rd loan with AA) I have banked with Abbey for approx 12yrs.

I did everything correctly.. checked my credit score 999 out of 1000

No credit searches in last 12 mths

I'm on the Electoral Register

I've not missed a single payment in last 3 yrs

Still got turned down!

They sent me a letter stating I could perhaps borrow £3k from UCC plc

Thing is the loan and CC are both with Abbey/Santander..... I won't be extended the loan period I just wish to reduce the amount I pay per month by approx £50 and how much I pay back in the long run.. saving me about 2k I think!

So whats the problem and what should I do next? Or more importantly who should I try next?

Only thing I can think of is that I'm Self Employed but surelymy good payment history should be enough?

Similar to me. I applied for an Abbey loan last weekend for £11k. I don't bank with them but my mortgage is with them and I've never missed a payemnt. I was using it to consolidate some cards and clear an overdraft. Got turned down with the same recommendation as you.

Catster77

I did tell them it was for consolidation, I even provided settlement figures, I didn't ask for more than was needed either!

I was thinking though why don't banks, in this sort of case, insist on paying off the consolidated loans/credit cards from the amount you borrow so they can be assured you don't find yourself in unmanageable debt... The same kind of idea as balance transfers on CCards.

I'm wondering if Abbey are simply wanting to get "their money's worth'' out of me as I'd be paying off my existing loans to them and saving in the long run...

Catster77

It seems Tesco think I worth the risk... at 8% APR, I'm more than happy

mparter

I've also been declined twice, once by Abbey who I have a mortgage with and with my bank, RBS.

I've now applied for a loan with Tesco. Mines is also for consolidation, clearing cards, overdraft, etc and would leave me better off each month.

Received a letter today from Tesco to call them. Called them and they were looking for clarity on what I was planning to use the loan for as I only had two cards on the application (there was no place to add overdraft). Told the girl what she wanted to know and she said they would send the paperwork out.

So that's either a form to sign or a "No" letter.