turned down for a loan

wookie_2

i was turned down for a loan of £10000 at 6.3% because i refused to buy their payment protection insurance, or life cover. :mad: i have no credit cards a good credit history, and earn in excess of £30k+,
not to worry though, there are plenty of other leners out there, offering a good deal

Dylanwing

I thought that was illegal.

tom188

Did they actually say that was the reason (i believe illegal) or were you turned down after declining the insurance (in which case the reason you were turned down may be quite different).

Of course you have 14 days to cancel the insurance so you can always run with it then cancel once you get the loan.

Tr@cker

First time i'd heard of this, they certainly give you the hard sell because there's fat commissions for the agent but im pretty sure they tell you your declining doesn't affect the decision.

missile

It is more likely to be because you have no credit card. It may seem strange but you need to have been "in debt" to show a record of meeting the payment schedule i.e. build up a good repayment record.

wookie_2

Dylanwing wrote: »

I thought that was illegal.

thanks for the advice , i didnt know this was illegal, i shall write a letter and complain, you never know, they might offer a higher rate:eek: although i think i will decline, as been offered another for 6.2 and with no hard sell on insurance:D