Santander rules

CKhalvashi

BobQ wrote: »

I was being a little blunt with the OP. I do accept that people get into difficulties for all sorts of reasons and that any track record should be considered on its merits. They need to accept that when they are borrowing money the lender has a right to lay down the terms and conditions. Having an attitude that they have been debt free for six years so (by implication) their prior record of poor debt management should be ignored is not realistic in my view. I do not see what CC firms have to do with this. They also lend with rules based on perceived risks and so they should.

Regarding the OP, I presume that Santander have decided not to loan to certain types of potential borrower to enable them to offer other types of lender a better deal and that the OP will have to try elsewhere. Its harsh but just demonstrates that getting into debt has longer term consequences.

I was perhaps being the other way a little too much.

Whilst I agree it should be taken into account, I also believe that the responsibility in OP's case has been taken seriously, and that this needs to be taken into consideration, too.

Obviously, I'm ignoring various risk profiles here that the banks may have internally, but ultimately, Santander are a private company, and can therefore choose to offer services to whichever customer they may want.

smartskyline

Thank you all for your replies, I agree that 8 years ago I should have been more careful, but I think you have missed my point.

I cannot eve get past the first line of humans, as they say an IVA is the same as a DMP. It is not!

The rules state (on the Santander website)

You have never been declared bankrupt or subject to an IVA.. And yes they mean NEVER!!!

BBBBBUUUUTTTTT...... I have never been declared bankrupt or had an IVA!!!!!!!!!!!!!

I had a DMP which I decided at the time, I was going to pay off all debts in their entirety! So I have never not paid anything off that I owed!

I think Santander are being harsh... that's all.

Just as an aside, I opened a nationwide account yesterday, all bells and whistles included, with a 7k credit card! So I cant be that bad a risk, well that's what I think anyway.

meer53

DMP, IVA or bankruptcy, it doesn't really matter which, they all indicate problems with financial management. Serious problems, not just dipping into your overdraft every now and then.

Some banks will lend, some won't. As you've already discovered.

smartskyline

Again... I don't disagree with you and your opinions... What I don't agree with is the rules... rules which Santander state in their website: http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1368435721527&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

It does not mention "Bankrupt, IVA...or DMP"

Being black and white, I am right :-)

meer53

They can mention whatever they like in their t & c's. They don't mention payday loan or gambling transactions either but they're something that could possibly affect your chances of getting any sort of lending.

JuicyJesus

Banks do not have to disclose publicly all of their criteria. A DMP could reasonably be considered to affect a credit application negatively, whether they are specified as a reason not to apply or not. As such I'm not sure what your point is.

In any event the two are somewhat equivalent in many respects. Both are a managed programme of debt reduction following from an admission that you cannot meet debt repayments. An IVA is more formal as it has the aspect of actually declaring insolvency, but a DMP can be more fractious and has a greater possibility of default.

They aren't "the same". But they are very similar in many ways. Santander are within their rights to regard them as equivalent.

jonesMUFCforever

Santander is only one of dozens of mortgage lenders - go to a mortgage broker if you have credit policy issues.

grumbler

smartskyline wrote: »

Again... I don't disagree with you and your opinions... What I don't agree with is the rules... rules which Santander state in their website: http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1368435721527&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

It does not mention "Bankrupt, IVA...or DMP"

Being black and white, I am right :-)

The 'rules' say who is "eligible to apply", not who is per-approved.

Caz3121

grumbler wrote: »

The 'rules' say who is "eligible to apply", not who is per-approved.

smartskyline wrote: »

Hi,
But when I applied, they have deemed a past DMP as an IVA, so therefore I am not eligible? Ever!

Did they tell you were not eligble to apply or you had been rejected due to your financial past?

Thrugelmir

smartskyline wrote: »

I think Santander are being harsh... that's all.

There's also the wider picture to factor in. Santanders core business ( i.e. Spain) in not performing well. So there's most likely a board level policy to contract lending in certain other markets ( UK and South America) to conserve and repatriate capital back home. Santander are
far more interested in lending to SME's than for mortgages as a result. The trickle down effect is that there target for individual mortgages is far lower, which results in a higher hurdle for potential borrowers. As that's the easiest way of thinning down applications.