Appealing a loan decline

MEM62

SHAKERMAKER wrote: »

They said I have too much borrowing per month. But my monthly borrowing will actually decrease with the loan. No it won't. Your payments will decrease but your borrowing will not. I want to clear my credit card and thought about documenting how much per month the minimum payment is costing me compared to extending my loan with them. Once you have cleared your credit card balance you will spend it again and then be even deeper in debt. It is my intention to start a brand new loan by wiping off the old one and starting a new one. You would be better off sorting out your spending to that you live within your means.

It's not rocket science. The lender obviously feels that you are over extending yourself financially. Take the hint and have a look at your lifestyle and spending habits. Your future will thank you for it :-)

DCFC79

Do people not budget these days or only spend what they can afford.

Ilona

SHAKERMAKER wrote: »

I know it doesn't sound like it makes any sense but my credit card minimum payment is£56/mth my loan is £199/mth if I borrow about £2k more over a slightly longer term (I've got 2.5yrs left so I increase back up to 3yrs) then my loan payment (taking into account my settlement figure) then I will still only pay approx £199/mth.
Does this make sense? I'm effectively borrowing more for a longer term which makes it cheaper per month.

I'm clutching at straws here.
Just organised an arrangement with my bank for my default fees because we aren't in a good way at the moment :-(

Hi,
I just wondered when you will ever become debt free. You will be pushing your debts further and further away, stretching them out over a longer period of time. If you get into this habit how far are you prepared to go, will you be taking them to your grave? Your plan doesn't make sense to me. Anything could happen to hubby's new job, he might not like it, they might not like him, it may be too taxing, or too boring. Lots of reasons why it may not last.

You need to discuss why you are not in a good way at the moment, how you arrived at this place. Have you been spending more than you have had coming in? A sensible thing to do would be to cancel Christmas and post up a statement of affairs to see where your money is going. Cut back, cut back some more, and trim your outgoings to the bone.

You can try talking Tesco round, but I don't think it will do any good. They don't have to lend to you, why should they bother if you are struggling to pay the debts you already have. Sorry, this is my opinion, perhaps others have tried appealing and won.

I read lots of posts on here along the same lines. People always make predictions of what might happen in the future, things will get better because they expect more money to be coming in to the household. Living in the future with so many if's and but's is never a good idea. Getting real and living for now is the best way of tackling things. Taking stock of the situation now. Cutting spending is the key. Sorry I can't answer your question, but give it a try, and good luck.
Ilona

SHAKERMAKER

Currently looking at financial situation at the moment whilst I don't like what you are saying it's real and true and we are now dealing with it. We are always cutting back and making-do and mending. More now than ever. I'm aiming for Christmas with two children to cost £100 !

AMILLIONDOLLARS

SHAKERMAKER wrote: »

I've just got a 2mth holiday payment with my mortgage. That will save me £1016! Financially we will be in a better position come January as my Husband has just landed a new job with mega salary so this is only a short term fix.
Thank you everyone!

This suggests that you are in trouble and will show up on any credit searches, also there is no actual savings as you will still be charged the interest for those two months, which will be added to your Mortgage balance, so you will be 'technically' in arrears two months until you can make those missed payments up.

AMD

FireWyrm

SHAKERMAKER wrote: »

I've just got a 2mth holiday payment with my mortgage. That will save me £1016! Financially we will be in a better position come January as my Husband has just landed a new job with mega salary so this is only a short term fix.
Thank you everyone!

It really didnt save you anything at all. All that happened was that they slapped £1016 onto the end of your loan effectively increasing your debt and the interest you will pay, since your interest is now two months longer and the principle is £1016 bigger.

I really think that if you believe your post above is a good thing, then you shouldnt be borrowing any more money.

27col

I think that it is quite amusing when people think that getting a 2 month payment holiday is in any way improving their financial situation. The payment has to be made sooner or later.
Only paying the minimum on the credit card would also indicate some financial stress.

bengal-stripe

SHAKERMAKER wrote: »

More now than ever. I'm aiming for Christmas with two children to cost £100 !

Let's talk after Christmas, if you've managed to achieve your aim!

ch3101

The did not say "you have too much borrowing per month".

They would say "you have too high a financial commitments compared with your income"
OR
"You have too high a level of borrowing"

If you don't provide other information than they can see with experian and a call credit, or that you provided, then your appeal will be pointless.

And tbh, having seen your various arrangements, I doub they would want to go near you, even of you did provide further info.

bigadaj

27col wrote: »

I think that it is quite amusing when people think that getting a 2 month payment holiday is in any way improving their financial situation. The payment has to be made sooner or later.
Only paying the minimum on the credit card would also indicate some financial stress.

Well it's always nice to have a holiday after all.