Not given loan but excellent credit rating!?!

cherry.blossom

arbroath_lass wrote: »

Six months for your bank to ensure you are not still increasing your debt? It was just a thought but if your debt was increasing a consolidation loan would not do you any good as you'd likely keep spending on the CC.


If you are permanently in your od I'd try to get rid of that over the next six months. I appreciate that it is probably not your most expensive debt but it can be withdrawn at any time.

Thanks, but the increased spending over the last couple of months was down to loss of earnings after my husband had an accident and was unable to work for a short period and he also had to use a train - one of the extra costs this gave us was that instead of £40 a week fuel cost, he had to pay £107 train fare, so instead of paying out £240 for 6wks, it has cost £642 - hence the increased spend on cc as we struggled to cover the added costs with less income,


thanks for the advise re the od - will work on that first

arbroath_lass

cherry.blossom wrote: »

Thanks, but the increased spending over the last couple of months was down to loss of earnings after my husband had an accident and was unable to work for a short period and he also had to use a train - one of the extra costs this gave us was that instead of £40 a week fuel cost, he had to pay £107 train fare, so instead of paying out £240 for 6wks, it has cost £642 - hence the increased spend on cc as we struggled to cover the added costs with less income,

Sorry, I'm not meaning to be cheeky but the bank won't care why your debt is increasing. They only want to know when your spending is under control. I know that sounds harsh because, to you, you have reasons. The bank is only looking at the numbers they really don't care about your reasons.

cherry.blossom

arbroath_lass wrote: »

Sorry, I'm not meaning to be cheeky but the bank won't care why your debt is increasing. They only want to know when your spending is under control. I know that sounds harsh because, to you, you have reasons. The bank is only looking at the numbers they really don't care about your reasons.

Thanks, I understand that, however I was explaining why there was an increased spend, and that it has (hopefully) ceased.

tinkerbell28

DCFC79 wrote: »

Id posted the reply after you posted your response at 4 58 re about the debt to income ratio which meant my guess was wrong.

Not necessarily. They've said the card/od debt is about. 10k. So presuming they're looking to borrow 10k, that's 20k.

They then say they've got a car finance in the op, I'm presuming not included in the 10k.

How much is your car finance op? Monthly payment and total borrowed.

Say their income is nearer 50k. Then one late payment. I don't think you were too far off.

paulsad

You're not alone I got turned down for a loan (afer online computer he said yes) with what I thought was impeccable (ish) rating. I think sometimes being too honest ie saying its for consolidation can cause the problem. If you'd have said its for a new swimming pool in our maisonette you'd have probably sailed through.

tinkerbell28

paulsad wrote: »

You're not alone I got turned down for a loan (afer online computer he said yes) with what I thought was impeccable (ish) rating. I think sometimes being too honest ie saying its for consolidation can cause the problem. If you'd have said its for a new swimming pool in our maisonette you'd have probably sailed through.

No that's not the case.

They'd look at their income. See they've got a load of overdraft debt, credit card debt, car finance. Then a late payment and probably decline on affordability. Whether it was for a consolidation of a free bar.

BMN

cherry.blossom wrote: »

Thanks for the comments and advice.


I guess we were not expecting a decline as we had been invited in and it was only under the suggestion of the guy in branch that we applied for the loan. We have actually ended up in a worse situation now as it makes it harder for us as we have been declined!

I think it is seems worse for us as the guy was so annoyed on our behalf - he was arguing the case with the underwriter on the phone, & then the woman on the phone to me said that she thought it was a wrong decision- both of these are people that are looking at our account details and can see what a saving to us it would make and told us to complain.


And there are real reasons for the debt - not that we are rubbish with money. Now I have time - our child is well etc, I have begun daily monitoring of expenses and have installed a home accounts program to track everything with budgets etc, changed where we shop and changed service providers, so things should get better, but its not the start we hoped for.

If all was well they wouldn't have even had to ring through in first place.

Sabbathdei wrote: »

Don't feel bad about the bank chappy...he was probably on commission for selling you the loan

They don't get paid commission.

eastanglian1

paulsad wrote: »

You're not alone I got turned down for a loan (afer online computer he said yes) with what I thought was impeccable (ish) rating. I think sometimes being too honest ie saying its for consolidation can cause the problem. If you'd have said its for a new swimming pool in our maisonette you'd have probably sailed through.

I believe when consolidation is ticked it's flagged up.

Sabbathdei

eastanglian1 wrote: »

I believe when consolidation is ticked it's flagged up.

It wouldn't surprise me.

ollski

surely if you tell them you're consolidating loans you are basically taking on no extra burden wheras any other reason means you'd be increasing it?