Why can't I get a loan?

Simon11

"I have savings of £8000 but I want to save this for a deposit for a house"
"£2500 is a lot to pay on interest"

I do not understanding your thinking. When you take out a mortgage, they will ask what loans/ debits etc you have. This will go against you and you won't benefit atall, apart from a huge interest bill for the loan.

It seems like you aren't willing to take advise from here, I would suggest you speak with family or friends with good knowledge of finance who can offer advise. I would certainly, hold but some money for a rainy day and then would use the remaining savings. Any thing further required, then take a loan out.

If you have debt (excl Mortgage) of £20k, yet you have 'savings' of £10k, then I would consider that to have no savings and £10k of debt.

DCFC79

Why did you not sell the clio last year and buy another car using your savings.

Thrugelmir

FTBSOS wrote: »

I want a decent car now, nearly 21 and it's time i treat myself,

Many lenders may not want to lend to you. As they'll consider you financially immature given your credit history. As that's what they'll be basing their decision on.

FTBSOS

Simon11 wrote: »

"I have savings of £8000 but I want to save this for a deposit for a house"
"£2500 is a lot to pay on interest"

I do not understanding your thinking. When you take out a mortgage, they will ask what loans/ debits etc you have. This will go against you and you won't benefit atall, apart from a huge interest bill for the loan.

It seems like you aren't willing to take advise from here, I would suggest you speak with family or friends with good knowledge of finance who can offer advise. I would certainly, hold but some money for a rainy day and then would use the remaining savings. Any thing further required, then take a loan out.

If you have debt (excl Mortgage) of £20k, yet you have 'savings' of £10k, then I would consider that to have no savings and £10k of debt.

I understand what your saying about the interest but it's far likely i won't pay that figure as I will be settling early. It's going to be a good few years now that i will be buying a house anyway, now the gov has extended the htb until 2020.

I might just take a smaller out, like £5000 and use some savings.

DCFC79 wrote: »

Why did you not sell the clio last year and buy another car using your savings.

Because i only want one particular car and I couldn't get it insured on it yet, now I have managed to find a specialist insurer who can to insure me.

Clio isn't worth much either, lucky to get £600 as clutch is going and it sometimes over revs and slight lag when driving on occasions.

Thrugelmir wrote: »

Many lenders may not want to lend to you. As they'll consider you financially immature given your credit history. As that's what they'll be basing their decision on.

'Financially immature given your credit history' Do you mean because of my age or the amount of accounts I have opened since turning the age of being to obtain credit?

GingerFurball_2

The fact that you've got a CPD with Lloyds tells me you don't manage your accounts terribly well.

FTBSOS

GingerFurball wrote: »

The fact that you've got a CPD with Lloyds tells me you don't manage your accounts terribly well.

Everything is managed okish, I haven't missed any payments, no late payments.. the only thing that is probably negative is a few failed direct debits with lloyds for their select silver card.

Which I keep forgetting to make sure there is funds in their to collect.

DCFC79

FTBSOS wrote: »

Everything is managed okish, I haven't missed any payments, no late payments.. the only thing that is probably negative is a few failed direct debits with lloyds for their select silver card.

Which I keep forgetting to make sure there is funds in their to collect.

If thats the case then focus more on maiking sure there is money in your account to cover the payment, watch what your spending too.

FTBSOS

DCFC79 wrote: »

If thats the case then focus more on maiking sure there i money in your account to cover the payment, watch what your spending too.

Yeah left £100 in there and the rest in the savings account so there shouldn't be any issues with them collecting payment now.

Can gambling transactions have a negative effect to? As i play the national lottery online too. ooops!

jonesMUFCforever

FTBSOS wrote: »

Yeah left £100 in there and the rest in the savings account so there shouldn't be any issues with them collecting payment now.

Can gambling transactions have a negative effect to? As i play the national lottery online too. ooops!

Yes some banks will look at gambling as high risk and put a no credit indicator on your account.
Whether a few quid a week on the Lotto counts as this - who knows?

PeacefulWaters

FTBSOS wrote: »

Everything is managed okish, I haven't missed any payments, no late payments.. the only thing that is probably negative is a few failed direct debits with lloyds for their select silver card.

Which I keep forgetting to make sure there is funds in their to collect.

If you can't be bothered to fund your account properly your bank isn't going to like you.

Lloyds have marked your account accordingly and I can't say I blame them.

You don't take the time to operate your account properly, they won't risk lending you their money.

Time to get right on top of this.