Can a bank itself override a rejection for a loan applied online?

brog1984

Hi this is my first post, and could do with some advice (no sarcastic or nasty please). Me and my husband have a relatively good income, we have a mortgage, and a loan of £12,000, a credit card with £6000, and another loan for £2500.Our outgoings are greater than our incoming, and we wanted to apply for a debt consolidation loan to spread over a longer period of time, bringing the monthly payments down (which would financially sort our problem) We have been refused the loan, based on the fact we have our maximum borrowing. If we went for some advice from a specialist within the bank, could they over-ride this decision of a rejection if they felt it would be better for us? I don't want it to spiral as we are having the occasional late payments for things and I don't want it to get worse, it is genuinely affecting my health with the worry. Is there anyone we could go to for help? We have minimised everything we can to cut back on bills (phone, internet ect) Any help is much appreciated

CH27

Instead of getting into more debt I suggest you contact one of the debt charities like StepChange.

brog1984

This wouldn't be more debt, just to consolidate everything into one payment, over a longer period of time bringing the monthly payment down. Im worried that contacting an agency like that would affect our house etc?

DaveTheMus

If you have £20'500 of various unsecured debt already, the bank would be apprehensive about lending another £20'500 to consolidate because once the bank give you the money you can do what you like with it.

There is no way the bank can guarantee that you'll spend the money on paying down other debts, for that reason they won't change their decision I'm afraid.

Apples2

If your current debts are with the same bank they may be receptive (they pay off your debts and close your other accounts using your new money) but if they are elsewhere the bank cannot assume you will pay off the rest.
They will add the new loan to the existing debts and so decline.

If your current debt is all unsecured it has nothing to do with your house so you have nothing to fear.

Having missed payments already it is probably all too late anyway, your credit file is poor so another loan is very unlikely.

If your outgoings are more than your income, speak to step change as a priority, things are going to get bumpy otherwise.

Thrugelmir

brog1984 wrote: »

Our outgoings are greater than our incoming,

Then a lender would not be acting in a responsible manner by advancing you further credit. As although it gives short term respite it won't provide the solution.

Ring the National Debt Help Line. It's a free phone number.

https://www.nationaldebtline.org

PeacefulWaters

Can the over-ride the decision? Yes.

Will they? From what you've posted no, there's no way they could or should.

Take the advice above.

dresdendave

brog1984 wrote: »

.....Our outgoings are greater than our incoming, ....

This is the root cause of your problems, post an SOA on the DFW board for friendly advice on how to reverse this situation.