How much do missed Payments affect file??

moatmeister

Yes was a Nationwide soft search quotation.

And this 83% ratio, Surely it is not based on the ability to repay it in one year? That cant be right!
I have applied for the loan over three years, not one, where my income would be 3 x £18k = £54k = 27% ????

thebritishbloke

moatmeister wrote: »

Yes was a Nationwide soft search quotation.

And this 83% ratio, Surely it is not based on the ability to repay it in one year? That cant be right!
I have applied for the loan over three years, not one, where my income would be 3 x £18k = £54k = 27% ????

They would still base it on being a yearly basis, it's the way it is so there's not point in questioning it.

I would say not to even bother going through the full quotation for Nationwide, I doubt they'd accept you. You can always try as a last resort.

I'd wait until the missed payments are at least 6-12 months older. A missed payment from just a month ago, regardless of how much it was for, is still going to affect their decision pretty adversely. When £15k is coming towards the top of a personal loan amount, you're going to have to have pretty damn good credit to get that at advertised rates.

moatmeister

Cheers. Frustrating!

Wish it was possible to exist without banks but modern life is too complicated. I hate the way consumers are treated as a commodity by them, to be traded like stocks and shares to make massive profits whilst they pretend to be our friends, and we have to pay for their immoral actions as a captive audience. Just had a Santander ad on the (expensive saturday night primetime) telly as I write this . Their slogan is Simple Personal Fair. Bah!!!

thebritishbloke

moatmeister wrote: »

Cheers. Frustrating!

Wish it was possible to exist without banks but modern life is too complicated. I hate the way consumers are treated as a commodity by them, to be traded like stocks and shares to make massive profits whilst they pretend to be our friends, and we have to pay for their immoral actions as a captive audience. Just had a Santander ad on the (expensive saturday night primetime) telly as I write this . Their slogan is Simple Personal Fair. Bah!!!

To be fair to the bank, imagine your friend David, comes up to you and asks to borrow £100. It's no big deal to you lending a friend £100, but your friend has a bit of a reputation for saying "I'll pay you next week".

Your other friend Robert warns you that David borrowed £100 off of him last month, he said he'd pay him £110 next week, but he didn't pay him back for a month! Robert doesn't want to lend him money any more, and it's going to make you weary about lending to David.

You decide to lend David the £100, but you ask for £120 back after a week, to make it worth your risk.


Same goes for a bank, only difference is they get access to a credit file which shows them absolutely everything about a persons previous debt history (for the last 6 years).

A bank looks at your report to see whether they trust you enough to lend you some money. You've missed a few payments recently, which makes them think that if they give you this money, you might not be able to afford to pay them back.

To make the risk worth it to them, they give you a higher rate on the loan.

moatmeister

Yes exactly!

They offer you a higher rate on the loan. They dont throw it out instantly after you have been with them for 30 years.

They are happy enough to give me a 3K overdraft and a £3k cred card both currently unused but have been run perfectly for years, but missing a £20 payment throws them into apoplexy.

Like i said. Bah!!!