Barclaycard Loan!

frazfisher

Barclay card loans make me go :mad: !!!!!
Credit rating from Experian 999/1000!!!!!! You can only get one better than that !! But Barclaycard still dont want to give me a loan !!!!! Their reason??? My credit rating !!!!
So!! The big question !!
Exactly what do you have to do to get a loan with Barclaycard?????????????

Rafter

The reason?

They didn't think they would make any money out of you because you didn't ask for payment protection insurance probably.

The only way to make money on personal loans at the rates Barclaycard offer is to only accept customers who take out the insurance.

So next time or with the next loan company on your list, tick yes to the insurance, then cancel it within the 14 day cooling off period and they cannot withdraw their original loan offer or amend your interest rate.

Good luck.

R.

AMILLIONDOLLARS

Rafter, don't the companies sometimes come back and say that because you have cancelled the policy, they need to run the loan through the computer again? How does one handle this?


AMD

Rafter

AMD,

They can do this only after the 14 day cooling off period.

If they try to tell you they will have to do the application again within the cooling off period they are breaking the law.

The rules are very clear that you are buying 2 products - a loan and an insurance policy. They cannot change the pricing of the loan simply because you cancel the insurance.

After the cooling off period, they can argue that your credit worthiness may have changed so they will have to cancel your old loan and start a fresh one, a weak arguement in my view but one you cannot currently challenge.

R.

regularsaver1

Is there actually anything on your credit file to assess?

and is the loan affordable?

frazfisher

Yeah I have never had a problem obtaining any credit. I have just finished paying one car loan and have another running. Never missed a payment or had a default! Seems they just dont want my business!