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Loan wrongly declined
Comments
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How much savings do you actually have?0
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Is using some of your savings to offset the amount you'd need to borrow an option?thank you all for your valuable feedback. i was just concerned that i've always considered myself to be financially sensible, since i've never got into debt, avoided borrowing money and always made sure i had savings in my bank. i took it for granted that when i finally asked for finance i would be in a strong "yes" position."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
PeacefulWaters wrote: »Borrow the money from the firm that tell you they rate you as EXCELLENT.
This. If only we could get people to understand that "credit scores" as issued by the likes of Experian etc just do not exist in or transfer to the real world.0 -
I currently have £9,000 in an ISA, I am currently putting £500 of my pay directly into my ISA every month. My £9K was to offset the loan so I was borrowing less.0
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Does this mean that the car you want to purchase is £27k?I currently have £9,000 in an ISA, I am currently putting £500 of my pay directly into my ISA every month. My £9K was to offset the loan so I was borrowing less."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
They do have to give you a reason for declining you.
1) You failed our credit score.
2) You failed our affordability test.
3) The was information on your credit file we didn't like.
All good reasons. No further information has to be given.0 -
That's right. The car was £26k, minus my current £9k = £17k finance (or) I was going to save up another £2k + my current £9k = £11k and take out a bank loan for £15k (Sainsburys).Does this mean that the car you want to purchase is £27k?
Both of which were declined. The monthly repayments for the £15k loan were £430 per month. I could have easily afforded that based on my outgoings which have been around (£300 per month for a long time). My Net pay per month is around £1,220 which is why I am able to save up.
Thanks!0 -
Good lord. Hope you're taking running costs and depreciation into account on a car that expensive too...
HBS x"I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."
"It's easy to know what you're against, quite another to know what you're for."
#Bremainer0 -
You've obviously thought about it lots, and kudos on building up a decent pot of savings, but buying a £26k car is a monumentally poor idea.That's right. The car was £26k, minus my current £9k = £17k finance (or) I was going to save up another £2k + my current £9k = £11k and take out a bank loan for £15k (Sainsburys).
Both of which were declined. The monthly repayments for the £15k loan were £430 per month. I could have easily afforded that based on my outgoings which have been around (£300 per month for a long time). My Net pay per month is around £1,220 which is why I am able to save up.
Thanks!"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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