lloyds loan - increase borrowing

pd52

tried in to increase my flexible loan via online banking and it came up with apr at 22% (its currently 8%)

Ive over paid this loan by £300 every month and paid back an extra £200 and almost paid half of it back ( its only been open 7 months!). I phoned up the loans dept and was told they had a message on screen saying 'no more lending available', and if I wanted to know more I should go to the branch, I asked if I could increase the borrowing in future and the lady replied 'maybe, the system might not let you have a loan again':eek:

DCFC79

pd52 wrote: »

tried in to increase my flexible loan via online banking and it came up with apr at 22% (its currently 8%)

Ive over paid this loan by £300 every month and paid back an extra £200 and almost paid half of it back ( its only been open 7 months!). I phoned up the loans dept and was told they had a message on screen saying 'no more lending available', and if I wanted to know more I should go to the branch, I asked if I could increase the borrowing in future and the lady replied 'maybe, the system might not let you have a loan again':eek:

What's the question ?

Is Lloyd's your own bank ? If not try your own bank ?

The 22% is how they deem it a risk.

pd52

DCFC79 wrote: »

What's the question ?

Is Lloyd's your own bank ? If not try your own bank ?

The 22% is how they deem it a risk.

LLoyds is my own bank

Tixy

pd52 wrote: »

I asked if I could increase the borrowing in future and the lady replied 'maybe, the system might not let you have a loan again':eek:

Which of course is correct. There is no way she could guarantee that the bank will lend money to you in the future, equally she cannot say for certain that the bank will lend to you in future.

Gaz83

pd52 wrote: »

tried in to increase my flexible loan via online banking and it came up with apr at 22% (its currently 8%)

Ive over paid this loan by £300 every month and paid back an extra £200 and almost paid half of it back ( its only been open 7 months!). I phoned up the loans dept and was told they had a message on screen saying 'no more lending available', and if I wanted to know more I should go to the branch, I asked if I could increase the borrowing in future and the lady replied 'maybe, the system might not let you have a loan again':eek:

Banks are in business to make money. By the sound of it, they're going to be making very little from you.

Would you loan money to someone you were getting very little return from?

Apples2

Sounds like it would have been better to save the extra £300 a month rather than rely on more borrowing.
Overpaying is great, but only do it if you don't have any looming requirements for cash.

pd52

So would my internal credit rating look better if I saved the £300 a month with them rather than over pay the loan ?

Foxy-Stoat_3

So you were bankrupt in mid 2009 and your loan balance is around a third of your gross income....how much extra do you want to borrow?

Your are very close to the 50/50 debt to gross income ratio at the moment.

Well done for getting back on the right track and being in a position to save £300 a month. I would putting that into an ISA and waiting for another 6 months after your BR drops off your credit file.