Refused Finance by Sofaworks? WHY!?

samthompson90

Hi Everyone,

I am new to this site and am wondering if anyone could shed any light on why I was refused finance by Sofaworks? I was looking to buy a sofa for our new place which we moved into in January (total came to about £40 a month for 4 years on their 0% free credit option).

I was advised that they tried 2 different companies for finance but both were refused!!! And I have no idea why?

I have a good credit rating as far as I know, I've had a credit card with my bank for around 4 years now which I occasionally use but is always paid off. I earn 18K a year and never go into my overdraft. My partner and I were only recently accepted on the property we now rent which involved a credit check - so I am totally confused (and very angry) that I have been refused finance on this sofa!

I have read somewhere that NOT being on the Electoral Register can affect whether they accept you or not - but why?? I am not on the Electoral Register (neither is my partner), nor do I wish to be.

I also told them that I wouldn't be putting any deposit down on the sofa (just wanted to pay each month for 4 years, which I thought was the whole point...) - but I have also read that not paying a deposit can also affect the decision?

I am absolutely fed up with this, as I don't see any reason for them to reject me, and I don't want to be putting £1800 worth of furniture on my 18% credit card!!

Any advise would be appreciated!

Sam xx

Thomas_The_Tank_Top

samthompson90 wrote: »

I have read somewhere that NOT being on the Electoral Register can affect whether they accept you or not - but why?? I am not on the Electoral Register (neither is my partner), nor do I wish to be.

I am absolutely fed up with this, as I don't see any reason for them to reject me, and I don't want to be putting £1800 worth of furniture on my 18% credit card!!

Any advise would be appreciated!

Sam xx

I've removed some of your rantings.

There may be a number of reasons for this, some of which have nothing to do with the electoral register. However if you have been told by a bank or credit reference agency that you have been denied credit because they are unable to verify your details on the electoral register this is because the register is often used for credit referencing purposes to counteract fraud.

Fruit_and_Nut_Case

Thread from last month...

Refused credit from CSL/Sofaworks despite very good credit rating

Malmo

samthompson90 wrote: »

I have read somewhere that NOT being on the Electoral Register can affect whether they accept you or not - but why?? I am not on the Electoral Register (neither is my partner), nor do I wish to be.

Firstly, it is a legal requirement in the UK to register on the electoral roll.

Even if you choose not to satisfy the legal requirement, not being on the full electoral register will impact on lending & credit decisions. You should always ensure that you are registered on the full roll before you apply for any kind of credit, as it is used to verify your identity and address when doing a credit check.

See this and this for further information.

molerat

People who are not on the electoral register and do not wish to be are generally considered as having something to hide and evading their social responsibilities, do not be surprised when they are treated as such by lenders.