excellent credit rating but refused a loan. What's the point?

YorkshireBoy

angie1979 wrote: »

Appreciate what you are saying. But she travels 60 miles a day round trip! ...There would be no point buying a cheaper car that will not survive the long distance she has to do each day.

...it's needs to be a car that will last a good 3 years or more doing those sort of miles.

Absolute nonsense!
My commute is a 56 mile round trip, so much the same as hers.
When I started there 6 years ago I had a 6 year old Mondeo with 50K miles on the clock (which I'd had from new). Value probably around £2.5K?
I ran it for 3 years, and part ex'd it for £600 (at 9 years old) with 101K miles on the clock.
It never let me down once!


She doesn't NEED a £7K car...she WANTS a £7K car!

gayleygoo

I'm another who'd agree with a "£7k car" being a want, rather than a need. She could spend less than £2k on a decent car, save a little each month towards the repairs, wear and tear etc, and it should do a 60 mile round trip everyday no problem! That's not a huge commute for most cars.

Paying a monthly Experian subscription is a waste of money - this forum is free to join and could help her reduce her debt and live within her means if she really wants to do so

WillyWonga

Getting a £15k unsecured loan aint easy, even the squeaky clean will get turned down. I used to work for a High St Bank and the success rate for a £15k loan was in the single figs percentage wise. They only took the creme de la creme.

The_Boss

The fact that she pays for the worthless pointless credit score from Experian as well as all her other debt suggests she's not very good at prioritising her finances. You should ask "her" to get one of the budgeting spreadsheets from here. And when she cancels Experian that's another £15 a month she'll have available too.

Heffi1

How much is outstanding on the car finance for the car that was too expensive to fix, and was sold, I don't think I saw a figure for that.


So £8k in credit card debt - monthly payment, of say £250
£??k in car finance - monthly payment of say £300
£350 contributions to living costs


Take home pay of about £2k


Even if these figures are wrong, there should still be at least £1k left over, what is she spending this sort of money on each month is there are no savings?

runforlife

YorkshireBoy wrote: »

Absolute nonsense!
My commute is a 56 mile round trip, so much the same as hers.
When I started there 6 years ago I had a 6 year old Mondeo with 50K miles on the clock (which I'd had from new). Value probably around £2.5K?
I ran it for 3 years, and part ex'd it for £600 (at 9 years old) with 101K miles on the clock.
It never let me down once!


She doesn't NEED a £7K car...she WANTS a £7K car!

My daily commute is 84 miles. No available public transport. Car is a gorgeous Volvo V70…..2002 with 165000 miles…..