Lost and need advice please

tamsaoud

I am very sorry that this is going to be a long one, but please bare with me as I am really frustrated right now and feel completely lost and would really appreciate your advice , I have had a default put in my credit reference file by error from my former broadband provider last year which I challenged and they have removed it and changed the status to settled , thought that the issue is rectified , I have excellent credit history and credit score according to Experian and Equifax, but have £15k debt on a couple of credit cards which on zero interest but coming to an end soon and I have probably used every credit card out there in the last few years to move balance between so I dont pay up interest. with my £15k debit in sitting at 29% of the credit limit on all my credit cards , after closing down a few that i no longer use but keeping the ones with high credit limit etc, I now wish to apply for a loan to pay off my credit cards before the interest free period runs out which is going to happen in 4 months, a bout 6 month ago I have applied for a sainsbury loan but was turned down, never been declined for anything in the past, thought maybe bad luck and maybe because I dont hold any accounts with them, my own bank which is bank of Scotland, used to call me every month and ask me if I would like to apply for a loan and telling me that they have money ready for me and could be in my account in minutes which I have always declined, also on my internet banking I used to be greeted with a message offering me loans almost every time I log on. but these calls and these messages stopped about 7 months ago, now after being declined from Sainsbury which by the way did not leave any foot prints on my credit file, I decided to wait 6 month ad apply with my own bank, first I tried to apply online through my account but it told me that they can not offer me an loans at this time and asked me to go to a branch, which I did, the bank manager himself was going to apply for a loan for me but he said that he can see that there is an issue with my account and asked me if I had any credit problems or bad rating as the account is showing that I am a band 9 risk which is high. I couldnt understand what the problem was , he said if I apply its likely to be declined and asked to contact the credit reference agencies first, I went home and printed my credit reference report for both Experian and Equifax which both show excellent credit score and history and took them back to the bank manager who was very surprised that nothing on my reports can have a negative effect on the bank decision. he tried to speak to his customer care team but could not find a answer, I then told him about that default that was put in error on my file and was then removed, he said that this could be where the problem is, that the bank flaged me for having the default on my file last year but when the default was removed the bank did not update the info on my account, so he advised me to log a complaint, which I then did as soon as I went home and for about 90 minutes on the phone to the customer care and complaint dept , they told me they are not obliged to tell me why they will not lend me, I said I am not asking them to lend me , I want to know why they class me as a high risk customer when I am not , based on my 13 years history with them and based on the information held with the credit reference agencies and I believe that they have an error in their system and I want to be looked into, I have then told them about the issue with the default that was put in error and then removed and th eposibiltiy that its was the cause of the problem but they brushed me off pretty much saying that they will not give me any information and they will not disclose any information to me and I can take it further with the ombudsman if I want.
any advice please ? much appreciated and thanks for taking the time to read this

DCFC79

If you want help I suggest you add paragraphs to the post.

Tixy

I doubt the issue is the default that is no longer showing. Although I would also ensure you check you callcredit(noddle) file to ensure there is nothing negative showing on that file.

How has your bank account been run recently? do you have an overdraft facility on it? do you nearly run out of funds each month in the account?

The internal risk band rating they give you is most likely based on conduct/assessment of accounts you hold with them.

ViolaLass

I found that wall of text tricky to read and I may have missed details. Did you mention how much you earn?

[Deleted User]

If I understand correctly, you have a £15k that you just keep moving between BT offers, and three times that amount in limits.

That would explain why you're viewed as high risk.

tamsaoud

Hi all , thanks for taking the time to read my problem , Tixy I have also obtained my noddle file today and there is nothing negative in it, not one single late payment or missed payment,

on the other hand, I have an over draft on my account , and I do some times run out of funds before payday and some times run in over draft maybe by £20 or so for a couple of days until I get paid. do you think that could be the issue? cheers

jonesMUFCforever

ZX81 You beat me to it.

OP you may have not paid any interest but how much have you paid in balance transfer fees?

You might be coming to the end of the road and face the truth that now you are going to have to start paying it back.

Go to the debt free wanabe board and make a statement of affairs.
If you are are a good credit risk then you should be able to get a cheap loan to pay this off.

tamsaoud

Yes ZX81 I have £15k that I keep paying up and movong between BT, and only using less than 30% of my credit limit which according to my Equifax report is an advantage that I am only using a small portion of my credit card limit

tamsaoud

So what is the chances of the bank flagging me up as high risk based on the default that was put on my file in error and was not updated when it was removed ?

tamsaoud

ViolaLass , I earn around 33k

[Deleted User]

Are you not able to pay more towards the balance? With the debt being half your annual income, I can't see that you're going to get advanced any further significant credit with 50k of limits already and a debt that isn't shrinking.

Follow jones' advice and look at how you can cut your outgoings and pay more towards your debt.