Application requires further information- Good or bad?

Lozfow32

Apied for PCP yeateray with Seat dealer.

I've had a rubbish report in the past but having cleared everything up and costed my IVA which finished in 2012 I only have 1 credit card which is paid on time every month x5 it's minimum payment. I explained to the dealer my situation and stressed my concern of being declined, they said I had to try sometime and I agree.

My only concern is ive only been on Electrol roll just over 2years. I have been in my job over 7 years and I'm on a good wage with only my parents to pay keep to.

Seat called me earlier saying a decision hasn't been made but they've asked for further information, I don't know what the information is yet as they will call tomorrow but is this a bad sign? The dealer said they've not had that before and wanted to check if I still wanted to continue with the PCP application.

Anyone got any advice or feedback in what they think?

Much appreciated, thanks in advance.

AdrianC

You've avoided bankruptcy by the skin of your teeth in the past.
You're still in credit card debt.
You're applying for MORE debt, to drive a new car that'll lose value hand over fist.
You're clearly in at least your mid 20s, with no plans to actually stand on your own two feet in life.

If they have any sense, they'll protect you from yourself by declining.

Lozfow32

Not really friendly or helpful advice.

I'm not in debt- I have a small balance one one card, which is needed to improve my credit as I don't have other bills or debt and haven't for 3 years.
I have no other credit
I live at home with my parents due to moving back from Turkey after 5 years.
I have a full time job been there 7 years
I completed my IVA a through choice rather than going bankrupt and made every payment for 5 years
I stand on my own two feet and pay for everything I need as well as helping my mother out with bills etc..
So as you can see your comments were not really justified or helpful in regards to the question.
I fail to understand why you are guessing my age which is irrelevant.

Mercdriver

AdrianC wrote: »

You've avoided bankruptcy by the skin of your teeth in the past.
You're still in credit card debt.
You're applying for MORE debt, to drive a new car that'll lose value hand over fist.
You're clearly in at least your mid 20s, with no plans to actually stand on your own two feet in life.

If they have any sense, they'll protect you from yourself by declining.

That's a bit harsh. Have you read the OP's other thread? Not having ANY credit card debt can be as bad as having some bad credit. The IVA isn't going to help matters, but they could have summarily declined. They could still do so, but are looking for information, which could be positive.

The fact that the OP has satisfied his IVA arrangement will stand for him. All lenders behave differently. There is a form of security for the debt, but this is a depreciating one so not quite like a mortgage on a house.

My suggestion to the OP is to do a spreadsheet of your incomings and outgoings to show how he has been coping (especially as he has already been paying Seat finance for his previous lease that was taken from his bank account but the lease was in his mother's name).

It may be that they will ask for a guarantor (who will need to pass the credit cheque also).

Good luck and I hope you get what's best for you.

Lozfow32

Thanks Mercdriver,

Helpful advice.

I will definitely be contacting seat tomorrow and seeing what information is needed.

If I am declined, I will deal with it and leave it 6months to apply again when I've saved a few grand. Imust wasn't sure if the requesting more information was good or bad, surely if it was that bad a straigh decline would of happened. It may have to do with limited time on the elctrol roll.

Thanks again.

AdrianC

Mercdriver wrote: »

That's a bit harsh. Have you read the OP's other thread?

I hadn't. I have now. If anything, it makes the situation worse.

The OP already has a 2yo car on tick - in her mother's name, as the finance wouldn't touch her at the time - and merely wants to end that finance early and upgrade to yet another new car. Meanwhile, she owes nearly £2k to the only lender who'd go near her, a sub-prime card with an advertised "representative" 36% APR, despite only having the card for a year, much of which has been with a limit way below her current balance... but that's not "debt". Apparently.

Somebody's priorities here are wrong, and I really don't think it's mine.

Mercdriver

Lozfow32 wrote: »

Thanks Mercdriver,

Helpful advice.

I will definitely be contacting seat tomorrow and seeing what information is needed.

If I am declined, I will deal with it and leave it 6months to apply again when I've saved a few grand. Imust wasn't sure if the requesting more information was good or bad, surely if it was that bad a straigh decline would of happened. It may have to do with limited time on the elctrol roll.

Thanks again.

I don't think 2 years on electoral roll will have been a particularly negative thing. It could be the other issue that you have talked about on the original thread. If you do get declined, it would be sensible to wait 6 months before having another go.

Lozfow32

Seriously..

FYI I was not refused finance I was building credit and my mum offered.

You are not answering or offering helpful advice so I'd much rather choose to discuss with people who can offer advice in such a way it's helpful. My current card balance can be paid today if I felt this would be of benefit but it isn't.

Thanks for your input but I think I know more about myself than you.

Lozfow32

Cheers Mercdriver,
Thanks what I plan on doing.

Appreciate the useful and helpful information unlike some others.

Thanks

RS2000.

Lozfow32 wrote: »

Seriously..

FYI I was not refused finance I was building credit and my mum offered.

You are not answering or offering helpful advice so I'd much rather choose to discuss with people who can offer advice in such a way it's helpful. My current card balance can be paid today if I felt this would be of benefit but it isn't.

Thanks for your input but I think I know more about myself than you.

Aka, you're only interested in those saying what you want to hear.

Lozfow32

I'm interested in advice and nobody has said what I want to hear, I'm looking for things to help that I may not know about.
Was sceptical about these forums due to people who just trawl comments and posts to criticise and make themselves feel clever, but all its done is confirm my thoughts, nothing better to do with time.

Anyhow enjoy your evening I'm off to stand my own two feet and pack my suitcase for my holiday which I splashed out for on my card for me and my mother, may even blow a fee grand on my card with being someone who has their priorities wrong :-)