Has anyone on here ever worked for a bank or lender?

BrassicWoman

I have and I thought that was clear from my reply.

First criteria is what skin you personally have in the game.

if the answer is nil, bog off until you do.

WellKnownSid

Cheers wrote: »

Thanks worried jim.
Anyone worked for a bank? Please say so if replying, don't be put off by any chatting regulars, who can get quite stalker-like on here, but cannot stalk you in real life

I haven't worked for a bank.

I'm afraid all I've done is start up and run four successful businesses in the public, third and private sectors over the last 20 years, and dealt with six different banks plus VCs to secure both debt and equity finance. Or as you might say... stalker...

Tiddlywinks

Isn't the £150,000 inheritance you mentioned earlier in another thread going to be enough to start the business?

Crystallady

I worked for a high street bank for 35 years - the last 10 in the business sector. IIRC we asked for at least 40% of funds to be provided by the customer, a solid business plan and projected accounts for at least 5 years. If the new business was a Limited Company then directors guarantees were taken supported by a legal charge usually over land or property. If a partnership or sole trader security was required unless the customer was known to us and had a proven track record in business. The lending would have to be fully secured on land/property or we would not consider lending to anyone who had a history of poor money management or CCJs. HTH

andyfromotley

Cheers wrote: »

Thanks worried jim.
Anyone worked for a bank? Please say so if replying, don't be put off by any chatting regulars, who can get quite stalker-like on here, but cannot stalk you in real life

I take it that you are not going into the PR game then?

shane1104

been an underwriter for 10 years
your "score" means nothing
i look for: CCJ/DRO/Bankruptcy/DMP/
then Defaults
then Arrangements
then actives
then the status on the actives (arrears)


i will then add all these up into Public information (CCJ's) then Defaults, then active
then total it all together to give "total outstanding finance" if figure X = >50% income: Insta-decline


if CCJ's are recent: (last 18months) - Insta-Decline
if CCJ's are old, but no arrangement: poss decline


Defaults >£2.5k or > 3 defaults: Referral
Defaults <£2.5 or : possible loan dependant on income/commitments


that's all i can really say about how i look at credit files..

27col

Crystallady wrote: »

I worked for a high street bank for 35 years - the last 10 in the business sector. IIRC we asked for at least 40% of funds to be provided by the customer, a solid business plan and projected accounts for at least 5 years. If the new business was a Limited Company then directors guarantees were taken supported by a legal charge usually over land or property. If a partnership or sole trader security was required unless the customer was known to us and had a proven track record in business. The lending would have to be fully secured on land/property or we would not consider lending to anyone who had a history of poor money management or CCJs. HTH

I think that you should stop stalking the OP.
Oh!. I've just read your post and I can see that you're not.
Just being completely unreasonable in suggesting that he should have some cash at risk, as well as the potential lender.;).

RenStar

shane1104 wrote: »

i will then add all these up into Public information (CCJ's) then Defaults, then active
then total it all together to give "total outstanding finance" if figure X = >50% income: Insta-decline

This has not been my experience or that of several other people I know who have been able to get loans from mainstream lenders for more than half their income. They all have outstanding credit histories though so I guess it depends on the lender. I have seen the line that banks will only lend you no more than 50% of your income here in one or two places and I'm not entirely sure that actually reflects reality. In my experience, your credit history and other outstanding debt are bigger factors (though not always!)

slopemaster

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Pixie5740

I used to work in a bank until I had acquired enough business ideas from potential customers. I would of course turn down their applications for start-up loans etc and start the businesses myself. Now I sit on what would be their money like Smaug and no longer have to work for a bank.