V12 Finance Problems

Jack_van_den_Berg-Hider

Hi,

I am currently a student, I am trying to buy a camera, via V12 Finance on 0% interest, 12 months with a deposit of 25%. I have been declined, and I have no idea why.

I have a fair credit score of Experian, and an excellent score on Equifax, and on CallCredit I don't have a score as they don't have enough information about me. I have been in a my student overdraft for a couple of months now, but I have more money coming in and out.

The weird thing is, I was accepted for credit a few months back on the exact camera, but with the 15.6% APR option over 24 months, however I never took the finance because they didn't have the camera anymore. Some things have changed however, when I last applied and accepted, I had been living in a student house for just under a month, and had been working for the same job for about 11 months. Since September I have been at a new job and living in a new house. These are however just student rents, and all my bank statements go to my home address where I have been living since 2001. I am on the local electoral register where I live in University.

Thanks.

[Deleted User]

No one sees any of your credit scores so no need to worry about those.

A new job is likely to cause a decline, particularly combined with a low income.

macman

So from which address are you applying for credit-home or student house? If your existing credit is at the home address (bank etc) but you are on the electoral roll at the student address then that isn't going to help. You've had 3 months to inform the bank of a change of address.

Jack_van_den_Berg-Hider

Yes, but when I applied last time, I was also on the electoral role at my university address, but my bank stuff went to my home address. So why have they declined me this time?

CalumHeath

In 2012 I bought a camera on 0% for six months through either WEX or Jessops (can't remember which) and the finance provider was V12. I applied and wasn't accepted outright (though I wasn't declined) but was called by a member of V12 staff who asked me loads about my address and the area around it - the names of other roads, any landmarks and the like. I think they were looking on Google maps and/or street view or something similar.

I'd never experienced anything like it - and haven't since. But they were obviously doing it to make sure they didn't fund a £2,000.00 camera for me to disappear with it - I was granted the finance once this one check was complete.

My point is this: it appears they do a lot of manual verification and for whatever reason you have not passed it. Based on my experience it might be worth trying to get in touch with them and have a conversation about it.