Nationwide AIP

Hatter2004

Hi


I recently applied for a consolidation loan of 8k with Nationwide. I have received a letter saying I have been accepted in principle but that I just need to send proof of Name and address.
My credit rating isn't great - this loan would help me get back on track.
I'm just waiting for a bank statement to come through the post so I can sent it off for my ID.
The letter mentions no further credit checks need to be done etc, it purely mentions ID.
Do you think they have done everything they need now and this is just to combat fraud?


This is my first post and im a worrier so please be gentle!


Thanks

onthefencepost

Hi there, ive recently opened a account with Nationwide and i got asked to bring ID in, literally took them 30 secs to have a look at my passport and licence and they opened the account. If you dont' mind me asking when you say your credit rating isnt great can you give me some more insight. Reason im asking ive previously had defaults and im building my self back up.

Many thanks

DCFC79

Your credit rating has no bearing on the lenders decision, your credit history is what matters.

Your just shifting the debt, not really dealing with it.

Hatter2004

Hi
Thanks for your replies. I applied online at work last Thursday night for a 8k loan. They quoted 14.9% and said they would be in touch. The following day I had a phone call where I had to just confirm a few bits for fraud purposes. On Monday I received a letter advising I had been approved in principle and that I had to send proof of name and address to them to continue. No mention of other checks etc. As I mentioned im just waiting for my bank statement to be posted to me so I can send it out.


I have been on a debt management plan for 9 years. 2 of my debts drop off this year and the rest next year. Ive never defaulted on these agreed payments. In the last year I have tested the water and got a few credit cards and also some catalogues all at very high interest rates. I want this loan to pay those off. I will shut these down as soon as they are paid. The monthly payments all added up are just silly. I have a good job but redundancy, babies and marriage 10 years ago put me beyond my means.
I was surprised I had gotten to this stage and that's why im worried they may still say no. I am shifting the debt but this way it will be paid off in 5 years rather than continuing the way I am so I would class that as dealing with it really.


I just wondered if anyone had been asked for ID after a AIP and still been declined - with Nationwide


thanks x

jonesMUFCforever

Are you supposed to apply for more credit if you are on a debt management plan?

Hatter2004

I don't know really. In 9 years circumstance have changed. The fact is that I have, and not everything went on the plan for example my mortgage and credit card I held with my bank (also mortgage company) was not on the plan.
This is the right thing to do. Lower my monthly outgoings. I probably shouldn't have but I am trying to get myself sorted.

Hatter2004

when I say debt management I mean that I have an agreement with my debtors to pay a set amount every month without being charged interest. Every single penny is being paid back and ive never defaulted on anything

Sheep

The credit check is done. That was done when your APR increased from 3% to 15%. To be fair thats about middle of the road so Nationwide are not seeing you as a huge risk but not good enough to get headline rates. Nationwide use a soft search system so once you get the rate and are happy to apply thats when the full credit search would have been done.


Something has flagged up in the credit check which means a human needs to look into something. They have looked and made the decision that as long as you can provide proof of name and address then the loan money will be issued.


Nobody can promise anything but personally as long as you have proof then you should be fine.


Do you do online banking? If so print a duplicate statement off from there.


Good luck

Hatter2004

Sheep - thank you for your nice reply. You've confirmed what I though so thank you .
Ive actually just checked my credit report. I hadn't done this for a long long time for fear of what it would say and its actually very good. It also shows the recent Nationwide credit check and with Equifax I have a really good score. On the whole i'm pleased xx

vlad

I think with NW when they do the soft search if its going to be no then they quote 24.9% (I may be wrong,it has been know lol)

kuohu

I've had consolidation loans in the past and have been there, got the tshirt, with the mindset of getting a loan and feeling that I have dealt with the situation. What changed for me was when I came on here and became a debt free wannabee. The DFW subforum has tons of people who offer brilliant advice and support for addressing the real issues and taking practical steps.

In your case, if you've run up 8k debt in the last year on credit cards and catalogues then there really is an urgent need to address the spending and get that under control. If you keep the mindset of having dealt with things then it really will only get worse, and then you'll be back in 2 years time with an even bigger problem.

Also, depending on the loan APR it might not necessarily be the best approach anyway. If you started a thread on DFW with your card balances and APRs then there may be a snowballing approach which is better than consolidation.

I hope I've been gentle! None of this is meant to sound harsh, as I said I've been there myself. Good luck.