NatWest Loan Issue Doesn't Make Sense to Me

ShrinkBaz

Hello all

I took out a loan for debt consolidation for £10,000. A couple of months later I called NatWest and asked to increase my borrowing to settle remaining debts. I was told I could not increase the existing loan to £15,000 but they offered a second loan. This second loan having a higher rate of interest. I thought fair enough.

Going into branch and the usual guy I see has gone a bit off saying thats unusual and they shouldn't do this; that doing so means I am getting rinsed with interest. I called the loans team and asked them to put the two loans together and they said no. They said according to my credit score I can't have a loan for above £10,000 but I can have £10,000 plus £5,000.

This seems so silly to me and they won't budge. I am getting "computer says no" all the time off them.

Any ideas if I have to just put up with this?

Cheers

Shrink

[Deleted User]

Yes you do if you want the loan, remember you already have 10k of debt with them and I assume debt elsewhere.
You could try and borrow the 5k off another lender but doubt you would get it unless you income is 30k+

DCFC79

ShrinkBaz wrote: »

Hello all

I took out a loan for debt consolidation for £10,000. A couple of months later I called NatWest and asked to increase my borrowing to settle remaining debts. I was told I could not increase the existing loan to £15,000 but they offered a second loan. This second loan having a higher rate of interest. I thought fair enough.

Going into branch and the usual guy I see has gone a bit off saying thats unusual and they shouldn't do this; that doing so means I am getting rinsed with interest. I called the loans team and asked them to put the two loans together and they said no. They said according to my credit score I can't have a loan for above £10,000 but I can have £10,000 plus £5,000.

This seems so silly to me and they won't budge. I am getting "computer says no" all the time off them.

Any ideas if I have to just put up with this?

Cheers

Shrink

Funny thing is they don't have access to your credit score, no lender can see it, only you can see it. What they saw was your credit report.

Thrugelmir

What's your actual objection to having 2 separate loans?

PeacefulWaters

If they said have all £15k at a higher rate than the existing £10k would that be better?

dealer_wins

OP you dont have to put up with it, dont take out the 2nd loan!

But im confused as to why you "consolidated", but still have £5k debts??

[Deleted User]

dealer_wins wrote: »

But im confused as to why you "consolidated", but still have £5k debts??

Obviously didn't consolidate every debt, or ran up more debt subsequently.

Sadly, the latter is becoming the norm (and is the reason no one on the Debt Free board will recommend such borrowing as a means to get out of debt)