Tried Applying for a Topup Loan with my bank but refused

ziggystarr1

Hi I am new to the site and wanted to get some help or opinions.

I recently Contacted my Local Bank Branch about getting a Top Up Loan on my existing loan. I have had the Loan from 2013 and haven't missed any Payments on it.
49Monthly payments @ £166 loan amount £6,840 Current amount to repay £ 2,177

I have previously had loans with the same bank since 2008 and have not missed any Payments and this is all reflected on my credit file, I have a poor rating almost Fair because I missed a few credit card payments (with same bank branch) 12 months ago since last payment problem.

I have basically been told that they wouldn't consider asking their lenders to process a top up loan of between 6-8 thousand I am looking the loan to update my car all my previous loans with them has been for cars. They asked for a set of my self employed accounts I sent them 2014-15 Accounts My profit is around £10,000 pound the business is small but growing each year. They also asked for a copy of my business account which I sent them its a Pay Pal Business account as my business is online.

I suggested paying off the current loan in an early repayment and if this would help me get a new loan of between 6-8000 over 5 years and they said that if I did this their lenders still wouldn't consider me.

What I can't understand is that in 2013 they gave me a top up loan in similar circumstances and my business was only starting and I was slightly worse off at the time. Plus I genuinely have never missed a loan repayment or been late with one. So they have a good track record for me.

I would really like to get some help with this as I wanted to update my car before November, feeling quite disappointed in my Bank also.

Thanks

DCFC79

ziggystarr1 wrote: »

Hi I am new to the site and wanted to get some help or opinions.

I recently Contacted my Local Bank Branch about getting a Top Up Loan on my existing loan. I have had the Loan from 2013 and haven't missed any Payments on it.
49Monthly payments @ £166 loan amount £6,840 Current amount to repay £ 2,177

I have previously had loans with the same bank since 2008 and have not missed any Payments and this is all reflected on my credit file, I have a poor rating almost Fair because I missed a few credit card payments (with same bank branch) 12 months ago since last payment problem.

I have basically been told that they wouldn't consider asking their lenders to process a top up loan of between 6-8 thousand I am looking the loan to update my car all my previous loans with them has been for cars. They asked for a set of my self employed accounts I sent them 2014-15 Accounts My profit is around £10,000 pound the business is small but growing each year. They also asked for a copy of my business account which I sent them its a Pay Pal Business account as my business is online.

I suggested paying off the current loan in an early repayment and if this would help me get a new loan of between 6-8000 over 5 years and they said that if I did this their lenders still wouldn't consider me.

What I can't understand is that in 2013 they gave me a top up loan in similar circumstances and my business was only starting and I was slightly worse off at the time. Plus I genuinely have never missed a loan repayment or been late with one. So they have a good track record for me.

I would really like to get some help with this as I wanted to update my car before November, feeling quite disappointed in my Bank also.

Thanks

To me it sounds like the bank have done no wrong, they have asked for extra info which you supplied and bank said no.

They aren't obliged to offer a loan, no lender is.

Try another lender but check your credit report with all 3 agencies to see if they carried out a search.

Maybe back in 2013 the criteria was more lenient and since then it's been tightened up to be more strict.

[Deleted User]

You want to borrow 6-8k and you owe 2k atm and only earn 10k thats why they won't lend you more, perhaps wait another year when you are earning more and owe less?

~Beanie~

ziggystarr1 wrote: »

I have a poor rating almost Fair because I missed a few credit card payments (with same bank branch) 12 months ago since last payment problem.

I don't think this will be helping either. You had problems payng your credit card, why would a loan be any different?

Haveasayinallthis

I am exactly the same but different in never missed any payments , and got a knock back today, have 1400 left to pay on a loan from same bank wanted debt consolidation to pay that off and cc debt but no .

DCFC79

Haveasayinallthis wrote: »

I am exactly the same but different in never missed any payments , and got a knock back today, have 1400 left to pay on a loan from same bank wanted debt consolidation to pay that off and cc debt but no .

Debt consolidation rarely works. What works is budgeting and paying the debts off.