Loan Declined - appealing

luckylas

Thank you all for your replies you have been a great help and given me an insight into my own debt lol. Maybe I was in slight denial.

I do have outgoings of course the usual running a car, healthcare, gym membership, 2 mobiles mine basic rolling, daughters contracted and bringing up our family, from previous monthly diaries the food shop eats alot of my money and to add my string of debt has occurred from previously only earning a part time wage, which was a struggle.

Seems I have to re-look my situation. I would still like to pay off my catalogue overdraft loan and have 1 family £400 purchase which has to be made and also struggling to meet. I have checked eligibility of 0% credit card it says 100% elgible pre-approved should I take this as gospel? not sure whether I need to ask this question somewhere else?
Thanks

System

luckylas wrote: »

I do have outgoings of course the usual running a car, healthcare, gym membership,

The last two are not "the usual". None of my friends or my family pay for healthcare (other than the dentist) or gym membership.

from previous monthly diaries the food shop eats alot of my money

The national average weekly spending on food shopping in the UK for a family of four is £56 a week. That should be your target. Stop buying convenience food and snacks etc.

. I would still like to pay off my catalogue overdraft loan

You earn enough that you could pay those off in full in 2 months.

and have 1 family £400 purchase which has to be made and also struggling to meet.

Unless you will die if you don't make it, no it doesn't. YOU CANNOT AFFORD IT, YOU ARE BROKE. You need to get this into your head.

I have checked eligibility of 0% credit card it says 100% elgible pre-approved should I take this as gospel? not sure whether I need to ask this question somewhere else?
Thanks

Even if it were guaranteed you don't need it. You earn plenty of money, you earn enough to clear the debts you listed in 1-2 months.

As for the car, you can't afford it. If you have to borrow to buy a car you can't afford it. Clear your debts up, sort out your spending, save up and buy a car and get the home improvements. Do what you've never done in your life and live within your means and save instead of borrowing from your future. The £7000 you want you can easily save in 6-7 months. I doubt your car will die in 7 months or the house fall down.

[Deleted User]

Tarambor wrote: »

The last two are not "the usual". None of my friends or my family pay for healthcare (other than the dentist) or gym membership.



The national average weekly spending on food shopping in the UK for a family of four is £56 a week. That should be your target. Stop buying convenience food and snacks etc.



You earn enough that you could pay those off in full in 2 months.

Unless you will die if you don't make it, no it doesn't. YOU CANNOT AFFORD IT, YOU ARE BROKE. You need to get this into your head.



Even if it were guaranteed you don't need it. You earn plenty of money, you earn enough to clear the debts you listed in 1-2 months.

As for the car, you can't afford it. If you have to borrow to buy a car you can't afford it. Clear your debts up, sort out your spending, save up and buy a car and get the home improvements. Do what you've never done in your life and live within your means and save instead of borrowing from your future. The £7000 you want you can easily save in 6-7 months. I doubt your car will die in 7 months or the house fall down.

Good post.
Sometimes 'we' need the tough love approach to make us sit up and take notice.

BrassicWoman

"good" customers have overdrafts in round amounts. £500. £400.

Challenging customers have odd amounts as an informal marker eg £360

It's a sign you need debt help, not more borrowing, for lenders.

luckylas

That was a tough love post lol and made me sit up and notice lol!

Thanks again for you replies.

onthefencepost

Hi there,

Just to put it out there, I've got several defaults and getting on the straight and narrower. I recently took out a loan to debt consolidate and my credit union gave me a loan at 11% APR much better than a company which was offering me a loan at 59.9% on clear score.

Its a more manual process and slower (took me 5 working days) - im over the moon as it will have a very positive impact on credit file and paying the loan off the next 18 months. Also credit unions allow you to make extra payments which i will doing. My goal is to have the loan paid within 12 months.

zippygeorgeandben

Seems to me the OP is looking at their situation and rethinking.
Good move imho.

ReadingTim

BrassicWoman wrote: »

"good" customers have overdrafts in round amounts. £500. £400.

Challenging customers have odd amounts as an informal marker eg £360

It's a sign you need debt help, not more borrowing, for lenders.

Really? Where'd you hear that - seems like an old wives tale to me...

lincroft1710

£360 is a very strange amount for an overdraft limit

BrassicWoman

ReadingTim wrote: »

Really? Where'd you hear that - seems like an old wives tale to me...

from when I worked in a bank