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Nationwide refused loan! Appeal process
mustafa786x
Posts: 13 Forumite
in Loans
Morning guys,
Just been to the bank and went through a loan process..
Quick background info
Income : £2100 1st job
£900 2nd job
£3000 combined
Current expenditure monthly
Loan 1 8.9% £160
(£4,500 remaining 22 months)
Loan 2 : £225 9.9%
(£5,200 remaining 40 months)
Morgage: £430 2.19%
(£130,000 remaining 38 years)
Credit card: £2,000
I was looking to consolidate both loans into one,
Got a quote on the screen
£440
3.9%
60 months
Applied... refused.
Both me and the advisor was surprised,
No missed payments EVER!
3.9% is there lowest rate offered
Very very Strange
They called the loans team who said I will be borrowing more than £25,000 but that wasn't incorrect as I was borrowing in total £24,000
Seems the system thought I was borrowing an additional £24,000 on top of my 2 other loans which would be over £25,000.
Advisor explained on the phone that in total I would be borrowing £24,000 not a new loan for £24,000.
Advised to send a appeal, been sent today via email.
Anyone had experience on the appeal process?
Advisor stated income is OK
The new loan would only be
£60 a month more than existing..
Appeal process?
Just been to the bank and went through a loan process..
Quick background info
Income : £2100 1st job
£900 2nd job
£3000 combined
Current expenditure monthly
Loan 1 8.9% £160
(£4,500 remaining 22 months)
Loan 2 : £225 9.9%
(£5,200 remaining 40 months)
Morgage: £430 2.19%
(£130,000 remaining 38 years)
Credit card: £2,000
I was looking to consolidate both loans into one,
Got a quote on the screen
£440
3.9%
60 months
Applied... refused.
Both me and the advisor was surprised,
No missed payments EVER!
3.9% is there lowest rate offered
Very very Strange
They called the loans team who said I will be borrowing more than £25,000 but that wasn't incorrect as I was borrowing in total £24,000
Seems the system thought I was borrowing an additional £24,000 on top of my 2 other loans which would be over £25,000.
Advisor explained on the phone that in total I would be borrowing £24,000 not a new loan for £24,000.
Advised to send a appeal, been sent today via email.
Anyone had experience on the appeal process?
Advisor stated income is OK
The new loan would only be
£60 a month more than existing..
Appeal process?
0
Comments
-
Its an extra loan, the lender has no idea you plan to do as you plan nor can they guarantee you will pay the 2 loans off.
Give another lender a try.0 -
2 part time jobs? Or a full time job and a secondary income from evening and weekend work?Mustafa786x wrote: »Income : £2100 1st job
£900 2nd job
£3000 combined0 -
One full time job
One part time0 -
It's a consolidation loan0 -
Is it? How so? You have £11,700 of debt listed. Why do you need a £24,000 loan to consolidate £11,700 of debt?Mustafa786x wrote: »It's a consolidation loan0 -
You simply have too much debt to be able to borrow another 24k at anything like a reasonable rate.
You're going to need to pay some down.0 -
Its their money and you have no right to credit. Appealling would be pointless.
Rob0 -
I assume they think you are over committed and to be honest I can see why. The loans you already have are not particularly good rates so those must have been agreed when you were not considered a good risk and consolidation loans are never a good thing when struggling with debt as I assume you are.
Hardly anyone gets offered the headline rate. I think it is a waste of time appealing to be honest but let us know how you get on.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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I wouldn't term at least 51% of successful applicants "hardly anyone".enthusiasticsaver wrote: »Hardly anyone gets offered the headline rate.0 -
Mustafa786x wrote: »It's a consolidation loan
Its basically a loan you plan to use to pay off your current debts, maybe you chose the consolidation as a reason.0
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