Nationwide refused loan! Appeal process

mustafa786x

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?

DCFC79

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.

YorkshireBoy

Mustafa786x wrote: »

Income : £2100 1st job
£900 2nd job

£3000 combined

2 part time jobs? Or a full time job and a secondary income from evening and weekend work?

mustafa786x

One full time job
One part time

mustafa786x

It's a consolidation loan

YorkshireBoy

Mustafa786x wrote: »

It's a consolidation loan

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?

[Deleted User]

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.

robber2

Its their money and you have no right to credit. Appealling would be pointless.

Rob

enthusiasticsaver

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.

YorkshireBoy

enthusiasticsaver wrote: »

Hardly anyone gets offered the headline rate.

I wouldn't term at least 51% of successful applicants "hardly anyone".

DCFC79

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.