Nationwide refused loan! Appeal process

Dribiddi

mustafa786x wrote: »

I have lodged a appeal as the advisor said I got the lowest rate available.

If it's a decline I'll do a soft search online and see if anyone else is willing to lend.

Really don't understand nationwide.

I could take out £11k from the card but it's 12.9% Apr.

Have you not read what others have said?
Take it from someone that has been in a similar situation to you, you have too much debt and lenders will eventually call a halt on this getting ever bigger.
Focus for the next 12-18 months on taking your medicine and reducing how much debt you currently have. If lenders see you can do this whilst meeting any other commitments you have you will be in a better place to get a loan at a good rate.

Caz3121

mustafa786x wrote: »

Right this is what I pay and owe
Loan 1 8.9%
£160
(£4,500 remaining 22 months)
Loan 2 : £225 9.9%
(£5,200 remaining 40 months)

Credit card £2,000

In total I pay £385 back currently.
I wanted to change both loans to a 60 month repayment and £440 a month for 60 months.

So I would be paying £440 a month back as one payment for 60 months instead of 2 separate payments that I am paying now with 2 different completion dates.

so to pay off the current loans you pay £385 for 22 months and then drop to £225 for a further 18 months and debt gone April 2021 and total of £12,520 paid
Instead you want to 'consolidate' with a loan for 60 months - till January 2023 and pay a total of £26,400

About half the loan is for consolidation, what is the rest for?
How much interest does your £32k cash in bank earn?...any reason not to use that to pay the debts and replace the savings at £440 a month if that is affordable

Lungboy

mustafa786x wrote: »

Evening guys

Right this is what I pay and owe
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

In total I pay £385 back currently.
I wanted to change both loans to a 60 month repayment and £440 a month for 60 months.

So I would be paying £440 a month back as one payment for 60 months instead of 2 separate payments that I am paying now with 2 different completion dates.

Credit card limit is £13,900.
Cash in bank £32,000.

Why would you be looking to accrue even more debt when you have £32k in the bank, presumably earning less in interest than what you pay on your loans?

mustafa786x

13k is to much debt?! Really?
I could clear the loans and have nearly 20k in my account but the idea was to have a extra 14k and only pay £60 extra a month more than I'm paying now.

The money was to be used for my house I live in now to be refurbished.

Browntoa

They won't tell you why you failed their scoring

Hence your appeal is likely to fail

PeacefulWaters

mustafa786x wrote: »

13k is to much debt?! Really?
I could clear the loans and have nearly 20k in my account but the idea was to have a extra 14k and only pay £60 extra a month more than I'm paying now.

The money was to be used for my house I live in now to be refurbished.

Ultimately you want to pay more interest on your debt than you're earning on your savings.

Basic maths says that's just silly.

mustafa786x

Appeal has been accepted.
System error.
Thought I was borrowing more than £25,000.
Who said the appeal won't work?

Caz3121

mustafa786x wrote: »

13k is to much debt?! Really?
I could clear the loans and have nearly 20k in my account but the idea was to have a extra 14k and only pay £60 extra a month more than I'm paying now.

The money was to be used for my house I live in now to be refurbished.

£14k existing debt plus £24k loan gives a total of £38k debt
It is only paying £65 extra per month more for 22months, then you would be paying £215 extra than you would be for 18 months then £440 a month more for another 20 months so it sounds like you wanted to make £14k extra in repayments to top up your savings by £10k
How much is the refurbishment costs? - do you need £32k savings + £10k extra to do this work?

mustafa786x

The loan amount that I owe will not be 14K
It will increase to 24K

Caz3121

mustafa786x wrote: »

The loan amount that I owe will not be 14K
It will increase to 24K

probably irrelevant since rejected but it appears you wanted to pay and additional £14k to borrow an additional £10k plus increase the term of your debt by almost 2 years


A consolidation loan would generally to consolidate existing debt...in which case you may have had more success if you apply for the amount needed to consolidate without the extra
why not take the extra £10k you want out of your savings and save £4k on repayments?

Banks are within their rights to choose who they want to loan money to. You do not meet the lenders borrower profile...that is all they need to tell you.