Bank Manager Override loan decision

Jones811

Hi Everyone 
My first time to post on this site , as there is a wealth of information on here just thought I would ask a question hoping for some pointers , one can only try 🙂
My situation , I am currently employed full time working from home , been with my employer 6 years and i am not furloughed, been with my bank 4 years , never had any issues wages in and out , I have a overdraft of £2500 , which I barely touch , however , I also have a loan with 118 which are killing me on interest with a outstanding balance of 2800 and also a Aqua credit card with balance of 1250 , paying both each month costs me over £200 , therefore , decided to apply for a loan with my bank nationwide , I had a quote as of today £4000 over 36 months would cost me £151.00 a month , so that’s a saving of over £50 a month , I thought , top choice and applied , however , it was a no no , the soft search advised me that it would be very unlikely I would be accepted , my credit file stands at around 550 , but fluctuates , I have no arrears , no defaults no ccjs , total overal credit on my file stands at £7345.21 ( not maxed out credit ) due to the decline on the online application , I was wondering , would it be a possibility to have a chat in the branch with a manager to see if this decision could be looked into or am I fighting a losing battle ? I know a few years back this option would of been applicable , however as times go on and more and more legislative processes are in place this is becoming elusive and out of the managers hands ?? All replies would be greatly appreciated and thank you in advance . ( please be gentle it’s my first time ) 😄
AJ

[Deleted User]

Bank manager roles have changed since the 70s. They don't make underwriting decision anymore.

Your poor credit history and current situation is going to make it difficult to get a mainstream loan, so best to get the DFW boards for advice on cutting costs and paying down the debt.

Fighter1986

Do you only have £200 a month spare?

Look at ways to cut back and increase your monthly surplus so that you can clear your debt quicker. See if there's any extra work you can take on board to temporarily increase your income.

 

CRISPIANNE3

Jones811 said:

Hi Everyone 
My first time to post on this site , as there is a wealth of information on here just thought I would ask a question hoping for some pointers , one can only try 🙂
My situation , I am currently employed full time working from home , been with my employer 6 years and i am not furloughed, been with my bank 4 years , never had any issues wages in and out , I have a overdraft of £2500 , which I barely touch , however , I also have a loan with 118 which are killing me on interest with a outstanding balance of 2800 and also a Aqua credit card with balance of 1250 , paying both each month costs me over £200 , therefore , decided to apply for a loan with my bank nationwide , I had a quote as of today £4000 over 36 months would cost me £151.00 a month , so that’s a saving of over £50 a month , I thought , top choice and applied , however , it was a no no , the soft search advised me that it would be very unlikely I would be accepted , my credit file stands at around 550 , but fluctuates , I have no arrears , no defaults no ccjs , total overal credit on my file stands at £7345.21 ( not maxed out credit ) due to the decline on the online application , I was wondering , would it be a possibility to have a chat in the branch with a manager to see if this decision could be looked into or am I fighting a losing battle ? I know a few years back this option would of been applicable , however as times go on and more and more legislative processes are in place this is becoming elusive and out of the managers hands ?? All replies would be greatly appreciated and thank you in advance . ( please be gentle it’s my first time ) 😄
AJ

It's the underwriter you need to appeal to and not a bank manager drone.

jonesMUFCforever

The 118 loan will kill your credit history - any kind of payday loan will.

xlnc99

118 is not a payday loan. 

DCFC79

You either need to cut your spending or increase your income, which 1 is possible OP ?

jonesMUFCforever

xlnc99 said:

118 is not a payday loan. 

Sub prime then with an APR  of about 70% - same thing in my book.

ARH_2

Have you looked at the MSE loan eligibility tool? This might help you find something that you can get - something like a 10-20% loan from Zopa would slash your interest payment compared to the 118 loan.  

To directly answer the question: No, it's all about the computer these days, so there are online tools out there to help. 

Fighter1986

jonesMUFCforever said:

xlnc99 said:

118 is not a payday loan. 

Sub prime then with an APR  of about 70% - same thing in my book.

Yes but it's not the same thing on someone's credit file.

APRs aren't reported to credit reference agencies and aren't seen by other lenders.

The name of the lender against each account isn't visible to other lenders either. 

Whilst a 118 loan is a high APR sub prime personal loan - it is just that, a personal loan.

Other lenders won't see the OP has a "70% APR Personal Loan with 118"

They'll just see he has a personal loan. That's it.

TL:DR it won't "kill" his credit history if managed correctly and settled. 

xlnc99

jonesMUFCforever said:

xlnc99 said:

118 is not a payday loan. 

Sub prime then with an APR  of about 70% - same thing in my book.

not 70% - dont no where you got that from. I had a 40% offer