Refused a loan! HELP?!?!?

little_miss_messiah

Well, I decided to get my pn;ine crdiet report from equifax - 375 and above is considered ecxcellent and my rating is 389!

So after a further 5 phonecalls to Tesco I gmanaged to glean from one of them that my address has inconsitencies - they won't say what but I think when me moved we were running 2 mortgages - the old house took ages to sell and so the old house was registered as vacant for council tax purposes for 6 months but we were on the electoral roll at the new house.

I've got to wrtite to them apparently, I can;t speak to them re an appeal over the phone, but I don;t know exactly what the problem is so I'm writing blind - problem is the car is due to be delivered on 4th Jan and time is running out...

recyclingbox

I understand your problem, but did you order a car when you didn't have enough money to pay for it? if so and you can't secure a loan in time what will be the car companies response?
this is the first time I have heard of this website, i had a quick look and it seems fairly resonable way of buying a car but what happens if you can't pay for it? You will presumably lose your deposit but what else might it cost?

jasper

gfplux

I had been under the impression that the credit crunch was caused as Banks would not lend money to other Banks because they were worried the other Bank was insolvent.
An interesting comment on The BBC "Best of Today" podcast "Credit Saviours" this morning has put another side of the same story.
Bank A is unwilling to lend to Bank B not because it fears that Bank B is insolvent but because Bank A does not know it's own position and may need the cash itself next week or next month.
With so many people being refused loans perhaps Tesco and others do not have much cash to lend so you may have become a victim of this.

little_miss_messiah

I've got the cash to pay for it, it's just part of a rainy day fund so all is not lost. My bank will lend me £15k no further questions but at 8.9%, I'm just trying to keep the costs down - over a 5 yr period its like £1500 more. I've contacted yourpersonalloan.co.uk as mentioned on this site and they called me back - I told them the rate my bank is offering and they think they can beat it - we shall see...