Trying to rearrange a loan - refused, no reason given

Littlesth0b0

Hey folks,

Having spent a long time getting my credit score sorted out and as high as it could possible be in January 2020, I should've had one credit card gone by May of last year and the remainder of the loan I have with Lendable paid off early, then Covid and furlough and we all know the story.

When it became clear I was going to struggle - having to lean on that credit card again to make ends meet - I contacted Lendable to ask if we could rearrange my loan on the amount left, substantially reducing my payments - I was in Good Standing with them and a spotless Credit Report, so they directed me to their website to apply and I was refused.

I contacted them dozens of times over the next six to eight months, trying to find a way to re-arrange my loan to reduce my payments, to avoid having to default on a payment, until a couple of days ago I tried and was accepted for a quote.  Over the moon, this would almost half my repayments.  Filled it all in, waited and got an email saying they changed their mind and I hadn't been accepted.  No reason.

So back to the phone line and it was explained that it was a third party checking agency - Transunion - who made that decision, I would have to refer to them, so I did just that and ended up with another credit report which told me nothing more than the previous one and no way to query it.

Going back to Lendable's customer support line, I was told that, no, that previous advice was wrong, this decision was made by Lendable, but they can't tell me why - they base their decision on "thousands of data points" and it would be "almost impossible" to give me a reason.  After some discussion I was told a manager would call me to talk about it further - I was actively trying to do the right thing, to reduce my payments so that I could continue making them, they are refusing to even give me a clue in the form of a complicated riddle, just "computer says no" - but instead of the promised call I get another email from another random customer service agent just saying no.  Now I'm sat here, months after I highlighted this as a problem developing with Lendable, debt climbing elsewhere to service this, my credit rating obliterated, and nobody will tell me what they see on my credit report and I am at a loss what to do now.

Generally, I'll be honest - I avoid posting in here because of the judgy replies on "You should be more frugal", "You should manage your money better" - I know all of this, I spent years correcting that only to be plunged back into it by this pandemic, hindsight is marvelous but I could really, really use some advice on what I can do to sort this out.  I don't want to default on any payments but if none of my creditors are willing to discuss reducing payments and won't tell me why, I don't know what to do next.

Thanks for reading this, I'm really running out of finances and the energy to deal with this on top of everything else.  Very much appreciated.

[Deleted User]

They won't tell you the reason for the decline, as their criteria are commercially sensitive and the call centre staff won't know. 

But it's based on your credit history, not your credit score or rating. They see the same as you, with the exception of the pretend scores.

Your ongoing struggle to get on top of your debts tells them that your affordability is poor and your risk is high.

Go to the DFW boards for advice on cutting costs and repaying faster.

The_Fat_Controller

Transunion do not themselves make any decisions, they just supply the data to the lender.

Is there anything on the report you obtained from them that is incorrect ?