am i blacklisted because i looked at legal action re a previous top up loan?

Matthew1279

Curious to know -perhaps its just in my tiny brain BUT - a few years back I was not happy at all when i asked for a loan extension, and was given one!  Without dragging this out, although an intresting read it might be, basically i got my loan extension - a few thousand pounds - but then by chance -  didnt require it ( received money elsewhere basically ) - so , i looked on the 'contract' and it said, from memory 15days to change mind.

So, i changed my mind, and said to cancel the newly given loan extension.  However, i couldnt! wait - what i hear you cry!! - well..i could..but i would of had to pay back ALL of the money ( which included the loan i previously had...not sure your following me..but basically...because it was a loan extension they couldnt just revert it BACK to how it was/ the money previously owed .  )  So, although i have no issue with all that - it was annoying that the paperwork stated' change mind' but actually in reality..you couldnt..without paying back ALL the money i owed.

Again, im no writer, if you dont follow it, no worries, each to their own etc, i dont need lectures,  the point is. I felt the 'change mind' option wasnt valid..because i couldnt just go back to how it was prior to getting the new monies.

End of the day.  I went down the legal route..not very far down it and naturally got no-where.

Ever since then, when i apply for a load/top up loan i have been rejected.   Even though my finances are better than when i applied and received the top up loan ( which i paid back btw )...so....MY QUESTION ( whew! got there in the end!! ) , personally i think my card has been marked so to speak...i can see no good reason for not letting me get a top up loan nowadays...it does seem im blacklisted.

Thoughts welcome.

Matthew1279

...i finished before i had finished always have this problem!  So - what i am asking is,  IS there a 'question' i can ask 'them' to find out WHY i am repeatly not being allowed a loan extension - the usual affordability answer is what i get back in writing ( which is nonesense in that literally the monthly pay back now is half of what they approved me for the last time !  )

lisyloo

Have you checked your credit report to see what it says?

Matthew1279

lisyloo said:

Have you checked your credit report to see what it says?

HI, I have seen my credit report...not really up on all that certainly can see where 'companies have done hard searches but nothing in terms of detail.  Is there somewhere on this site then that goes into greater detail.   I just think im 'marked' that particular loan companys ( big company ) computer so to speak - 'dont loan to him again!'   and if thats the case...obviously each time i request ( because i currently have a loan with them so makes sense to top it up ) they reject me - which is 'marking me down' on my credit history.   Thats my beef.  If thats the case - then i would love to find out. 

MorningcoffeeIV

You're unlikely to have been blacklisted, but your reliance on debt is probably making them nervous.

However, they won't tell you their criteria, so move on. The searches aren't 'marking you down' on your credit files, unless you're banging in applications on a monthly basis, but stop applying to a lender who doesn't appear to want to accept you.

PartyOfFive

Something for you to consider:

1. A loan extension or top up, every time you take one, is classed as a brand new loan agreement for the FULL amount of the loan (original balance + extension/top up amount).  This is why when exercising the ‘change of mind’ option, you need to pay the full amount.  Of course, it would have been simpler to ‘overpay’ the amount that you decided you no longer needed - leaving you back in the same position before the extension/top up. You appear to have made a mountain out of a molehill by starting legal action.

2. Credit blacklists as you call them do not exist. However credit companies do have the choice who to do business with. so it is entirely possible that they no longer want to do business with you after you basically started a frivolous legal claim against them.
You will NEVER find out if this is specifically the reason though. Regardless, It definitely sounds like you have an affordability problem (whether you think so or not).

3. Your ‘beef’ is all of your own making. As above poster states, stop applying to a lender who clearly doesn’t want to deal with you.

DullGreyGuy

Matthew1279 said:

...i finished before i had finished always have this problem!  So - what i am asking is,  IS there a 'question' i can ask 'them' to find out WHY i am repeatly not being allowed a loan extension - the usual affordability answer is what i get back in writing ( which is nonesense in that literally the monthly pay back now is half of what they approved me for the last time !  )

Blacklisting is unlawful as it would mean collusion between commercial entities that are supposed to be competitors.

Companies can, and do, share factual information about customers via databases like CRA, National Hunter, CIFAS. Other companies are free to do what they want with that information which could impact decisions but not all companies are signed up to all possible databases. 

An organisation (at a group level) can decide they themselves wont offer you further products/services but I am assuming you are trying with more than one lender.

You can look at other criteria though... the FCA has been pushing rules/regs around affordability much stronger in recent years, to the extent that if you want to pay for your car insurance on monthly installments some now do affordability checks for that credit line. The FOS are seeing more cases of people challenging that they were given a loan they couldnt afford which will also will make future lending decisions tighter. We are in a period of escalating interest rates, increased defaults and economic uncertainty all of which will make lending decisions tighter.

Matthew1279

Ok fair enough, thanks DulGrey for your reply.

I have been rejected by a couple others as well..hence..perhaps my mind is working overtime! in regards to blacklisted..but i do think..complaining has not helped my situation and as a result paid a price re more credit cards - more fool me huh!

PartyOfFive

No problems. Whether you take it is up to you.

MattMattMattUK

Matthew1279 said:

I have been rejected by a couple others as well..hence..perhaps my mind is working overtime! 

Same banking group? Remember that just because it has a different name does not mean that it is a different banking group or banking license.

Matthew1279 said:

in regards to blacklisted..but i do think..complaining has not helped my situation and as a result paid a price re more credit cards - more fool me huh!

There is no blacklist, however within a banking group if you are seen as a difficult/problem customer they will likely not allow you to access new products and in time they may end their relationship with you.

When it comes to the wider industry there are the CRAs and the likes of CIFAS and National Hunter, those are where banks and lenders share data about repayments, fraud etc. other banks will then make a judgement about a suitability of someone for financial products based on the fuller picture that provides. 

superbigal

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