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Will I get accepted?? Help Please

13

Comments

  • fc123
    fc123 Posts: 6,573 Forumite
    007mk4golf wrote: »
    who said anything about not wanting advice; that is the whole reason as to why i joined this forum and when people post comments that are not necessary it doesnt help does it??
    i just get frustrated by people like that and i apologise but put yourself in my position;when seeking advice from other people all you get are sarcastic comments

    ?????

    Not my usual board but you will probably find many posters who offer advice are a lot older than 19.

    They say that if you can SAVE the £1000 in a few months.....it is better for you in the long term. They don't say this to be mean or nasty. They are saying it as they may have first hand experience of the misery that debt can cause.

    My son (20) trotted off to Lloyds (unknown to us) at 18, no proper job and got himself a £1500 limit CC. He then spent it on "travelling" (old person calls it long holiday).

    He amassed defaults and interest and spent a whole summer working and EVERY penny earnt went on the debt.

    The saving thing is dead dull and boring but it is a good habit to get into...waiting for the stuff you want.

    I write this as someone who could always get plenty of credit........and took it. Please read a few posts on DFW board before you sign up with a finance company linked to a car sales co.

    They are really friendly on that board (not saying that this one isn't) and you will get a lot of feedback.
  • fc123
    fc123 Posts: 6,573 Forumite
    007mk4golf wrote: »
    i think i might leave the car finance optionn then, lol. im going to try and save but i have not yet heard from the underwriters at nationwide, but i hope i get accepted for the loan of £1000.
    If it is car you are buying; check insurance quotes BEFORE you buy.

    Just saying as son got car (given to him but worth a few hundred I guess) and insurance was £800 pa.
    Add on tax too plus older cars cost in repairs, MOT time too plus tyres etc etc.
    FWIW, his car costs are much more than he ever thought they would be.
  • asandwhen
    asandwhen Posts: 1,407 Forumite
    apply for more now will only harm your credit score further.
  • You don't listen to good advice do you?
  • ejones999 wrote: »
    You don't listen to good advice do you?

    This person is only on for advice. I'm sure he/she is only looking to explore all avenues.

    You're replies to people are really harsh and from what i can remember, you did the same thing to me when i posted looking for advice on something.

    You obviously have nothing better to do with your time if all you do is or sarcastic comment to people looking for guidance.

    007mk4golf - wait for a reply from Nationwide, if you get rejected don't apply for loads of other places at the one time or you will get nowhere.

    look into canceling the oldest phone contract. no-one should need 2 contract phones unless it was for business purposes and even then one should be under your business.

    Are you sure that all the info on your application is accurate? That is another reason they could be taking long to check.
    Official DFW nerd no 551 - proud to be dealing with my debts
    Debts as of March 2014
    Nationwide - £5745, Overdraft - £350,
    Debts as of January 2015
    Nationwide - £4997, Overdraft - £0:j
  • JMC39
    JMC39 Posts: 218 Forumite
    007mk4golf wrote: »

    im thinking of just applying once more for now to get finance on a car that i have seen. atleast this way the finance company can say "well if he doesnt pay, we will get the law involved and reposses the car", am i right????????????????????????

    Only unless its a finance deal done against the car, e.g hire purchase etc.

    If you state that your unsecured loan (from a bank) is to buy a car, it doesn't mean that they can take the car if you don't pay, so no it won't help your case.
  • nic01_2
    nic01_2 Posts: 44 Forumite
    To be totally honest there is no guarantee of being accepted anywhere for a loan, even the ppl with the best credit file can be declined. It really all down to the company's credit scoring and affordability.
    Also having many credit searches can have an impact on this too (all comes in with credit scoring), so the two you are disputing will be taken into account as will the two that would have been ran when u took out the phones. As does age, emp status, how long you've worked there...etc etc...oh and so does past history, if you dont have much or any that can also be a reason for a decline.

    Saying that, you bank will prob manually assess your app due to the note on you crdit file. So dont jump to conclusions before they tell you the decision it might get accepted.

    If you plan to pay it off quickly a sorter term would be best financially as you wont have as much of an early settlement fee if you pay off early (the longer the loan taken over the more interest you pay and the more the fee is)

    Nic
    OD1 £1900 OD2 £500 Capital One CC £1411 Tesco CC 0% £2906 Tesco CC 0% £1927 MBNA 0% CC £1981
  • nic01 wrote: »
    To be totally honest there is no guarantee of being accepted anywhere for a loan, even the ppl with the best credit file can be declined. It really all down to the company's credit scoring and affordability.
    Also having many credit searches can have an impact on this too (all comes in with credit scoring), so the two you are disputing will be taken into account as will the two that would have been ran when u took out the phones. As does age, emp status, how long you've worked there...etc etc...oh and so does past history, if you dont have much or any that can also be a reason for a decline.

    Saying that, you bank will prob manually assess your app due to the note on you crdit file. So dont jump to conclusions before they tell you the decision it might get accepted.

    If you plan to pay it off quickly a sorter term would be best financially as you wont have as much of an early settlement fee if you pay off early (the longer the loan taken over the more interest you pay and the more the fee is)

    Nic
    Your last sentence is incorrect.
    Most lenders that charge an early settlement fee charge 2 months worth of interest. So as you owe more on the loan at the beginning than at the end it stands to reason that the ESF will be less towards the end of the loan.
  • fc123
    fc123 Posts: 6,573 Forumite
    007mk4golf wrote: »
    nationwide are taking the micky, its now been a week, and everytime i ring to find out what the situation is, they say that is still with the underwriters but none of them are trying to contact the underwriters to get a decision.

    has anyone got an unsecured loan from black horse finance before? i have heard they are quite good in lending out money.

    i really want credit now as i feel that if i dont get credit at this stage i will always have problems in the future when trying to apply again. if i can show that i can handle credit then it will boost my credit a lot i hope

    cheers

    Hi.....take it as a sign of fate. You have enough left out of your salary each month to stash away the £££ you will need to buy, insure and tax a car.
    NO loan companies are "good"........they are just different..some charge more, some charge less. Take on board what the replies are saying in this thread.

    If you no longer want the car BEFORE the HP is finished, you cannot "just give it back". You can try but you will be chased for the balance of the loan and.....I am not experienced enough to type out the exact process.....it is not like returning a pair of faulty trs to a shop.
  • I work for a finance company and if I have a loan that has to go to the underwriting team, there is usually a reason for it. For example, it could be that you have enough income to pay for it but it may be near to their 'cut off'. If this is the case they may take into account that you could move out of parents house (I am assuming you live with parents, could be wrong), then you would have rent and other bills to pay. This may tip the balance for them.

    If you are buying on HP then if things go wrong with the car then the responsibilites do not lie solely with the Financer but also with the dealer. You may find that they will still want paying if the car needs any work doing to it that wasn't your fault.

    I would hold on and wait for the reply from your bank. If you are declined, have a look on the money supermarket, I think you can eneter a certain amount of details and they will give you a list of companies that may be able to help you. Contact them directly, be upfront & honest with your income, outgoings etc.. Then you may be able to get the loan you need/want.
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