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Why am I being turned down?
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Not so. The guarantee is just a personal one against a business overdraft facility venture which I'm a 50% shareholder of.
So as I said, you would be liable for it if it fails, so having the money to cover that is a good idea.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Stop any more applications, take the money that you would have to pay for the £10,000 loan (say £300) and start saving for 6 months.
After 6 months you will have £1800 in the bank/savings account and apply for a loan of £8,200. If you havent then you couldnt of afforded the loan and dodged a bullet.
If you still get a rejection after the 6 months then wait another 6 months, continuing saving the £300 a month....you will have £3600 so only need a loan of £6400.
Keep doing this until you have £10,000 saved or get the loan you need.0 -
I think already having a £6.5k loan with your name attached to it will be certainly a factor, if the person/company you've acted as guarantor for flakes out then you are left having a total of 16.5k debit to be serviced which is a lot compared to your salary.(Although I could be wrong, I often am.)0
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Affordability is likely playing a factor, given your existing commitments and the fact you’re proposing to borrow £10k over 2 yrs - although may not have come up yet but Visa is also likely to be a problem as from what I recall most lenders will not lend past six months prior to your current visa expiration.0
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