robby

Since i was 18 i've always had either a personal loan or finance for a car, i change the car whenever i get bored (usually 3-6 months) and to date have had 10 motorbikes and 27 cars.
Now i've had a 172 for 4 months now and want rid so i can buy a MR2 turbo so have been looking at getting a personal loan to settle my outstanding finance.

For some reason no-one is willing to give me a loan (tesco, lombard, direct line, etc) and i can't find out why, all they say is i haven't been accepted?

So my history of 14years of finance and loans without missing 1 single payment doesn't mean anything to these guys, what can i do?????????

NiteskyR

get ur self a scabby dog and a begging bowl

midget1500

check back a couple of pages, there were some threads on finding out about your credit rating!

Markus

Try equifax. They will for 2 quid (or is it 5? can't remember) send you your complete credit history, thus you might be able to see why you're getting refused.

I would also recommend talking to Egg, as they are rather good. I had a personal loan from Abbey Nat for 9k and about 13k on my credit card and they were one of the few companies to give me a consolidation loan, which is exactly what I needed. Very fast, very effiecent, and good repayments too. Worth a shot.

MattW

Applying for lots of credit adversly affects your rating. if you have tried 4 or 5 companies, you will have less chance now then when you started. Have you tried your own bank. As an existing customer they probably won't require a credit check.

robby

well my bank rates are about 15% wheras lombard, etc are offering 6.9% thats why i want to go with one of them.

i would have thought by keeping up with all my payments and paying the loans off in full would have given me a higher rating?

AndrewW

You would think that, wouldn't you ?

Apparently if you pay off a loan less than six months after you take it out then it actually counts against you on your credit rating.

Can't quite figure out why, they still manage to charge you all the interest up front so its not as if they loose out.

Luckily I paid out my loan after 6 months and 1 week

Edited to say it seems as though you may have paid out many loans within their first six months, and this could well mean that your credit rating is shot to pieces

Andrew.


[Edited by AndrewW - 5/26/2003 9:41:45 PM]

RichiW

Dont beleive the 6.9% they are offering, thats for people wanting loans for cars and stuff.If your looking to settle exsiting debts then you'll be lucky to get offered 12% at the best ... been there and done that.


Best of Luck.

P1Fanatic

All these companies are well sly. They advertise these amazing APR's yet you will be very lucky to get it that low. Instead they will state that your credit rating is not as good as it could be but they would still like to offer you a loan at a higher APR as you are a higher risk. Lombard offered me 17.7% APR to consolidate my own banks loan which was 8.5% - I told them to **** off and not bother.

Simon.

MattW

Whose your bank - My bank is 7.9% last time I looked - HSBC

rik1471

Halifax 5.6% personal loan.

robby

Halifax 5.6% really??? blimey they've come down a lot.

I took a personal loan out with alliance + leicester last december, i got the quote from the net at 6.9% and had to phone them. They then tried to tell me the rate was 7.9% and i argued it was stated at 6.9% and was told "thats the internet rate". I argued i applied on the net and eventually they agreed to let me have it at that rate. The prat on the phone then spent 15 mins trying to get me to take out payment protection for another £35 a month, i told him i didn't want it but he kept on and on so i told him to stick the bloody loan if i couldn't have it without (15 mins!!!!!!!! i kid you not) - i know these peeps get commision when they sell PP so they can sod off.

I tried to go back to alliance but now they refuse my application?

TopBanana

Cahoot emailed me today to tell me that my personal loan facility is now 6.8% APR

J4CKO

iTrader: (1)

Simple,

Pay for the 172, sell it, buy MR2 Turbo !

I get bored easily as well but the MR2 Turbo isnt the smartest of buys, nearly bought one recently (cheap) but looked on IMOC and it was full of horror stories about gearboxes and locating parts, the one I was going to buy had a knackered box, second one in two years and they are scarce and fragile.