Olly

.....

jasey

Get an interest free credit card and clear it over a year.

You need to borrow £30k to make it worth their while "administering" the loan

Scooby Soon!

go to scab loan people thats what i did,

Something like www.moneybackloancompany.co.uk its on the money supermarket website. They will try to offer you payment protection policy but just politely refuse, then they will offer a cheaper one, refuse that as well just get the regular loan repayment.

I am always bend the truth a little in what I am using the money for and have never been refused by any one, what did you say you were using it for?

J4CKO

iTrader: (1)

I had this when I needed to get another car, about three years ago, similar postition to yourself, 100% equity, house in a 'good' area, regular income, no judgements or even missed payments, just an occasional overdraft of about 500 quid to a grand (cleared every month) was also looking to borrow 3 or 4 grand.

I think it was also Northern Rock, based on them having competitive rates, they just said no, I went to Natwest (I bank with them) and they were happy to lend me vast ammounts (at a higher rate), I was bothered by the rejection and asked the bank loan person if I had a bad credit rating, he said it wasn't that, in fact mine was one of the best he had seen !

So, to me it looks like Northern Rock can't be arsed with small loans to those who will pay it back, they wan't people to default so they can lump the charges on or loan to people at a higher rate than the one advertised, something doesnt add up though.

Seems like we are in very similar postitions here and got the same result.

In the end, I just found some change down the back of the sofa and bought a car.....

J4CKO

iTrader: (1)

Olly, why borrow if you have savings ?

Is it tied up in shares and Isa's and stuff ?

Nick100

It's a bit extreme, but have you looked at an offset mortgage ?
I moved to the Woolwich Open Plan Offset a few years ago - mortgage facility up to 90% of your house value, so effectively a very large overdraft payable at the mortgage rate at any time you want to use it. Also all savings moved in to savings area of the same account. Although you don't get any interest, your savings are offset against your mortgage, so you don't pay mortgage interest on that amount - effectively you get savings rate at the mortgage rate +25% (or +40% if you're a higher rate tax payer), because you don't get any interest (you only save interest) there is no tax paid.
If you keep your mortgage payments the same, the interest saved pays more off the mortgage capital each month.

pwhittle

I'm in a very similar situation, and wanted £3k towards a car. I have an off-set mortgage at about 5.6%, with £3 savings, but wanted to keep that available in case. I borrowed £3k from MBloans, which actually comes from Alliance & Leicester, but at a A&L beating 5.7%. So basically it's the same rate I earn on my savings (tax free), so it costs very little extra.

I got their lowest rate, and yes they did try to sell insurance - the harder they try, the worse value for money it is IMO. Some companies advertising low rates charge 2-3 times the rate on lower loans, therefore tempting you to borrow more.

There's a cheque-cashing place in York will do you £10k at a mere 128.2%...

Give them a try Mbloans.co.uk I think

B9GLY

also if you are going to pay it back early, make sure it isnt interest loaded or whatever they call it where at the begginning of your loan you are paying back purely interest, cos when you go to pay it off after 6months say, you will have only paid about a tenner off you actual loan amount!!!!!!!

Olly

Equifax want £17 to tell me what is wrong: bollox to that!!!

Did a free internet check: seems I have only an "average" rating, mainly because i don't have a landline!!! WTF-ing hell!!! Actually I do, just choose not to have a telephone connected to it. I like to have my tea in peace without pakistanis ringing me to sell me a new phone or some gas. If I had an ASBO, I would probably be fine.

I used to have an offset mortgage, and it really worked for me. But at the time I had a tiny mortgage (around 15% LTV), so any payments going in knocked off a big percentage. Plus I played the 0% credit card game, spent EVERYTHING on my card, and left everything in the bank saving (therefore earning) 5.75%. Earned around £400 interest in the year, plus knocked a big lump off the balance. I moved house this year and remortgaged with a different product: the offset could not compete with 5 year fixed rates on the larger amount: would have had to have done some serious wangling..

Back on subject: yes I have got good savings, but most will be spent on the house itself. Not keen on totally emptying my account though, so generally don't mind borrowing for home improvements (no 50" Plasmas though!), and the new garage should double the amount borrowed in terms of putting on value.

It's just bloody annoying, that's all. Seems there is no benefit whatsoever for keeping your nose clean and your affairs in order these days.

st3v3

its usually because you havent had a "recent" loan so they can see that you are a gooe re-payer,tis called credit history.

Whilst you are a good "money person" as you have no finace,they cant see this because...you have no finance.

bugeyeandy

Try another bank, Northern Rock have had their nads felt recently because of the number of customers defaulting due to them lending ridiculous amounts of money to people who clearly couldn't ever hope to pay it back.
I've always used Alliance and Leicester for personal loans or like the others say dip into you savings and just build them back up again using the monthly money you would have been paying a loan back with.

Terminator X

iTrader: (7)

Check your credit file ie get a copy of it - Experian or HPI. Could be some dodgy stuff in there that needs correcting? As you probably know most credit checks go through either of these companies & the Banks take what they say as gospel ...

TX.

PS

There must be a problem somewhere as from what you say above, the Banks should be clambering for your custom.