Ciaran

iTrader: (16)

Been trying to get a loan this week with no joy
I am 25 an offshore oil rig worker who still lives at home so no mortage and basically no bills. No bad credit CCJ's etc plenty credit history no problems.
I earn a decent enough wage although not realy wanting to disclose a figure
The Alliance and Leicester said no and put me onto several other companies and the most they would lend me was 6k when i was looking for 20k.
Any suggestions of other companies??
Is it this the whole credit crunch the news keeps talking about?

FlightMan

Yep!

davegtt

Haha, good luck. I cant even set up a Mastercard Cash Plus account (where I put my own money in and able to withdraw it using the mastercard sign) without getting charged about £7 for every withdrawl on top of paying £5 a month for the priveldge. Cheeky fekkers.

RMA26

al4x1

well if the offers are anything to go by I haven't seen much evidence, I've a few card accounts from 0% deals and could raise that tomorrow on them as they keep increasing credit limits and trying to throw cash at me. might be worth doing a credit check and checking your details to ensure nothing is on there by mistake

fast bloke

Yep - Basically they don't have any money to lend. Abbey still seem to have a few quid, so they might be worth a try. If it is for a car, try AA or RAC

NACRO

Good news, people who can't afford it aren't able to borrow money any more.

About time IMO.

PaulC72

no collateral either so that may be another thing, plus your credit rating may be non existant too which will have the same effect as bad credit, as not traceable record/history makes things a little harder for them.

Ciaran

iTrader: (16)

What does that mean??
I cant borrow 40% of a years wage why is that so unreasonable when RBS are willing to give me a 200k mortage?? (well were may be a better term)

boxst

Hello

I would say that 'these days' £20K is quite a lot for an unsecured loan. If it is for a car then going via specialist companies that will at least use the car as some sort of collateral if you default.

Steve

NACRO

The fact that RBS lent you 200K would be fine IMO assuming you had a 30 percent deposit and only borrowed 3x your yearly income.

Other than that my opinion is that people like you and your lenders are going to find your pigeons coming home to roost very shortly.

It's great news for those of us who refused to buy into the South Sea Bubble which was the UK economy 1998-2007.

A decade of unreal price rises is going to be followed by a decade of despair for those who were stupid enough to believe the lie.

Moley

iTrader: (9)

I'd also like to know what you mean by saying 'people like you'?

How do you know the guy won't pay that money back?

Or should i just assume you're trolling here?

mamoon2

He didn't say that RBS lent him 200k, he said he finds it unreasonable not to be able to take out a load for 40% of his yearly income.

Like others have said, security may be the issue here, if its for a car try a car finance company as they have security in the vehicle if anything goes wrong.

davegtt

Its Narco, off course hes trolling

I like how the OP wouldnt disclose what he earns but states the 20k loan is 40% of his yearly income

Turbo2

I bet that means nothing to a lot of people on here!

rossyboy

iTrader: (8)

To be fair I only think he did that because NACRO hinted that he couldn't afford the repayments.

PeteBrant

A friend of mine recently applied to his bank for a loan for a car. He is pretty well paid - certainly an Higher tax payer.

THe bank turned him down flat.

A few days later the bank phoned him up to discuss his loan application. He said that he had already been turned down. They replied that no, they are turning down everyone as a matte rof course at the moment so it gives them a chance to hand pick people they are willing to lend money to.

jasey

Try HSBC - they seem to be lending at the moment .

Snazy

Try Credit Expert and get your score before making applications all over the place, which will only make matters worse for you.
If your score is low, voila you have your answer. If its high, go to one of the companies who are openly still offering money.

The missus got a loan a couple of weeks ago, good APR, and went like clockwork.

I do agree though, not that its apparently relative to this case, but im glad to see credit harder to get as a whole.

NACRO

I said 'other than that', I don't know if 'the guy won't pay that money back' and I'm not 'trolling'.

Hopefully that answers your rather asinine questions.

Regarding people talking about percentages of their income. If you can't afford to buy something (other than your house) from your savings then you shouldn't be buying it in my opinion.

The assumption some people seem to have that it's their right to borrow tens of thousands of pounds to buy say a car is part of the reason your economy is in the toilet.

Snazy

Fine line though. If it was not for borrowing, the lenders would not have a business, and that side of the economy would have little growth.
I agree in principal though that you should be able to afford what you want in a short period of time.

Borrowing and payment of interest is part of the world we live in today, and its not about to change any time fast I dont think.

There is a line to be drawn between consumer and lender responsibility.
Except for the slightly daft, its a poor excuse to say, its not my fault, they should not have kept lending me money.

Jeff Stryker

Why not just save up for 5 months then and buy it out right and pay no interest

J4CKO

iTrader: (1)

NACRO does have a point, as does Jeff, however if that were all true there would be no money borrowed by anybody, it makes money for banks and enables people purchasing flexibility, when used properly, sparingly and sensibly I see no problem with borrowing, ok things have got silly over the last few years but it still has a place.

I personally do not owe any money to anybody, but I don't judge anybody who borrows sensibly for the right reasons, or to feed their kids.....

Nacro, its so easy to be judgmental about someone else's situation and smug about your own, which suggests to me you have had everything your own way, a big inheritance perchance, trust fund, your words don't sound like someone who has experienced much hardship ?

Deep Singh

Hold on a minute, according to your comments on another thread you 'exited the UK property in 2006' ie you bought into the same bubble /lie for quite some time. . So you didn't refuse to buy into the bubble


https://www.scoobynet.com/non-scooby...ce-thread.html

According to your comments you then invested in property in 'The Eurozone' where you have seen growth of 100% (in either 2 or 4 years depending on how you feel ) So you are also involved in another bubble/lie.

You seem quite confused

john banks

The availability of credit seems to be inversely correlated with your need for it. Some can't get it, others are asking for their credit limits to be reduced for security reasons.

At 25 I paid 9.9% APR on a car loan to the value of half my salary. It was of course a mistake and I should have cleared all my debts and saved for what I wanted as I was just reducing future purchasing power in favour of instant gratification. 3 of the 36 monthly payments would have purchased a decent car outright.

If I was 25 and living with parents now and on £50k a year I would expect to be able to save a £50k deposit for that £200k house in the next two years when it will hopefully cost £150k. Then I'd only have a 2xsalary mortgage which could be paid off in 5 years or so.

NACRO talks a lot of sense even if he has an inflammatory manner.

Nigel H

I've just borrowed £12k from First Direct. I've been with them for 10+ years and I have a similar amount in a savings account which may help. I have my reasons for doing this, but in answer to the OPs question yes. 7.9%APR

coolangatta

What you've said sounds sensible but is not necessarily applicable to this or other cases.
For example;
I may be able to afford to buy something costing 20k outright from my savings but it may not be prudent to use my own capital to do so.
It is often more prudent to borrow, at say 2% above the interest earned on savings, and maintain your capital should it be required elsewhere.
This has worked well for me on more than a few occasions.

Deep Singh

Anybody know why Nacro was banned? That weirdo is stalking me via pm using another username and ranting on about some nonsense that isn't even worth repeating.

J4CKO

iTrader: (1)

Thats what happens to NACRO, he is clever but not clever enough to say what he wants to say without p1ssing anyone off.

Deep Singh

Jacko, I think you'll find the term for that sort of person is **** jockey

He is still stalking me via pm telling me he'll give me a 'virtual drubbing' if I ever comment on another of his threads. He's a wrong un...