K
kittykat1980
Guest
Hi,
Please let me know if anyone can think of why a personal loan would have been refused, with the following facts:
Asked for a loan for 12,000 for Debt Consolidation.
5K on credit card
3K on credit card
2K on overdraft
2K on education loan (starting masters soon)
I was approved in principal, and asked for documents, which I provided- bank statements, credit card statements etc.
Sent them all off.
The loan repayment would have been 290 a month over 4 years, and including a car loan (2 years left) and mortgage+household bills, my wages of 2600 a month minus this personal loan plus all other outgoings would leave me with 900 a month disposable income. so wanted to start with a clean slate and 900 is more than enough for me to live off and start some savings (I have no savings at this moment, as all my spare cash goes on credit card payments, which scares me).
All evidence of this included with my documentation sended to lender.
Lender states they sent a letter confirming why I have now been declined in post, but I haven’t received it. they can’t give reason over the phone. I have asked for letter to be reissued but they said they have to wait for non-receipt by post for 2weeks.
To be honest I’d just like some feedback now on why this could have happened, thought I was doing the sensible thing by covering all loans plus the exorbitant interest rates I am paying into one easy sum a month? Also stretched it over 4 years to avoid over-extending my monthly paycheck, even though I pay more for credit over a longer period. Is there any point in reapplying to another bank?
Any thoughts? Much appreciated.
Please let me know if anyone can think of why a personal loan would have been refused, with the following facts:
Asked for a loan for 12,000 for Debt Consolidation.
5K on credit card
3K on credit card
2K on overdraft
2K on education loan (starting masters soon)
I was approved in principal, and asked for documents, which I provided- bank statements, credit card statements etc.
Sent them all off.
The loan repayment would have been 290 a month over 4 years, and including a car loan (2 years left) and mortgage+household bills, my wages of 2600 a month minus this personal loan plus all other outgoings would leave me with 900 a month disposable income. so wanted to start with a clean slate and 900 is more than enough for me to live off and start some savings (I have no savings at this moment, as all my spare cash goes on credit card payments, which scares me).
All evidence of this included with my documentation sended to lender.
Lender states they sent a letter confirming why I have now been declined in post, but I haven’t received it. they can’t give reason over the phone. I have asked for letter to be reissued but they said they have to wait for non-receipt by post for 2weeks.
To be honest I’d just like some feedback now on why this could have happened, thought I was doing the sensible thing by covering all loans plus the exorbitant interest rates I am paying into one easy sum a month? Also stretched it over 4 years to avoid over-extending my monthly paycheck, even though I pay more for credit over a longer period. Is there any point in reapplying to another bank?
Any thoughts? Much appreciated.