Thetownend.com

80% => The Nevillew General Discussion Forum => Topic started by: Sippo on Monday, September 28, 2009, 12:14:56



Title: Personal loan
Post by: Sippo on Monday, September 28, 2009, 12:14:56
I've been quoted at 19% and 24% for a 5K loan for 5 years, surely it would be cheaper to get a credit card.

Does anyone know any good deals that offer a £5k limit?


Title: Re: Personal loan
Post by: Samdy Gray on Monday, September 28, 2009, 13:08:45
They sound quite steep, do you have a bad credit rating? Where did you apply?

I recently got a loan from Sainsburys Bank at 8%.


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 13:45:25
My credit status is very good that I know of. That was from nationwide and halifax.


Title: Re: Personal loan
Post by: Samdy Gray on Monday, September 28, 2009, 13:51:25
I'd check your credit file (Experian & Equifax). Nationwide's best rate is 7.7% so there's obviously something wrong for them to be offering you 19%+.


Title: Re: Personal loan
Post by: jonny72 on Monday, September 28, 2009, 13:51:37
Well something ain't right with those rates you quoted - the Nationwide website says they charge 7.7% (though that is for existing account holders). But provided you've got decent income, can afford the repayments and a good credit history you should get a loan at about 8% or so.


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 14:02:27
Between the wife and I we both take home about £3.5k between us but have an existing loan so that might be the issue? I've never missed a payment on mortgage/loan. Can i find my credit status online?


Title: Re: Personal loan
Post by: Arriba on Monday, September 28, 2009, 14:42:13
you need a loan on that income?!?!?!?
fuck me i'd be banking a grand a month on that


Title: Re: Personal loan
Post by: Samdy Gray on Monday, September 28, 2009, 14:42:22
Yes. You have to pay for it but there are free trial offers where you have to cancel it within 30 days otherwise they take the payment.

If that's your net pay then I'd say there's definitely something wrong. On affordability you shouldn't have a problem, unless your other loan is rather large.


Title: Re: Personal loan
Post by: juddie on Monday, September 28, 2009, 14:51:08
I've just got a virgin card, interest free for 12 months and 5k limit, not that I'll get anywhere near that.

In saying that, have just bought an engagement ring, so I owe branson a tidy sum!


Title: Re: Personal loan
Post by: Jamiesfuturewife on Monday, September 28, 2009, 14:55:22
Do engagement rings cost less then 5k????

actually maybe thats why Im not engaged!


Title: Re: Personal loan
Post by: Simon Pieman on Monday, September 28, 2009, 14:56:06
Have you applied for loads of loans at once? Each time you apply your credit rating goes down for a bit.


Title: Re: Personal loan
Post by: juddie on Monday, September 28, 2009, 15:28:15
depends on what the groom's prepared to pay JFW!

I've always thought it was a month's salary, but a bird here reckons it's three times. F*ck that.


Title: Re: Personal loan
Post by: Jamiesfuturewife on Monday, September 28, 2009, 15:33:08
Im just a greedy materalistic old hag!!

Ive been waiting a long time - Ive put in the time so deserve the rewards!

I want a rock so big I cant fit my hand in my handbag - Ideally! ;)


Title: Re: Personal loan
Post by: blinkpip on Monday, September 28, 2009, 15:37:51
Im just a greedy materalistic old hag!!

Ive been waiting a long time - Ive put in the time so deserve the rewards!

I want a rock so big I cant fit my hand in my handbag - Ideally! ;)
:eek:
I hope your partner earns at least 100k, or your be disappointed when you get engage/married.


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 17:16:45
you need a loan on that income?!?!?!?
fuck me i'd be banking a grand a month on that

we've got a £300 pm loan as it is (damn wedding!!), mortgage is quite big. The loan now is for a car.

I think its the wifes fault. she has never had a loan or needed credit so she has no rating. With the current climate I'm guessing she's an unknown quantity.


Title: Re: Personal loan
Post by: jonny72 on Monday, September 28, 2009, 17:21:15
Why not just ask the Nationwide why they're quoting you 19% when they're advertising 8%, they should tell you whether its due to a poor credit rating or not. Have you asked the bank your current account / mortgage is with?


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 18:33:24
Asked my current account/mortgage. I did ask Nationwide and halifax how they can charge that much considering the bank of england rate and they blamed the recession...

I'm thinking credit card at the moment. Virgin seems the best bet.


Title: Re: Personal loan
Post by: Barry Scott on Monday, September 28, 2009, 18:35:26
I know years ago if you had a questionable credit rating or one worse than normal, you could write to Equifax and say that you think there's errors against your file and you want them to review it. They then used to essentially remove all blemishes from your file, leaving a normal credit rating, for 30 days while under review, therefore allowing you to get loans at a better rate. At least that's what my loan selling mate used to tell potential clients when the FSA weren't looking!


Title: Re: Personal loan
Post by: jonny72 on Monday, September 28, 2009, 18:51:18
I'm thinking credit card at the moment. Virgin seems the best bet.

If you can't get a decent rate loan due to your credit rating, you won't get a decent rate on a credit card either.

You really need to find out why you're being offered such high rates and not the low ones.


Title: Re: Personal loan
Post by: Samdy Gray on Monday, September 28, 2009, 20:05:52
And the more applications you make the worse it will get.


Title: Re: Personal loan
Post by: 4D on Monday, September 28, 2009, 20:52:43
Im just a greedy materalistic old hag!!

Ive been waiting a long time - Ive put in the time so deserve the rewards!

I want a rock so big I cant fit my hand in my handbag - Ideally! ;)

I think your fella should buy you a smaller handbag then  :)


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 21:08:14
And the more applications you make the worse it will get.

See thats the problem. The bank ones are just quotes so no credit checks were done, so thats what I don't understand. If no credit checks were done how can they justify that high a percentage?!


Title: Re: Personal loan
Post by: jonny72 on Monday, September 28, 2009, 21:15:04
Something ain't right.

How did you get the quotes? Online? Phone? Branch?

What info did you give?

Can you afford the repayments?

The rates you said they quoted are reserved for people that have got fucked up credit histories, which means a record of late / non-payments and most likely a CCJ or worse.


Title: Re: Personal loan
Post by: Samdy Gray on Monday, September 28, 2009, 21:18:03
See thats the problem. The bank ones are just quotes so no credit checks were done, so thats what I don't understand. If no credit checks were done how can they justify that high a percentage?!

I very much doubt it's "just a quote". If you only did a quote in principle, then it'd be based on their headline rate (the best deal). To do a quote on such a high % the must have done some form of credit check. Have a look at the small print on the quotes you've done.

I would strongly suggest not doing anymore quotes or applications until you've checked your credit file, or you will do damage which could take years to put right.


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 21:18:54
Went into the branches. They don't do a credit check as, like sam says, it can damage it. I basically wanted to know how much it would be. So I gave them my name, address etc, they do a poll deed check to make sure your address is correct and work out from the salary.

We can easily afford the repayments, and have never missed a mortgage/loan/credit payment. I did ask why it was so high, and they blamed the recession. They're trying to claw money back.

She'll just have to wait a few weeks see if anything changes. Its just really annoying, because it just doesn't make sense.


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 21:22:43
No credit checks were done. There is no small print. Its an 'illustration' of what they can offer.

They'll probably ring me anyway, so I'll ask why when they do.


Title: Re: Personal loan
Post by: michael on Monday, September 28, 2009, 21:25:21
The APR isn't neccessarily a reflection on your credit rating, the amount you apply for is a factor as well: The more you borrow, the lower the rate. £5k is a small loan amount, probably lower than they advertise.

Also the time to repay: The longer you borrow, the lower the rate.


Title: Re: Personal loan
Post by: Sippo on Monday, September 28, 2009, 21:28:12
That is very true Michael. They advertise the 9% if you borrow more than £7500.