Loan advice please.

[Du1point8]

Friend is looking for a consolidated loan and has been refused and been told its down to the fact she has not been in the UK long enough.

It will be 2 years in Feb that she arrived, she has been employed most of the time except for the initial move into uk and is just wanting to tie up some debts, can anyone advise?

[garos]

Only option is to apply again with another lender. Might be best to try one with not the best APR. I think they're all cherry picking and any percieved risk is a refusal, just what I've read elsewhere.

[Du1point8]

only thing is I can't see any of this in T&C.

It says UK resident and over 18... that is it.

Don't want the hassle of researching loads to find out that they don't actual do it (due to the time in UK issue) as its a waste of time applying for them in the first place.

[Chicharito]

Of course, every time you apply, a credit check is run on you, and it decreases the likelihood of a lender lending to you - as they can see you desperately scrabbling around trying to get a loan.

[garos]

Chicharito said:

Of course, every time you apply, a credit check is run on you, and it decreases the likelihood of a lender lending to you - as they can see you desperately scrabbling around trying to get a loan.

Yep, it should be the case that multiple applications could be made to secure the best deal, but that can't be done for the reason you say. Completely unfair and another shortfalling in this country's financial sevices.

[Du1point8]

garos said:

Chicharito said:

Of course, every time you apply, a credit check is run on you, and it decreases the likelihood of a lender lending to you - as they can see you desperately scrabbling around trying to get a loan.

Yep, it should be the case that multiple applications could be made to secure the best deal, but that can't be done for the reason you say. Completely unfair and another shortfalling in this country's financial sevices.

This would be why Im asking as she has only a few more loan requests left before it doesn't matter if she finds the correct company, the previous loan requests count against her.

So need to find one where it doesn't matter about the residency issue.

[Slagathore]

Can't you lend her the money?

[Du1point8]

Slagathore said:

Can't you lend her the money?

No not a chance not after the last fiasco with one of the OHs friends... hence why Im helping this one out by researching loans instead of being the lender.

[Sarnie]

Just phone the lender and ask them the question?

[scotal]

Du1point8 said:

only thing is I can't see any of this in T&C.

It says UK resident and over 18... that is it.

Don't want the hassle of researching loads to find out that they don't actual do it (due to the time in UK issue) as its a waste of time applying for them in the first place.

By UK resident they may well mean she'll need either a British passport, an EU passport, or permanent right to reside, if she doesnt have one of these she may well not be getting a loan anytime soon.

ETA Has she missed any payments, or made latepayments. Debt consolidation doesnt make lenders cheery at the moment, and if any of them are, or have been, behind, they may well turn her down.

Edited by scotal on Monday 12th December 09:37

[Du1point8]

scotal said:

Du1point8 said:

only thing is I can't see any of this in T&C.

It says UK resident and over 18... that is it.

Don't want the hassle of researching loads to find out that they don't actual do it (due to the time in UK issue) as its a waste of time applying for them in the first place.

By UK resident they may well mean she'll need either a British passport, an EU passport, or permanent right to reside, if she doesnt have one of these she may well not be getting a loan anytime soon.

ETA Has she missed any payments, or made latepayments. Debt consolidation doesnt make lenders cheery at the moment, and if any of them are, or have been, behind, they may well turn her down.

Edited by scotal on Monday 12th December 09:37

She has an EU passport and hasn't missed any payments or made any late payments. From what I understand she has a few store cards from when she has bought things when she moved here and just wants to move it all into one payment that will be better than the higher rates of the store card.

[scotal]

Du1point8 said:

She has an EU passport and hasn't missed any payments or made any late payments. From what I understand she has a few store cards from when she has bought things when she moved here and just wants to move it all into one payment that will be better than the higher rates of the store card.

Maybe moved alot?

Seperatley, it may be they are not happy consoldiating cc's because she can then instantly run the cards up again.


ETA, it may be worth her getting her experian report to see if there is something on there she doesn't know about.

Edited by scotal on Monday 12th December 11:25

[Du1point8]

scotal said:

Du1point8 said:

She has an EU passport and hasn't missed any payments or made any late payments. From what I understand she has a few store cards from when she has bought things when she moved here and just wants to move it all into one payment that will be better than the higher rates of the store card.

Maybe moved alot?

Seperatley, it may be they are not happy consoldiating cc's because she can then instantly run the cards up again.


ETA, it may be worth her getting her experian report to see if there is something on there she doesn't know about.

Edited by scotal on Monday 12th December 11:25

not moved a lot... same location for 2+ years before moving to London and then its moving once a year as per the norm.

Will tell her to look up the experian report too.