help! can't get finance
Discussion
How about a trade?
matrignano said:
I'm actually considering raising a formal complaint to the Financial Ombudsman It seems pretty discriminatory to restrict/deny access to finance to EU licence holders who would otherwise be fully eligible for credit.
It's a completely non financial criteria.
Credit is not a right. They don't have to lend you anything if they don't want to. If you're in banking I thought you'd know stuff like this.It's a completely non financial criteria.
RH
I'll suggest 2 constructive points..
1) Are you a "home owner" or using a property as part of the guarantee?
2) I suspect their model is all based on risk. Based on 3.5 years, with minimal credit history and a non-UK licence, I would suggest that there is no single point against you, but when added up, you fail to meet their credit scoring for this level of loan. Those factors (whether you thunk it is right or not) will be the way they manage and contain their risk.
If you are driving here all of the time, why not get a UK licence and revert back to an EU one if you ever need to?
1) Are you a "home owner" or using a property as part of the guarantee?
2) I suspect their model is all based on risk. Based on 3.5 years, with minimal credit history and a non-UK licence, I would suggest that there is no single point against you, but when added up, you fail to meet their credit scoring for this level of loan. Those factors (whether you thunk it is right or not) will be the way they manage and contain their risk.
If you are driving here all of the time, why not get a UK licence and revert back to an EU one if you ever need to?
matrignano said:
Indeed my broker told me that the finance companies wouldn't fund my deal because of this 3 year rule, which is completely bulls
t as confirmed by the DVLA (I even called them to confirm).
Hence why I think this is a discriminatory policy.
Why not simply tell them you don't have any driving licence then? See if that gets you through the process. Yes, it's actually a loan for a car, but it's still an unsecured loan on a 'thing'. I think the EU licence is a red-herring (or at worst a negative pointer on your score) but isn't the sole reason for rejection. t as confirmed by the DVLA (I even called them to confirm).Hence why I think this is a discriminatory policy.
Well, as DVLA site states there is no NEED to swap EU licence for its UK counterpart, but you can do it should you wish. I'm not aware of any law or rule that is broken by living in UK and driving with EU licence.
I'm a bit foggy as to benefits of having a EU licence, mind enlightening me? I personally can't see any - harder to get insurance (many companies won't quote), you're still liable for points on your 'ghost' licence counterpart i.e. if you get enough points to be banned and are stopped by police you're just as screwed as if you would be with a UK licence. Fines are also sent to registered owner of the car, so what am I missing? The only reason I haven't swapped mine is the inconvenience of having to send the passport via RoyalNail as well as the likelihood of DVfrickingLA messing up and failing to consider the time I've had my licence in issuing a new one. The prospect of having to prove you've held it for 10+ years to an insurance company is not a pleasant one.
I'm a bit foggy as to benefits of having a EU licence, mind enlightening me? I personally can't see any - harder to get insurance (many companies won't quote), you're still liable for points on your 'ghost' licence counterpart i.e. if you get enough points to be banned and are stopped by police you're just as screwed as if you would be with a UK licence. Fines are also sent to registered owner of the car, so what am I missing? The only reason I haven't swapped mine is the inconvenience of having to send the passport via RoyalNail as well as the likelihood of DVfrickingLA messing up and failing to consider the time I've had my licence in issuing a new one. The prospect of having to prove you've held it for 10+ years to an insurance company is not a pleasant one.
matrignano said:
Indeed my broker told me that the finance companies wouldn't fund my deal because of this 3 year rule, which is completely bullst as confirmed by the DVLA (I even called them to confirm).
Hence why I think this is a discriminatory policy.
It's not discriminatory at all. They can use any criteria to just your risk-worthiness and I would say that your reluctance to change to a UK license in 3.5 years of being here makes your intentions of making the UK your permanent home pretty obvious. t as confirmed by the DVLA (I even called them to confirm).Hence why I think this is a discriminatory policy.
Just like when the UK/Aussie etc guys couldn't pay their debts in Dubai and they legged it. The same happened here when the banking layoffs began, all the French and Italians who couldn't get jobs after being made redundant got on a Easyjet flight back to the parents.
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