**** Finance Options arrive at OcUK ****
- Thread starter RTB
- Start date
Got rejected anyway
Bad credit history?
I'm thinking of getting it but will probably get rejected because of my student loan?
Also, can anyone answer my question from above?
Thanks.
I'd be amazed if Student Loans had an overly adverse affect on credit history. The way it is structured, you pay hardly anything (9% of salary >£15k) and thus you can never really default on a payment assuming it is coming out via PAYE. If your income falls under the threshold the repayments stop and so it doesn't have that much of an effect on your ability to repay 'proper' debts. When I applied for a mortgage, they didn't even care about it.
Nope credit history is perfect.
Can you pay off the full amount before the loan ends? I understand you're given a settlement date but can you settle in say 3 months time instead of 6 months?
Also can you pay off parts of it during the interest free period?
Also can you pay off parts of it during the interest free period?
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Hi,
Yes, you can pay off the loan in full at any point.
Unfortunately there is no point paying off parts as the end goal is to settle the lot - keep your cash until you can afford to settle 100%. Obviously doing this before the end of the interest free period means exactly that - no interest.
Hope this helps....
Hi, no the rates you are quoted are the rates that you get - I understand that there is no plan to adjust rates as yet.
I don't get it, apparently I'm not good enough for the finance of BNPL (6months)
I'm a student with a £1250 over-draft, working 20hours a week with enough money to pay back (living under parents roof).
Getting rejected for this feels as bad as a rejection during a night out
I'm a student with a £1250 over-draft, working 20hours a week with enough money to pay back (living under parents roof).
Getting rejected for this feels as bad as a rejection during a night out
I don't get it, apparently I'm not good enough for the finance of BNPL (6months)
I'm a student with a £1250 over-draft, working 20hours a week with enough money to pay back (living under parents roof).
Getting rejected for this feels as bad as a rejection during a night out
Unfortunately not all applicants make it through the very tough criteria - from our perspective we wouldn't wish to put anyone into debt that cannot afford to get out of it equally we'd like as many people as possible to enjoy the benefits of deferred payment.
Here's an section from the Finance T&Cs on our site;
If you decline my application, what is the reason?
In addition to credit scoring, we also take into account confirmation of your identity, validation of certain application details, existing commitments and information held at the credit reference agencies. Though we are unable to provide you with a main reason for decline of your application, it is usually based on one, or a combination of the following:
Your credit score (note that every finance company will score you differently
Adverse credit reference agency information
You are considered to be overcommitted
You are aged under 18
Your existing account performance with other lenders
What type of information do credit reference agencies hold about me?
Some of the information is public information, for example electoral roll, County Court Judgements and bankruptcies. Other lenders may also file information about accounts you hold with them for instance this could include your payment history and outstanding balance on these accounts. Any requests for credit, where a credit reference search has been undertaken, will also be filed, although the result of the request is not recorded.
How do I obtain a copy of this information?
You should send a cheque for £2, made payable to the relevant company, together with details of all addresses at which you have lived over the last 6 years:
Consumer Help Desk Experian Limited PO Box 8000 Nottingham NG1 5GX
or
Equifax Department 1E PO Box 3001 Glasgow G81 2DT
You can also find out more about credit decisions by visiting the above companies' websites: http://www.experian.co.uk/ and http://www.equifax.co.uk/
The above listed agencies will provide details of information relating via these addresses. If you believe that the information is incorrect, you can ask the agency to correct it.
You bought an Xbox on finance?hahaI'm currently doing that with my Xbox360.
Bought it in December 2006 on finance to bump up my credit history with the intention of paying it all off in a few months.
The £12 a month is still going out of my bank account to this date. I think I'll pay it off soon because spending £500 (total repayable) on an Xbox 360 is not fun.
No wonder debt has become such an issue in this country...