Is anyone else struggling to raise finance/Get Credit?

[Lynne Baker]

If you look in the back of Private Eye there are loads of ads from people wanting money to "find themselves", take a life affirming trip to somewhere remote and horribly epensive, or to reroof the family seat. I've often wondered whether anyone actually responds to them!

 

[rachael204]

I bank with Natwest, have done for years and have a 4k overdraft facility and the same on a Natwest Mastercard!! I have another current account with them that I use as a savings account with a healthy balance but when I applied for an online savings account with them they turned me down!! They also wouldn't give me a loan but Alliance & Leicester did and I have never banked with them!! Its madness!
Hope you sort something xx

 

[number1kitty]

If you look in the back of Private Eye there are loads of ads from people wanting money to "find themselves", take a life affirming trip to somewhere remote and horribly epensive, or to reroof the family seat. I've often wondered whether anyone actually responds to them!

lol! Fair do's!!! What could I put? Bohemium therapist requires large wad of free cash for helping the rich stay looking younger!

Might have to try it..............

 

[Lynne Baker]

Well, what have you got to lose?!

 

[bombini]

I'm given to understand that the address no longer counts towards your credit rating. I know this because a letter arrived the other day addressed to someone other than either me or my husband telling them that they were sending the boys round as she was up to her neck in debt. Experian told me that our credit rating would not be affected as it all goes on the name, not the address.
Kate, have you tried an ad in the back of Private Eye?!

This is right, an address cannot not be blacklisted and if it is then its breaking the OFT. I used to work for a debt collection agency and this was always drummed into us if a debtor used to question it.

I think the banks will stop giving out credit for a long time. When I worked at the collection agency the amount of debt that used to get wrote off was amazing. Lloyds was one of the worst they would literally lend ANYONE money, I remember having to call OAPS that owed money on £20,000 loans and they used to openly admit they had been on benefits for years and knew they could never pay it back yet the banks practically begged them to take the money !! Also they would lend to people who had not long been in the country who would then virtually disapear overnight and there was no way of tracing them.

I haven't been able to get any new credit since ive been self employed unless its a basic bank account. I had to laugh the other day as I received a letter from one of my credit cards which I had just paid off leaving a nil blance informing me that my credit limit was being dropped from £3000 to £500 in view of my circumstances !!!! So there is me clearing the account in full oweing nothing and quick as a flash they reduce my limit !!!

Have you tried getting a loan through your business bank ? They have been the only ones that have been any help to me.

 

[number1kitty]

I have heard that loads lately. My sister went to book a holiday on her credit card same as she does every year. The card got declined, she rang the company to find out they reduced her £10K limit to £1K Even though shes never used up to the limit and paid it off within 60 days. Weird.

I know what you mean about Lloyds, I bank with them. When I worked for Freedom Finance it drove me mad the situations people were in. They would have 5-6 £10K loans and then credit cards and catalogues and 100% mortgages etc and expect us to lend them more. Joke was providing they were a home owner it was never a problem. I had people crying on the phone because they couldnt afford the debts they had let alone take on more. Annoying thing was often one of them didnt work. I know its easy to get into debt, I am not a saint, I got into trouble years ago with a relationship breakdown and was £50K in debt. Not hard to pay off in a relationship, impossible as a single mum. I took on as much work as I physically could and paid it all off in a year without it leaving a black mark. It wasnt easy I admit, but if you put your mind to it you can sort debt out.

I hear clients all the time saying how much they 'bunked off'. And heres little old me, cant get 1 overdraft or loan lol!

May just do some nursing work and extra teaching and repping etc to raise the money I need, do it the good old hard way. Its just driving me mad that my energy has to be spent elsewhere rather than on what I want to do.

With regards to business banking and having a chartered accountant I cant get a business loan as i need to meet them 50/50!!!

Kate