Browse Sections

Interactive

Popular Sections

Weather

Showers around early

Personal Finance

Balance Transfer

Card	Typical APR

Barclaycard Platinum	15.9%
NatWest Platinum	16.9%
Royal Bank of Scotland Platinum	16.9%
Virgin Credit Card	16.6%
Egg Card	16.9%

Customers with a 'good' credit profile

Company

Typical APR

Platinum Exclusive	7.8%
Sainsbury's Personal Loan	7.9%
Alliance & Leicester	7.9%

Fees may apply

Barlow's brief

| Submit Comments | Comments (13) | « Previous Story | Next Story »

Who does qualify for credit?

Vic Barlow

May 13, 2009

IF YOU’RE wondering how we can possibly pour billions of taxpayers’ money into bank coffers and still have a credit crunch…read on.

A family friend leased a car for £400 per month. At the end of the three-year term she returned the motor and chose another model on exactly the same terms.

Given the economic climate, she decided when that contract recently expired to find another car at the same repayment.

To her absolute amazement, the company she’d been with for six years refused her finance. Having not missed a single instalment, she pressed her case, only to be informed that she did not meet the criteria.

Is it any wonder the motor trade and half the country’s industries are on short time working?

Not long ago banks and finance companies were bombarding us all with ludicrous offers of unsecured loans. The only ‘criteria’ being that you had the necessary strength to open the envelope.

Now the insanity of that strategy has clearly failed, they appear to have lost all perspective with demands for fiscal security no one can meet.

It’s the banking equivalent of demanding a tenner for a previously free newspaper.

The views on this page are Vic Barlow's and not necessarily those of the Express

| Submit Comments | Comments (13) | « Previous Story | Next Story »

Most recent user comments 13 of 13

1 Show 25 | 50 per page

Hello Hatch, how wonderful to have you posting again, have you been well?, I hope so. 3 lenders have returned to the market place with 95% LTV deals and HSBC have committed £1bn to 90% LTV lending so the green shoots of recovery are evident in the mortgage market, we are of course a long way off a recovery.

We all agree with Victor from time to time, do you not agree that life would be dull if we all agreed all the time?

Anyway, have a super weekend, hope to see you posting soon.

slinkywizard, Macclesfield
15/05/2009 at 14:16

"Hatch" that is simply a straw man. It matters not who says things, but rather what is said. And everyone is entitled to express an opinion, even those who disagree with Mr Barlow. So, people have put up some points for discussion and it would be interesting if you would address them rather than just commenting on the people who put them up. Oddly enough, recently my credit card company offered, quite out of the blue, to increase my limit! So loans are not unavailable. But each person's case is different and the lending institutions will make their decisions based upon a number of criteria, not just one

MaccSpider, http://spidercomment.blogspot.com. Puppet tales
15/05/2009 at 13:43

yes, jumpers for goalposts etc

The Satisfied Customer,
15/05/2009 at 13:08

Perhaps so many of you disagree, for one reason - That Vic Barlow expressed the opinion.

He is fully entitled to express an opinion on this, and lets be fair, he is spot on with this. If you do not agree walk into any financial institution and ask for a loan.

Perhaps you should not ask as a refusal may offend your sensibilities.

Hatch, Macclesfield
15/05/2009 at 12:56

Hi old sailor, I hope you are well, the point I wanted to make is that there are many factors that contribute to whether a person has credit worthiness, these include payments of debts, income, outgoings, status of employment being major factors.

A negative change to any of these factors can stop someone getting credit, I guess the message is that payment history is a major part of lending policy but it is not the b all and end all.

I salute your attitude, vote, have your say, I wish more people would.

Have a great weekend, lets hope the weather improves and England win the test match.

slinkywizard, Macclesfield
15/05/2009 at 09:49

Agreed SW, she may have other bad debts. Also the company is perfectly entitled to change their lending policies. Vic has been blasting lenders for bad lending, now they are tightening the reigns and he still manages to moan.

The Satisfied Customer,
15/05/2009 at 02:57

Who is ganging up? It's called a discussion, and in discussions people express different opinions.

Lending decisions are not just made on past payment records but current and predicted circumstances.

MaccSpider, http://spidercomment.blogspot.com -:- welcome
14/05/2009 at 17:10

Why do you all like to gang up on people for expressing an opinion. I find it strange and laughable when you seem to be out of touch.

12months ago financial institutions would lend anything to anybody. That is why they got into trouble, lending to people who did not have a "Cat in hell's chance of paying it back.

Now you get people, and bisinesses who have not defaulted finding it impossible to take out a loan. Even more irksome when the Banks have been given the money by this hopeless government regime.

For the first time in years I will vote in the European elections and changing my allegiences to UKIP. Why, because I demand a say in our European future. I want the referendum I was promised.

In the meantime the banks should stop hoarding their ill gotten gains and show some honesty and decency.

Old Sailor, Macclesfield via Elgin
14/05/2009 at 16:33

Its Mr Wizard.

I think you will find Vic is the one moaning but thanks for your input, I will re evaluate my outlook.

Cheers Junior.

slinkywizard, Macclesfield
14/05/2009 at 11:42

Banks / Finance companies are v. risk averse these days, Junior Macc Lad you would have been refused credit then due to having a low earning capacity.

Percy, Australia
14/05/2009 at 04:53

You mistake commenting for whinging.

Slinky, you make an interesting observation and, as so often, these things can more complicated than VB would have us believe. Could there be anything else that had changed in the 3 years? Job, marital status, mortgage, other loans etc?

MaccSpider, http://spidercomment.blogspot.com -:- welcome
13/05/2009 at 17:38

Miss/Ms Wizard do you ever stop whinging. Have you recently been turned down for credit? Well I have and I have no debts, court orders or failed payments. The Government have bailed the banks out, who are not passing on that money.

Mr. Barlow for once is spot on. His article does say she had not defaulted on any payments. She must be a bit soft in the head leasing a car in the first place.

Junior Macc Lad,
13/05/2009 at 17:15

Half a story, how do we know that your friend had not missed umpteen payments on a credit card or had a dozen CCJ's.

slinkywizard, Macclesfield
13/05/2009 at 14:00

1 Show 25 | 50 per page

Add Your Comments

Loading poll, please wait...

Macclesfield's definitive entertainment guide.

Search and rate restaurants in Macclesfield

Search and rate bars and pubs in Macclesfield

Macclesfield Express

Site navigation