Funding the CPL/I.R modular with a loan

[1andonlyquestion]

Hi there,

passed my ATPL exams a while back and now have the hours to do the flying courses.

Today I applied for a 15k loan with my bank which I've been with for 4-5 years and have my current and savings accounts with plus a credit card with them and my sharesave scheme with my employer all with this bank.

I applied for the loan over 5 years, which the payments worked out just over 300 a month which is definitely manageable. Current income works out just under 3k per month after my deductions and never been declined credit in the past.

Still live at home, BUT not on the electoral role - I was declined the loan application today and the manager reckoned this was the reason so I purchased my credit profile with equifax online.

Has anyone else been in a similar situation who can offer words of wisdom as to how to get about this?

The bank manager advised the best way to do this is to add to my folks mortgage which they have offered to do, but I am reluctant to go this way because I know I can afford the monthly repayments and would like to fund this off my own back so I know I worked for it.

Can anyone shed any light on tactics for next move?

Thanks!

[Whirlygig]

If you're still living with your parents, then the householder has an obligation to include all residents over the age of 17. This would include, for example, lodgers. So, you should have been included!

The electoral roll is due now (Oct) so make sure you're included!

Cheers

Whirls

[G SXTY]

The bank manager advised the best way to do this is to add to my folks mortgage
Funny that. :hmm:

If I were you I'd get your name added to the electoral register then re-apply to the bank. With your income, and assuming you have a decent history with the bank, £15k over 5 years unsecured should be perfectly manageable. They would rather have it secured against property for obvious reasons.

If they still won't play ball, threaten to take your business elsewhere.