Been refused? Don't panic!
- There are a number of reasons why you could have been turned down, such as:
- You're not registered on the electoral roll at your current address.
- Your credit report contains too much adverse information—such as late payments, defaults or CCJ's.
- You've made too many credit applications in a short period of time.
- Lenders don't think you're in a position to take on further credit.
Review your credit report for free.
You can take immediate positive action by subscribing to a free credit monitoring service. It's recommended that you regularly review your credit report so that you can monitor your financial situation and plan future improvements. Check every entry is correct—for instance, if you've recently moved home, your electoral roll information may be out of date. Query anthing that doesn't look right and update your electoral roll information online via the About My Vote website.
There are three main credit reference agencies. Callcredit offers free-for-life access to your credit report and credit score via the Noddle website. Experian and Equifax both offer a free 30 day trial—just make sure you cancel before the trial is up.
Get free help and advice.
Short-term loans should not be used to manage existing debt. If you're finding it difficult to make your usual repayments, talk to your lender—they could help you to work out a repayment plan you can afford or arrange a temporary payment holiday.
If you're already struggling with debt, you can get help from one of the many free debt advice services available across the UK—choose one that meets the quality standards developed by the Money Advice Service, such as StepChange, National Debtline and PayPlan (online and telephone), or Citizens Advice (webchat).