trying to get a loan using my SLA address

Discussion in 'Finance, Property, Law' started by ulsterman82, Jan 27, 2007.

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  1. Can anyone please suggest a forces friendly bank/loan company, who accepts addresses from soldiers living in single living accomodation on an army barracks. Ive tried numerous companys, but all have denied me a loan because i live on camp! i cant use any other address but my SLA one! Any help would be greatly appreciated thanks.
  2. ViroBono

    ViroBono LE Moderator

    Most lenders will use both credit scoring and credit checking when considering loan applications. They aren't supposed to tell you why you have been rejected, and living in SLA should be no different to any other rented accom.

    You will stand a much better chance if, in SLA, you meet certain criteria:
    - being on the electoral role - this is really important
    - having a landline phone/broadband in your room in your name
    - having a mobile phone on contract
    - having a credit card registered to that address

    There are a few other things you can do to increase your chances. The first is to request that any decision made solely by an automated credit scoring system (e.g. 'computer says no') is reviewed by a person - this will give you an opportunity to provide additional information.

    The second is to get hold of your files from the three main credit reference agencies (Experian, Equifax and CallCredit) - Google credit reference agency for details of how to do this. Check your file to make sure it's accurate. Whilst CRAs do not hold 'blacklists', it's possible that with addresses like SLA, your name might have become 'associated' with others at the same address. You can resolve this by issuing a 'notice of disassociation' - the CRAs will tell you how to do this when you get your file. Also check to ensure that entries in your file are accurate - and get any that aren't corrected.

    Note that every application is recorded on your credit reference file, and the more searches on file, the harder it can be to get credit, so some research on whether you are likely to meet the criteria or not may be useful before actually applying.

    It may also be possible to get a loan through an independent financial adviser, but this may be at higher than standard rates of interest, because of the perceived risk.

    Incidentally, the issue of military personnel being discriminated against in this way by lenders is something that BAFF will be seeking to do something about in future.
  3. IS Ski Geek

    IS Ski Geek War Hero Moderator

    I tried this when i was a singly. The drama is that someone within the block in the past will have defaulted and the address will be blacklisted. Your best bet is to try and put everything to your parents address. Not only will this help for postal voting etc but will save you having to change everything every time you are posted. All your parents would have to do is put a pre made sticky label and throw it back in the mail box with a thing say please redirect et voila no charge.

    Hope this helps
  4. ViroBono

    ViroBono LE Moderator

    Credit reference agencies do not keep records based upon addresses - just individuals. There is no such thing as a blacklisted address or person. All the CRA does is provide the details that it holds (which are provided by lenders) to a potential lender - it is the lender who makes the decision.

    As I explained above, if someone else at an address has defaulted, and has become associated (in CRA files), with a current occupant, this can be changed - and the CRAs are obliged to change it unless it can be proved that there is a relationship. If a lender or CRA refuses to change incorrect info on CRA files they can be prosecuted by the Information Commissioner.

    Using parents' address is fine, in the short term, and can be useful in building a credit record. However, living with parents will score much lower on credit scoring systems than living in rented accom (owning your own home is the highest scorer).

    However, CRAs link addresses, so unless your bank and every other account (mobile etc.) also uses the parental address, the SLA address will come up anyway.
  5. Best ask Forces Financial
  6. I asked this question to Forces Financial once and got no reply. I get the feeling all they are good for is as an Insurance Broker, which is not what their name implies..
  7. ViroBono

    ViroBono LE Moderator

    From Forces Financial website:

    They go on to say that they provide banking services 'at branches in UK, Germany and Cyprus' in association with Abbey National. Presumably loans are part of this, though how many branches there are, and whether the FF/Abbey loan application procedure is different to anywhere else is another matter.
  8. You cannot (AFAIK) apply for a loan at these Abby Branches.