Arrears help/advice

[Saxaboom]

I've recieved three arrears over the last year due to an incorrect standing order and late pay dates meaning I had nothing in my account therefore causing it to be bounced back. Since then I have applied for a loan (since paying off my finace) and it's been declined.

My question is, as I have had three or more arrears are they going to decline me a loan for the next six years (I have been told that's how long they stay tagged to you) or is it more likely that because it was literally a day since I had sorted my previous finance, that it wouldn't have caught up with it on my records?

Obviously they are not going to like me having two lots of finance on the go as I only just could afford the last one. Sorry if this seems a bit unclear. I'm young and this is my first attempt of getting a loan.
If it's any help my settlement I have just paid off was £4100 and I'm trying to borrow £5000 over 3 years.
Thanks a lot in advance

Tim.

[DavidHM]

It probably won't take the full six years but they will probably want a year or two of clear payment history before the good lenders look at you again.

It also won't help if the other settlement hasn't shown up yet; effectively you're asking to be £9k in debt rather than £5k. If you're on >£30k pa that wouldn't have been such a problem; on <£15k then that would be a major issue.

There's no hard and fast rule - different lenders use different scoring criteria.

[Saxaboom]

Well I got my experian credit report today which shows no late payments of any kind recorded. Only my current balance on my current finance (which is a good £800 more than my settlement figure???) is shown as any type of payment and that is shown as current and up to date. I'm worried though because that £800 worth is about 5 months of my finance installments?
Am I best to give them a call and ask them what that amount is supposed to be?
Thanks again,
Tim.

[mcflurry]

Saxaboom said:

Well I got my experian credit report today which shows no late payments of any kind recorded. Only my current balance on my current finance (which is a good £800 more than my settlement figure???) is shown as any type of payment and that is shown as current and up to date. I'm worried though because that £800 worth is about 5 months of my finance installments?
Am I best to give them a call and ask them what that amount is supposed to be?
Thanks again,
Tim.

The settlement figure will be lower than the outstanding figure as some of the interest won't be charged for early settlement.