0% finance thread

I got my Ti Bike using 0% interest thing (Moneyway) in Oct 2010 and paid off everything in 6 months.
Now everyone is using Moneyway (evans, sigma sport etc) Except for CycleSurgery and Wiggle who use V12 Finance.

So I wanted to go for a cheap single speed for everyday/pub use. I chose Specialized Langster 2011 mainly because its heavily discounted currently.

I was denied credit both places! Moneyway and V12 and I have no idea why. Being from India I don't understand the term Credit History much, but what I gather is I have a contract phone which is about to finish in dec 2012 I have never missed a payment on that, I had Sky TV and broadband back in 08/09 for which I never missed a payment. I was never involved in frauds or scams as such. The only thing by far I have missed was £5 a month for a premium bank account for couple of months because I was not in UK for 8 months and there was no to access the account online or otherwise. As far as I can see, credit history shouldn't be a problem? And especially when I had taken a loan of around £1K and paid off in 6 months the same company is denying me the loan of £400!? Didn't make any sense to me.

If you guys have experienced the same with the 0% interest finance schemes, do share you experience. And If you can help me to 'clean' my credit history or what steps to take to get a loan like that that would be great. Any help is appreciated.

I have requested for my credit report as the email shows below:

How long have you been in your current job/address etc etc . These are all taken into account when applying for credit.

Save up.

0% is also a myth.

^ agreed that 0% is a myth
Thats bit tricky.
I started my job in Aug 2009 then in Nov 2010 my visa ended so had to go back to India till me work visa was being sorted out, spent 8 months there and now I am back.

Before I left I was living in a house where I was sharing a room with my girlfriend (thats when I got my Ti bike) now that I am back I am living with some friends down in Putney where I am a sub-let.

http://www.experian.co.uk/

^ I used them to check my credit history (which is linked to your name and address (stupidly) and other shit) before buying a place to live in.

Sub-let = no address = No Credit.

I have requested my credit report from here: http://www.callcreditcheck.com/
That website was suggested by V12 finance as they have used their data to check my credit history.

Also since I dont know what a credit report looks like, whats exactly in it and is there a way to 'repair' my credit history and make myself eligible for a loan again?

CallCredit Check website says this:

We are currently working to resolve a validation issue on your report. Please bear with us and we will contact you as soon as this issue is resolved. Thank you for your patience.

Approximately how much time does it take to generate a credit report? is it Free? The V12 email specifically told me that they didn't use Experian or Equifax.

so andy what can I do to get a loan? Should I ask 1 of my friends and then pay him?

http://www.lovemoney.com/news/debt/debt/477/why-you-cant-get-credit

Beware the Experians. They sneakily end up taking £15 a month for your "free" credit report.

Save. Don't borrow.

so andy what can I do to get a loan? Should I ask 1 of my friends and then pay him?

Yes.

A lot of companies will give you a straight refusal if you are not on the local registor of electors- which if you are sub-letting is doubtful.

Beware the Experians. They end up taking £15 a month for your "free" credit report.

Only if you're a muppet and don't cancel it.

It was made plainly obvious to me they would charge after a month.

I can help 'clean' your credit history if you PM me your address, a copy of your passport and birth certificate and bank details

I find credit ratings a bit hit and miss. Sometimes I am accepted, other times not. I think it all depends on the agency they go through

On a credit related note- I have a credit card that I pay off every month, so the annual interest rate is not really a concern, however if for some reason I did not pay the balance off it would be- and my rate is stupidly high, 29% or there abouts.

I mentioned this to HSBC who basically said "yeah, problem?"

Anyone got any experience of making HSBC rethink these things, or can recommend a decent card provider with a lower rate of interest?

http://www.moneysavingexpert.com/

how can i be on the local registor of electors, i am an immigrant ;) (i have no right to elect in this country)

Then you might be buggered me old china

on a totally different note how is this deal/bike?
http://www.evanscycles.com/products/fuji/track-10-2011-road-bike-ec024651?utm_source=froogle&utm_medium=froogle&utm_campaign=froogle

that works out at £54.10 a month when I pay £100 at the time of purchase with a moneyway loan (considering I take a loan on my friend's name and pay him every month)

On a credit related note- I have a credit card that I pay off every month, so the annual interest rate is not really a concern, however if for some reason I did not pay the balance off it would be- and my rate is stupidly high, 29% or there abouts.

I mentioned this to HSBC who basically said "yeah, problem?"

Anyone got any experience of making HSBC rethink these things, or can recommend a decent card provider with a lower rate of interest?

Balance transfer when you are reaching the end of your 0% term. Tis what I do, granted you are charged maybe 3% on average but you shop for another card and pay 0% interest for the agreed term. Repeat until paid.

I thought you had to be a permanent resident to get credit. From what you're saying, you aren't.