Why finance could have been refused

In Brief...

• Why some finance orders may be declined
  When you apply for finance your details are passed to a company called V-12 Finance who offer private customer credit on our behalf. All applications are then "credit scored" by the principal lender, a company called Clode Retail Finance. The credit scoring process takes into account the information that you've provided on your application form plus any information held about you on central credit referencing databases. Based on this information, the principal lender decides whether to approve or decline your application. If it is declined the lender will not provide you with a main reason but it is usually based on one, or a combination of the following:
  
  1) Your credit score (please note that every finance company will score you differently)
  2) Adverse credit reference agency information
  3) You are considered to be overcommitted
  4) You are aged under 18
  5) Your existing account performance with other lenders
  
  Due to the Data Protection Act, the principal lender cannot give Dabs any information regarding their decision and as such, we are sorry that we are unable to give you any information on why your application was unsuccessful.
  
  
• How you can choose an alternative payment method
  If your application is declined we appreciate that it can be frustrating but if you wish to continue with your order using an alternative method of payment we have made this easy for you to do. You can amend your order within the 'My Account' area and choose to buy using a credit or debit card. Your order will remain on our system for 7 days to give you time to decide whether you want to use an alternative method.