HSBC Graduate Loan

I've been reading a few posts on this topics, but wanted to ask for some more specific advice in regards to my circumstances.

I have just gained full time employment starting tomorrow. I need to get a loan and I plan to wait until my first salary has gone in before I go and try to set it up. I want them to see how much I get per month so I can show them my budget and how I will be able to afford the loan.

My worry is that after studying for four years and pretty much living in my overdraft for the majority of that; they will see me as an unsafe investment. I think I may have also gone over the overdraft limit on a couple of occasions....not by much but still over it.

Another issue is that I have a default payment from a couple of years ago. I had cancelled my mobile contract but I got some idiot on the phone who didn't actually process the cancellation and of course I was charged. I disputed the payment with HSBC and they put the £40 back into my account and cancelled the direct debit so it wouldn't happen again. In response the mobile company got a debt collection agency to hound me while I argued it was their fault and I ended up paying them just to make life a little easier on myself. Not a smart move I now realise, but I followed the advice of my parents that such a small sum wasn't worth the constant intimidating phone calls. This was around 3 years ago now, so I could maybe write to the phone company and ask them nicely to remove the default as I paid the amount and interest....but lets pretend they say no and the default is still present.

I have now paid off my overdraft and have a balance which is £700 in credit. This is due to my grandparents giving me £2,500. I was thinking of using some of this to pay off my HSBC credit card, but I have heard paying lump sums off can actually lower your chances of getting credit in the future, so I'm not sure about this.

I am now in a position where I need to loan about £8,000. It is going to be spent on a car and insurance because I have a large amount of travelling to do to get to work (and possibly commuting to see clients) and I'd prefer to get something thats going to last me a good few years, not something cheap that I'll need to repair every 5 seconds. My monthly income should be around £1,333 after tax and I want the loan for about 3 years so it's around £275 a month. I only have £50 a month for other bills such as phone contract, store card etc, and my parents are allowing me to live at home for £120 board per month. I guess I would need to keep £100 per month for diesel, the rest is likely to be space cash/savings.

I was just wondering what people think the likelihood is of receiving this amount? Does anyone have experience of being rejected for the loan and what the reasons given were? I obviously don't want to ask for it, have it rejected and then struggle to maybe get finance somewhere else.

HSBC Graduate Loan

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