Halifax Refusing To Pay Out A Loan

edridding

Hi guys,
I applied for a loan and was approved and recieved a credit agreement which i signed and sent back on 11th September, but the money hasn't appeared in my account.

After a 30 minute phone call, Halifax are saying they tried to contact me by phone to tell me the loan was no longer available. However i don't have a loan offer I have a loan agreement signed by both myself and Halifax.

With the market the way it is i understand why the banks are making it harder for people to borrow. However does the fact that I have a signed agreement mean that they must honour it?

Help!!!!
Thanks Ed

emmah123

all seems abit funny to me they should honor it in my eyes you have both agreed and signed the form so where's the problem did you take a long time to get the paperwork sent back?

chambta

They should honour it but in reality I guess they are well within their rights to override a previously approved loan or simply change their mind. They certainly would, if for example, they suspected fraud of job loss etc etc.

Cat695

No because when you sign the agreement you have a cooling off period(7/14 days) so they do to

di3004

Just a thought, although I do not think its the reason, but with all these changes of these merging (Lloyds), could this be anything to do with it perhaps ?

I would contact them and ask for an explanation myself in case something is up that you will need to know about due to the credit status thing.

Good luck!

iolanthe07

cat 695 is right. The cooling off period works both ways.

TheKeyMaker

The banks also have a prerogative of “change of circumstances”; the bank which you have applied and agree a loan with (Halifax), is no longer the same bank you are trying to get money from (LTSB) … revocation during cooling off period is absolutely legitimate.