personal loan signed & agreed and then declined

french37

hi there

last week called natwest to check my overdraft limit, spoke to a guy who said all was fine with that, he then said that i could apply for a personal loan,was a bit surprised as i have one already and 2 months ago i tried to apply again to get a bit more as had been on maternity leave (was a bit tough financially) and it was declined! we went through a long application and said everything was fine, gave me the repayments amounts etc...he said that i should received the paperwork within a couple of days to sign and return to natwest and then the money should be in my account within 2 days.received the agreement (the blue form which i read,signed and dated and returned to natwest, got the copy as well of this agreement.called natwest today and they said that the loan was declined!!!!! a bit baffled & confused about it. Has anyone heard of this before, is it legal, can they do that. It is very distressing as i wanted to pay as much debts as possible with the amount agreed.Can anyone help???thanks

Credit-Crunched

french37 wrote: »

hi there

last week called natwest to check my overdraft limit, spoke to a guy who said all was fine with that, he then said that i could apply for a personal loan,was a bit surprised as i have one already and 2 months ago i tried to apply again to get a bit more as had been on maternity leave (was a bit tough financially) and it was declined! we went through a long application and said everything was fine, gave me the repayments amounts etc...he said that i should received the paperwork within a couple of days to sign and return to natwest and then the money should be in my account within 2 days.received the agreement (the blue form which i read,signed and dated and returned to natwest, got the copy as well of this agreement.called natwest today and they said that the loan was declined!!!!! a bit baffled & confused about it. Has anyone heard of this before, is it legal, can they do that. It is very distressing as i wanted to pay as much debts as possible with the amount agreed.Can anyone help???thanks

quite common sadly, sorry to hear you have been let down at the last minute.

The loan agreement is purely an offer, this needs to be counter-offered by the lending institution, they will ahve someone who is able to 'seal' the document, only then is it a legal binding contract.

Their argument will be the decision is not final until signed.