Ulster bank Loan

PROLIANT

Hello guys, hope you are enjoying your weekend.
Just a quick question for the guru's out there, I have been trying to obtain a loan for the purpose of debt consolidation, as I already bank with Ulster Bank in the form of a credit card I thought I would try them for a loan, I got all the way to the end of the application and it said that they would send some documents to sign which arrived today.
A credit agreement and a loan account form have arrived amongst other stuff and a DD form to sign, they have searched Experian and Equifax so does this mean I have been approved or could they still decline the loan?

Any help would be greatly appreciated, thanks in advance.

Proliant.

never-in-doubt

PROLIANT wrote: »

Hello guys, hope you are enjoying your weekend.
Just a quick question for the guru's out there, I have been trying to obtain a loan for the purpose of debt consolidation, as I already bank with Ulster Bank in the form of a credit card I thought I would try them for a loan, I got all the way to the end of the application and it said that they would send some documents to sign which arrived today.
A credit agreement and a loan account form have arrived amongst other stuff and a DD form to sign, they have searched Experian and Equifax so does this mean I have been approved or could they still decline the loan?

Any help would be greatly appreciated, thanks in advance.

Proliant.

You'll find that Ulster bank, in line with the rest of RBS, issue these and then they get checked upon return. Basically you've not been accepted but you've definitely not auto-failed which is obviously a good sign.

They wouldn't be able to check the credit card, too many people think if you have one account with a lender, then apply for additional accounts that they can just log-in and 'check' the existing account which in theory cannot be done unless you specifically authorise this in writing, usually if they decline you and you decide to appeal.

It would breach DPA for them to cross-check all accounts so they treat you as a new customer but share the data available on any customer reference as opposed to account specific data. So what this means is as an existing customer, Ulster would have seen your 'internal behaviour score' and may have awarded you more points for this but until they have your signature on that agreement they will not say yes or no.

Its a bummer but the way of the world with RBS Group.....

Good Luck with the application though - let us know how you get on please and also, if anything comes from AVU in Edinburgh (Application Verification Unit)....

:beer:

PROLIANT

Thanks for the info NID, Posted the agreement off today, the documents came from Belfast and were returned there.
I will post an update once Ulster has made their decision.

never-in-doubt

PROLIANT wrote: »

Thanks for the info NID, Posted the agreement off today, the documents came from Belfast and were returned there.
I will post an update once Ulster has made their decision.

Excellent news - so long as things stay in Ireland then it's looking good cos all fraud or referrals are sent to Edinburgh so if you get a letter from Edinburgh, then take a deep breath first as it will be hit-or-miss.

I'd say, looking at it so far you have been successful but fingers crossed.... :T

PROLIANT

Docs would have arrived today, processed today/tomorrow I will guess that I should hear from Ulster Bank either Saturday or Monday ish.
Clearing my credit card debt with this loan will give me around £200 per month free cash to play with, the APR quoted on the CCA is 18.9%, not bad considering my Halifax loan is 27.9% APR.

never-in-doubt

PROLIANT wrote: »

Docs would have arrived today, processed today/tomorrow I will guess that I should hear from Ulster Bank either Saturday or Monday ish.
Clearing my credit card debt with this loan will give me around £200 per month free cash to play with, the APR quoted on the CCA is 18.9%, not bad considering my Halifax loan is 27.9% APR.

Excellent - fingers crossed. Thats the weird thing with lenders, it would be obvious that you'll be better off if they give you the loan but they may still decline and you think ' what'! Why! Nightmare but hopefully you'll get one and get rid of that awful awful halifax thingy...... :rotfl:

never-in-doubt

Have the bank from del-ireland said yes then? Bloody better had after this length of time!

PROLIANT

never-in-doubt wrote: »

Have the bank from del-ireland said yes then? Bloody better had after this length of time!

Nope they have screwed up, I applied online and selected the term for the loan (36 months) to be told the application has been cancelled as it is void because their business rule is that the maximum term for £2000 is 24 months, it was their fault, their system allowed it to go through and now they are saying they need to re-key the application and I said no because they have already credit searched me, I demanded to speak to an underwriter and they have started an investigation - yet to hear from paddy with an apology and a solution to the problem.

never-in-doubt

PROLIANT wrote: »

Nope they have screwed up, I applied online and selected the term for the loan (36 months) to be told the application has been cancelled as it is void because their business rule is that the maximum term for £2000 is 24 months, it was their fault, their system allowed it to go through and now they are saying they need to re-key the application and I said no because they have already credit searched me, I demanded to speak to an underwriter and they have started an investigation - yet to hear from paddy with an apology and a solution to the problem.

Bloody hell, thats a nightmare! To be fair the easiest way around this would be for them to increase the loan offer to £3k, assuming you would be happy with this - then no re-keying would be necessary as they could just increase the loan, and manually offer it based on previous terms.

In fact, changing from 3 to 2 years itself isn't an issue either so they must be inept at the basic of things :beer: