Help!! Loan been accepted or not??. Please help URGENT.

sal_dar

Hi all, Please i hope somebody, anybody who can help me. I applied for a loan for home improvements with my bank about 10 days ago, after various checks from the bank i was asked to add my partner on my loan application as a joint application so we agreed to do and did just that. 5 days later i was told by the loan department that my loan application has passed and also offerd some addtional amount money on top of the loan amount i origanlly applied . I accepted the offer and was very pleased with the decetion. The bank then sent me loan documents by special next day courier to sign and send back with the courier. I later telephoned the bank's loan dept to go over the fact's, figuers as i have now signed the document for the loan and get told that my loan is still pending and they need to do futher checks and until then i am going to need to wait for decition even though they knew i was sent loan comformation documents where sent out to me. I challenged the bank in regards to all what was sed and done but they are not admiting i was offerd the amount they said.

Can i get any justice?? is there anything i can do???

Is this right?? can any Loan company do this me?? i know that me and my partner has no defaults, ccj's or or any bad information on our credit files.

PLEASE HELP.

wayne99

yeah, they can, it is there money.

I hope you get your loan, perhaps it would be worth naming and shaming the said bank perhaps there is an employe on here who can explain further or someone who has had the same experiance.

sulkisu

Yes the banks can do that. You have no 'right' to a loan and until the money is in your account, they are free to change their minds or withdraw their offer.

As for 'getting justice', please get a grip. I suspect this a case of someone getting their wires crossed. Perhaps you misunderstood what they said, or what they meant. Either way, you haven't actually been 'wronged', as I said before, you don't have a right to a loan. You have asked and they can say 'yes' or 'no' or 'maybe', or even 'yes..no...yes...maybe'.

If you don't like it, apply elsewhere or forget the loan and save up for what you want.

GlasweJen

Halifax wait until they've got the documents off the couriers before they proceed with the loan so maybe this is what's happening?

CHR15

What Injustice do you think you have suffered??

Do you have any idea what you actually signed (which the courier bought)??

Why on EARTH would you sign something, and then ring them to discuss the facts and figures?? Why not read it, digest it and UNDERSTAND the form before putting pen to paper??

thriftymomma

It is annoying when they tell you that you've been accepted, when in actual fact they mean, "you might have been accepted."
I have found the best thing with these things is to never think of them as a given until the cash hits your account.

outofbounds_2

Is the bank in question Halifax, by any chance? If so, it is quite possible that the loan can be showing as 'pending' even after you have been told that you've been accepted. This simply means that you have passed the credit score part of the assessment process, but still not fulfilled all our additional checks, such as employment or fraud. This tends to be the case if you are not a salary funded current account customer, as we are unable to see who you receive bank credits from. Although some underwriters simply request bank statements to satisfy the application, others don't.

Has your job title changed since your last application? Although subtle changes are expected, a system called ''detect'' (how original) is desinged to look for fraud if either your job title or length of time with an employer doesn't add up.
E.g,

1)You applied for a credit card last year and had been with your employer two years, but for this application - a year later - you're saying you have been there 6 years.

2) The job title you declared on a previous application is now completely different to the new one being declared, be it in terms of salary, skills required, position, field, etc.

You mention that you had to add your partner to the application. Is he/she an existing customer? If not, it may be the case that they could not be electronically verified, and so identity and address checks need to be carried out - you will be contacted directly be the vetting dept if this is the case.

If the bank is Halifax, then I'm confident that you will have been accepted - provided the information you gave was accurate. The system used to key Personal Loans literally prevents the courier being booked unless the loan has been ''offered''.

Hope this helps - and that I didn't bore you all

lifesuckssometimes

No injustice just checking and weighing up the risks

sal_dar

Thank guys for your replies, Yes I can conform that the bank in question is HALIFAX; I have been told now by the bank that the loan is pending and should get a decision soon after some more checks have been made. It’s very frustrating and a stressful position to be in especially when we expecting a new arrival in 3 weeks as my partner is expecting, our first. The reason for me applying for this loan is because I started refurbishing part of the house as I need it before the baby arrived. The work extended which was un avoidable and spent more cash on it then intended. Now there are some parts of the house which is not completed and meaning some floor boards missing carpets missing doors ect... which is not suitable for a new born. I thought when the loan was offered to me and my partner took a big weight wait of our shoulders but now its return like a big black cloud over our heads.
If there is anything anyone can help me with any ideas then please post me with deatils.

Thanks to all again.