Loan offered but need to return to bank in 24 hours?

cc152

Hi everyone,

I had recently applied online for a few different loans only to be rejected each time and not know why. I applied for my credit report etc and eventually decided to make an appointment with my bank (Bank of Scotland) to go in and discuss the matter instead.

So today I went in and applied for £5000, over a 3 year period, and this was eventually accepted under the conditions that my credit cards with them are paid off and cancelled, my overdraft is paid off and removed and also there was an issue with my current account still showing a student status which should have been removed 2 years ago, so this had to be changed as well.

The chap dealing with it though said that a new policy they have is that you have to wait another 24 hours from the loan being offered, before being able to proceed with the arrangements. Does anyone have anymore information on this and why its in place? Im so worried now that I'm going to go back in tomorrow only to find that they have changed their minds or something. Has this ever happened to anyone where they've been told yes, but had to wait 24 hours, and then told no?!

Thanks in advance for any info at all

cc152

jimbms

You will find that due to this loan having conditions that affect your current account etc that they have to give you this cooling off period to think about it. this is primarily for your benifit and for them so you cannot at a future date claim you was pressured into accepting this loan. Don't worry paranoia doesn't mean everyone is against you.

Rossy.

Natwest did a similar thing to me, Took me 3 weeks to get it sorted lol !

Finally got agreed and paid out a few days ago, Reason it took so long was due to incorrect figures entered from the Natwest team but glad i got it sorted now