How long for a decision?

dm1983

I applied for a loan with Co-Operative 8 days ago and was told I should have a decision within 5 working days. 7 days ago I received an update email telling me they would do their best to give me their decision within a few days and would email me if they needed any more information from me.

Is it normal for things to drag on longer before a decision was made?

Ideally this loan will allow me to consolidate all of my current debts and have them repaid quicker (and cheaper) than they will be at present.

The problems were built up during a period of unemployment, but I've been back in work for 18 months now and have not missed any payments since apart, although I've had two defaults which I am disputing added to my credit file.

fozmcfc

Not had an experience of Co-Op myself, but it sounds as if you are borderline whether they are going to lend.

I would say it has passed inital checks and possibly further checks, but one or two items on your credit reports might require further investigation.

If it is for consolidation, companies look at it as further debt still, so therefore if you owe say £5,000 and ask for a £5,000 loan they consider it you will have a debt of £10,000.

This is because you could easily not consolidate your other debts, or you could but then run up the credit cards etc and therefore owe the original amount, plus the loan amount.

Many of us have taken out consolidation loans and done just that.

Good luck with the loan, but hopefully you will get the loan, pay off your other debts and not run them up again and just have the loan to pay off.