Loan Application Agreed then Declined!

andrewj2202

My wife and I have a loan with RBS and looked to additionally borrow a further £2000. We applied approx 6wks ago online and due to going away and getting our daughter ready for school for the 1st time, delayed sending the agreement form back. When we did send it back we received a letter back telling us that they could not process it due to it expiring and to reapply should we still require the loan. I did this over the phone after my wife tried to do it again online and it was declined. When I attempted to do it I was told we had passed all the affordability checks but it was again declined. How can this be when only 6wks previous the same loan was agreed?!
And also, do the 2 other loan applications that RBS advised us to do go on our credit rating etc? And where do we stand if we want to apply elsewhere? Will it be the same response?

MadelinesMum

Hi, we have just had a similar thing happen to us with Santander (was A&L). We have a loan with them and asked to borrow more, was told yes by the bank manager, then when the application went through it was declined. We are also unsure whether to apply somewhere else. I hope you get yours sorted. x

KingElvis

Yep, searches will be mounting up and more than 2 or 3 in one month, regardless of lender, will lead to a decline.

It's called the "desperation cycle" by the banks or some such shizzle.

Wait a few months and the try again.

MadelinesMum

Thanks, I thought that might be the case.

immoral_angeluk

Appeal it. I was declined by my bank for some unbeknown reason, but when I appealed it and they passed it to the underwriters it was accepted without a problem.

MadelinesMum

Hi, well I just checked my answerphone and Santander have left me a message saying they will phone again tomorrow. I wonder if they have changed their minds?

MadelinesMum

Well "Santander" phoned again asking me for OH's security questions and would not say why they were phoning. OH had his suspicious head on and would not give them. He was worried it was a scam. They pestered him a bit and then they put the phone down - so I'm not sure whether it was them or not. Oh well, if it's that important they will write. Grrr.

Apples2

Be very careful. Santander would likely have passed his details on as "Someone desperate for a loan".

The thinly veiled guises during these phone calls disguise the fact they are simply trying to harvest his account details so they can take the "application fee".

Shake your OH around the room until this message gets through...

DO NOT GIVE OUT YOUR ACCOUNT DETAILS TO ANYONE, NO MATTER WHAT THEY PROMISE.

MadelinesMum

Hi, thanks apples. I have warned him about various cons/scams and I'm so glad he refused to give them any info. I think it probaly was fake because they put the phone down when he refused

Edit
Oh and another thing they said was "you will keep receiving phone calls from us until you give you correctly give your security details".

Apples2

Almost a certainty then they will continue to pester until they get the account details.

Doubt it will always be the same company, once they smell flesh, they will be queueing up.