Nat West - Loan agreed in principle

Lindopski

Hello

I have applied for a £5000 loan with the National Westminster bank and I have had my paper work through and sent it all back off.
I called them up as I don't have the last three months wage slips they were asking for on the form as I shred them.
The chap on the phone said not to worry just get the form back as my wages are paid each month into my Nat west account.

I had a £3000 loan with them until last year and never missed a payment so I assume that will stand me in good stead.

Do you think it is likely to go through ? - I am about to place a deposit on a car you see and although I have explained the situation to the seller it would be a pity to miss out on it as it is a bit of a bargain.

many thanks in advance for the assistance.

BugsyBrowne

Lindopski wrote: »

Hello

I have applied for a £5000 loan with the National Westminster bank and I have had my paper work through and sent it all back off.
I called them up as I don't have the last three months wage slips they were asking for on the form as I shred them.
The chap on the phone said not to worry just get the form back as my wages are paid each month into my Nat west account.

I had a £3000 loan with them until last year and never missed a payment so I assume that will stand me in good stead.

Do you think it is likely to go through ? - I am about to place a deposit on a car you see and although I have explained the situation to the seller it would be a pity to miss out on it as it is a bit of a bargain.

many thanks in advance for the assistance.

Can't see there being a problem Aslong as your credit report hasn't changed much since your last loan application.

Obviously if you have late/missed payments since your last loan or got into more debt this would be taken into account.

Lindopski

thanks for the info

hopefully I will be ok - the only negative I can see causing me grief is the £200 wonga loan I took out last week to cover till payday.
I havent used wonga for a long time but with a 30th birthday, mothers day,Mothers birthday, two concerts, a poorly car and about 20 other reasons to spend lots of money this month I just wanted a cushion for fuel to work.
That is paid back Thursday and may go against me but other than that I should be ok.

Still fingers crossed I suppose.

BugsyBrowne

Lindopski wrote: »

thanks for the info

hopefully I will be ok - the only negative I can see causing me grief is the £200 wonga loan I took out last week to cover till payday.
I havent used wonga for a long time but with a 30th birthday, mothers day,Mothers birthday, two concerts, a poorly car and about 20 other reasons to spend lots of money this month I just wanted a cushion for fuel to work.
That is paid back Thursday and may go against me but other than that I should be ok.

Still fingers crossed I suppose.

Agree cant see £200 putting the lender off.

Good luck

Lindopski

I haven't heard anything yet, but to be fair I am not sure if I will - do you guys know the procedure that is taken in cases like this.
Do the bank call you to say you have been successful or do they just put funds into the account.
equally
do they call you to say sorry your application was unsuccessful too.

I sent the papers off on Saturday but the post wouldn't have collected till Monday after 5pm so I assume it will be today that they receive them.

My only concern is the chap I am buying from is on hold because of me till I can give him a firm confirmation. I don't want to mess him around, and that alone concerns me more even than actually getting the cash as I wouldn't like it myself.

If I am passed or declined I would rather know quickly so I can tell the chap I am coming up for it on Saturday or its all gone pear shaped and to re-list the car (I'll tell him to take the re-list fee from my deposit in that case as its only fair)

Apples2

Would the seller be happy to return most of your deposit? Most dealers would simply keep it and wage war against you.

Most applicants get a response in the mail but if they only received it today, I would give them a call tomorrow.

I would never advise committing to a large purchase without the funds in place. You are at risk of losing your deposit completely, and if you do get accepted for a loan, you will be tempted to accept any APR they offer (which may be awful) because you have already committed to the purchase.

Tixy

I doubt very much they will call you to tell you if you've been accepted or declined. They'll probably send a letter if you are declined (and wouldn't be surprised if they send it second class), they'll probably also send a letter if you've been accepted but you'll probably have seen the money in the account before you get a letter.

What date did you send back the paperwork to Natwest? If it was yesterday and you haven't heard anything by say Friday I'd probably try calling them to ask them if they can confirm your loan application has been accepted and to ask when the money is likely to be in your account.

Edit sorry cross posted with Apples.

CG19a

I applied for a natwest loan last week. It asked me for the signed agreement and 3 months payslips. I sent the items away on Friday last week, recorded delivery. They received them on Monday morning and the cash appeared in my account after 6pm on Monday evening. Hope this helps.

KingElvis

Natwest agree online for me so I guess it's 50/50 if you have to "provide" further information.

Why on earth do you shred your wage slips? I keep mine very safe.

Lindopski

Hello again

Just to answer my own question really for others in a similar boat

The papers went back on saturday but wouldnt have been collected till the 5pm Monday service.
Thursday morning the funds had cleared and I have had no notification as of yet about the decision. It looks as though the money is there before you receive a letter or email.

as for shredding my wage slips, Ive been trying to empty my house as it really is the real 'steptoes yard'.
Paper is one of my number one enemies and getting shot of it all is giving me some piece of mind

Tixy

Thanks for the update.

In terms of wage slips - you really could do with keeping them for the year at least until you are given your p60 at the end of the year. You might need them if you ever have any dispute about tax paid with HMRC.