Nationwide Top up loan refused due to activity on my account. NEED ADVISE

M48ley

Hi All,

I'm just looking for a bit of advise of where I stand on the following issue.

Last year I applied for a loan from nationwide and was excepted, one year into my contract (of which I have not missed a payment) I have applied for a top-up Loan of £3000 which was approved in principle on-line on their website. They then asked me for my last 3 months payslips which I provided. They then told me that was fine and that I had to wait till Monday for the Loan to be paid into my account ( Something to do with payments only being made on a weekday) Anyway I waited all day for payment and after not hearing from them or receiving any money I went on the phone to their customer services who then told me the loan had been declined at the last minute because of activity on my current account that I also hold with them.

Basically they have declined the Loan due to me getting the odd payday loan from Wonga and also for using MY MONEY to have the odd bet online. I feel this is a breach of my civil rights as for the fact that they acutally looked through my statements to see money coming from Wonga and money going to BET 365. How and where I spend my money is of no concern to them, as long as my bills are paid on time each month. Which I can assure you they are.

If anyone could help give me advise on this it would be greatly appreciated. Thanks in advance

chanz4

Betting and regular payday loans = high risk

antonic

In the age of responsible lending that we are now supposed to be in I can understand why they declined !

You want a top up loan BUT have used a PDL Co (Wonga) for extra funds and you have gambled.

To them that smacks of someone who is borrowing more money to get out of debt (even if you owe nothing) and therefore means you are high risk to them and they dont want you - which means they are perfectly entitled to reject your loan application.

M48ley

I can fully understand where your coming from but I had a different bank providing my current account they would have no access to my statements to see what I'm spending my money on. Or if I withdrew money from my account and walked into a bookmakers and placed a bet they would have no notion of my betting and would have passed the Loan.

BugsyBrowne

M48ley wrote: »

I can fully understand where your coming from but I had a different bank providing my current account they would have no access to my statements to see what I'm spending my money on. Or if I withdrew money from my account and walked into a bookmakers and placed a bet they would have no notion of my betting and would have passed the Loan.

I understand but them seeing wonga would raise alarm bells and maybe desperation.

M48ley

Thanks for all your comments. Just like to say that's its no wonder people have no option but to declare bankruptcy, there's just no trust in the customer, even after we have no option but to trust the banks, and all they ever do is let us down, people are quick to forget the mess banks have left in our country during the banking scandal, with their million pound bonuses etc....... the country will will day collapse and fold and we will become the new 3rd world.

DevCoder

Yes, there is irresponsible borrowing as well as lending you know?

Apples2

People stand a better chance of acceptance by applying for a loan with their own bank as their own bank can see, at a glance, exactly how the applicant manages their money.

You cannot manage your money as you rely on Payday loans, which isn't your money.

If you are forced to rely on payday loans, how could you be considered a low enough risk to take on further commitments? How would you be able to make regular monthly repayments if your current income is not enough for you?

This rejection is a perfect example of responsible lending the entire Country has been crying for.

We see no end of posts on here from people complaining that "the bank should never have given me that loan because they knew I couldn't repay it" and so claim it was mis-sold.

opinions4u

I feel this is a breach of my civil rights

For this alone I think they were absolutely right to decline you.

as for the fact that they acutally looked through my statements to see money coming from Wonga and money going to BET 365.

Wonga implies you can't budget properly. Bet 365 is a potentially addictive habit that could mean you priritise betting over loan repayments. If the decision was already borderline I can fully understand them playing safe.

How and where I spend my money is of no concern to them

It is absolutely their business if you want to borrow money from them.

poet123

I think that the alarm bells rang and the bank acknowledged them, as they should.

rdwarr

M48ley wrote: »

....... the country will will day collapse and fold and we will become the new 3rd world.

That nearly happened before because of irresponsible lending. I agree that how you spend your money is down to you but the Nationwide is not a bank, it's a Building Society and I trust them to spend my money wisely.