Loan approved.. Account frozen (natwest)

Baileycat

Kaldingo wrote: »

The reason for loan was put down as car/holiday.

Is my holiday money being blown way out of proportion?
I don't think it's of anyone's concern but it's costing about 4.5k. Interest: lets say 10%? 4.5k is about 450. Hope youre satisfied you grumpy fart.

Thank you baileycat, yes after working full time with no holiday for 4 years I think I need it. I will try the local natwest again just because the phone call demanded it be that. I hope it gets sorted without making me regret it further.

That's not too big a price to pay I reckon - sure it'd be great if you had no interest to pay and just had that amount of money falling out of your ar5e, but we're not all that fortunate. I don't know anyone that gets by saving for these things, my dad is the most sensible, money-minded man I know and he still takes the odd loan for a car or family holiday. He can afford it, he knows what he's doing, and that's fine. It's his choice.

I had an overnighter at a posh hotel last year (got a pamper voucher for my xmas ), and I can honestly say that up until then, I hadn't had a holiday in around 8 years. I could do with one myself, it's been a long time & you deserve it

bankhater_1965

Baileycat wrote: »

Surely that's not really relevant, I know it's a decision that a lot of people frown upon to finance a holiday in this way, but that's his/her choice.... They came on for advice on why the account was frozen, not how much the total cost of the loan will be or whether it's a good idea. They've already decided to take the loan, it's no good trying to talk them out of it if they've their heart set on it.

I hope I don't come across rude, I just think it's rotten that people are jumping on the bandwagon to start criticizing people's decision for taking finance and avoiding the actual question. It's a luxury that many of us cannot afford, but perhaps the OP is happy with paying the interest in return for the holiday of a lifetime? It's not really our business, the OP is simply looking for practical banking advice on whether his experience is normal business practice.

of course its not our business but do you not think that the problem with ie greece and other countries following, is a result of spending money they havent got, other people on here have also picked up on this and have just voiced there opinions which is what the forums are about and a good discussion has emerged , perhaps a seperate thread should of been started

moatmeister

If they agree a loan,what you choose to spend it on is up to you. If you want a nice holiday good luck to you and enjoy it.

From your post the service you received is reprehensible and, whilst from personal experience I know its not easy, you should have told them where to go.

Thing is that you had been granted a loan by natwest,ifyou declined it and went somewhere else which would have involved further credit checks,that may have been seen as being """desperate""" with the subsequent consequence that younmay have received further declines.

You cant win. Its despicable.

moatmeister

PS

@ Bankhater

Great name son!!!!!

Baileycat

bankhater_1965 wrote: »

of course its not our business but do you not think that the problem with ie greece and other countries following, is a result of spending money they havent got, other people on here have also picked up on this and have just voiced there opinions which is what the forums are about and a good discussion has emerged , perhaps a seperate thread should of been started

I do agree that that is what this forum is for, having discussions and voicing opinions, and I do understand people will have different ideas about different situations. However I really hate seeing a thread started by someone asking an honest question, putting in just a little too much info, and then having their post picked to pieces by several people who can't/won't answer the actual question, but dance round about the issue and use one or two sentences as an excuse to criticize the OP.

I know all about people spending money they haven't got, heck look below this post for an idea of the most serious stuff :rotfl: But I was young & silly & way in over my head, years later I'm still paying the price for those mistakes & I know I'll never get myself into a similar situation again. Never But you know, it's made me a much stronger person now, and more resourceful trying to cut back on unnecessary spending, not to mention the fact I now ALWAYS read the small print on agreements, and walk away from that jumper/DVD/expensive shampoo if I know deep down that I don't need it and can't afford it these things are down to experience.

caeler

My last loan was probably about 6 years ago but I don't recall any of them being that difficault to get. I think a proper complaint is in order just so you get the answers. If they seriously thought there was some fraud going on maybe there is some problem, maybe something in their system, a probably with your identify, whatever it is that caused the problem you should find out. If course it all could turn out to be the banks incompetence!

bigadaj

caeler wrote: »

My last loan was probably about 6 years ago but I don't recall any of them being that difficault to get. I think a proper complaint is in order just so you get the answers. If they seriously thought there was some fraud going on maybe there is some problem, maybe something in their system, a probably with your identify, whatever it is that caused the problem you should find out. If course it all could turn out to be the banks incompetence!

If your last loan was in 2006 then that's a different universe, not a different world, this was when northern rock were giving mort tv mortgages and eighteen year olds were getting credit cards with ten grand limits.

fozmcfc

As for a holiday, well if the OP has a decent credit rating, but can't afford it all in one month, then it is better financed via a 0% purchase card.

At least that way they can have their holiday and pay for it over xx amount of months, without any interest. I don't see any problem with that at all.

It's expensive car loans that make me :eek:, I mean as soon as you get it, it's value decreases.

In the vast majority of cases, as time goes on you end up with a car worth half or less of what is still owed on the loan.

I don't drive but I've always thought it is better to get a £500 second hand car and just keep changing it every year for a different model. I mean would a £5k car last 10 years without any further expense being put on it.

loony2012

Kaldingo wrote: »

I have money coming in and havent had a holiday in almost 4 years I think I deserve to treat myself. Either way you may be correct but that's not what I'm questioning, surely of I'm not able to pay it back it wouldn't be approved or accepted...

Wow 4 years? I'm 25 and yet to have a holiday in 25 years.

Teatwosugars

What are peoples problems with having a loan for a holiday? If someone wanted a kitchen or car or conservatory would they always save up to pay for it upfront? NO! People like to spend their money on different things believe it or not!
If i were OP i would write a serious letter of complaint. Debt-consolidation loans can sometimes require that you pay off existing cards/loans as soon as the money is put into your account, NOT for buying a car and a holiday.
The branch staff behaviour is also disgraceful. I would forward your complaint to the head office and see what they reply with.