personal loan agreement

Gemlou1

Just looking for advice on Tuesday I spent 45 mins on phone with hsbc to get a personal loan with my partner I was told at the end of conversation my application had been sucessful for loan with apr of 6.2% and to go to my branch to sign paperwork, therefore my husband took afternoon of work yesterday so we could do this as really needed money however when we got to branch and spoke to them they told me that application was done wrong by the man on the phone and he had only put it down in my name and not my husbands and that they will now only offer me a loan with 15.9% apr. Think this is really unfair as they agreed it in first place and was no fault of mine is there anything i can do or not?

[Deleted User]

You can't make them lend to you at a lower rate than they are prepared to.

However, it sounds as if you may get the lower rate if they redo the application in both your names? Did you ask them about this?

Gemlou1

they did redo it in both our names thats when they gave me the 15.9% decision whereas they gave me 6.2% just in my name as a housewife with my husbands earnings makes no sense to me

[Deleted User]

ok - so they made a mistake. If you don't have a written offer from them then nothing you can do. You can put in a complaint but I doubt it will change anything.

dt3887

so why not just accept the single application offer at a lower interest rate then?

Gemlou1

i asked if i could do on my own at the lower rate but they can't let me do that as the information he had put on it was incorrect :-( oh well looks like just gonna have to stay skint lol

AMILLIONDOLLARS

Every disappointment is for a good, looking back in a couple of months time you'll probably see that you had a lucky escape!

It happened to me a long long time ago, when I was refused a loan by Ocean Finance, can you imagine where I'd be today if they had said yes:eek:


AMD

DCFC79

Gemlou1 wrote: »

i asked if i could do on my own at the lower rate but they can't let me do that as the information he had put on it was incorrect :-( oh well looks like just gonna have to stay skint lol

Not the end of the world you know

Tixy

You could always try applying to another lender to see if they can offer you better APR. If partners bank is not HSBC then perhaps try whoever he banks with.
If you are not aware as to why the bank may consider your partner a slightly higher risk then it might be worth getting copies of his credit files to see what they show and whether there is anything that can be improved upon before you try another application.

That said if he does have issues on his credit reports and you are not currently financially linked then it might be in your interest not to become financially associated.

bailiff_advise

Why dont you charge them for their misstakes including your travel and phone call if my bank makes a mistake with me i will charge them as they charge you.

bigadaj

You don't say what the loan was for, but then say well just have to stay skint.

Loans are only any good if they have a specific purpose, which might be car purchase, home improvement etc if you are just spending this money, or even consolidating, then remember it's not your money to sPend it is the banks, and what you are effectively doing is spending your future wages now, but you still have to live without those future wages.