Halifax Personal Loan Paperwork

Jopag

Hello,

We applied for a Halifax Personal Loan in order to consolidate two credit cards.

We were intially refused and I think this is probably due to the amount of debt we could potentially have if we don't then actually pay off the cards (which we absolutely will do as that's the whole point of the loan!!).

We appealed and were then accepted, at a slightly higher interest rate but still better than the credit card rate.

We were told we would receive the paperwork in the post and once we signed and returned it, the funds would be transferred into our account.

Received the paperwork today and the letter says the same as the above but the paperwork says the money will be transferred "once final credit checks have been made and approved".

Does this mean we may still get rejected? I thought all the checks had been done as apparently a Senior Underwriter had to look at the appeal?

If anyone can let me know I'd be grateful.

Thanks!

Curr946

until the money is transferred you could still be refused. However, if underwriting have already reviewed and agreed (in printable) there shouldn't be anything to worry about. They may check before they release the funds that you have not applied and been accepted elsewhere for example.

Jopag

Thank you for your reply. That makes sense that they would check to see that we have not taken out more credit between application and releasing the funds.

I checked on Equifax and there doesn't seem to be a credit check there from Halifax despite it going to Senior Underwriters which is odd. Unless they have just not updated Equifax yet or something. We do have our current account and mortgage with them.

It does say Agreed in Principle on the paperwork so hopefully will be ok.

Thanks!

chanz4

Jopag wrote: »

Thank you for your reply. That makes sense that they would check to see that we have not taken out more credit between application and releasing the funds.

I checked on Equifax and there doesn't seem to be a credit check there from Halifax despite it going to Senior Underwriters which is odd. Unless they have just not updated Equifax yet or something. We do have our current account and mortgage with them.

It does say Agreed in Principle on the paperwork so hopefully will be ok.

Thanks!

They check experian

Brains64

Jopag wrote: »

Thank you for your reply. That makes sense that they would check to see that we have not taken out more credit between application and releasing the funds.

I checked on Equifax and there doesn't seem to be a credit check there from Halifax despite it going to Senior Underwriters which is odd. Unless they have just not updated Equifax yet or something. We do have our current account and mortgage with them.

It does say Agreed in Principle on the paperwork so hopefully will be ok.

Thanks!

I hope so too, I really hope you get that much needed loan, it's terrible the way they do this isn't it??, keeping you on the edge of your seat, especially high street banks whom ought to know better and be more understanding than their loan shark cowboy rivals, the procedure is too bureaucratic and slow, I often wonder if they know what they put people through, do they realize how stressful it is for people when they are waiting to know if they've definitely got the loan or not??, it's hell, it gets so stressful you can almost wish they just said 'no' to get it out the way.

Last thing you want to be reading is "the money will be transferred once final credit checks have been made and approved" blah blah blah, putting you on virtual hold for even longer than you've already been, it's thoughtless, I mean, this can be someones whole life in the balance and they are so "got all the time in the world" about it.

Jopag

Thanks! That explains it then if they check Experian!

It was just a bit of a shock when I read the paperwork as we'd been told we had been accepted and just to sign and return the paperwork and then the funds would be transferred within 5 working days. The paperwork today didn't sound quite as final!!

They do like to keep you hanging on!! I understand the checks are important though but seeing as we were told we are accepted, hopefully it's just a clause allowing them to do a final check if they want to.

Annoying thing is that if their system in branch had been working, the funds would have been transferred straight away but they couldn't get the system to work so we had to do it from the branch on the phone!