Agreed in principle ?

Jack_UK2

I applied for a sainsburys personal loan last week and at the end it said it was agreed in principle furthur to a few checks and I should receive my credit agreement in the next few days. It went on to say that in some cases they reverse the decision..

3 working days passed and I had not heard from them or received a credit agreement so I rang them. They said it has all been finalized and they would now send out the agreement.

The agreement came this morning along with 2 seperate letters in the package. One stated that once they receive the signed credit agreement they would transfer the funds within 3 days and the other stated we are glad to tell you your loan has been agreed in principle and to complete the steps listed on the brocure (Check agreement, sign it & send it back)...

I just dont know where I stand with this,... Does anyone know if I have been excepted ? I thought after the phone call that it was a done deal as she gave me my agreement number etc.. but now im not so sure..

The money is for a new car and I have a buyer waiting for my existing one but dont want to let it go before I`m 100% sure its excepted...

Jack

R_P_W

Accepted not excepted

boo_star

Sign the agreement and wait, the first letter does sound like are happy once the agreement has been signed but they can always retract it if they do further checks.

Until the money is in your account don't do anything regarding buying or selling.

Benjibo

Sorry for digging up a old post what was the outcome mines exactly sane at the min

ConsumerWizkid

Accepted in principle usually means you have passed some basic preliminary checks, however they are probably asking for bank statements or other identification which will allow them to complete some final checks required for them to write the loan.

You could be declined at any point in a loan application for a miriad of reasons until one officially tells you the money is on it's way.

Benjibo

I had a accepted in principle then an email the day after to ring and confirm some details at the end of the call she said I had been approved and to sign docs and send en back and they will release the funds

TadleyBaggie

OP hasn't been seen since November, don't hold your breath waiting for a reply.