An Interesting Letter From The Bank.

Dr._Shoe

Up until now I thought I had an absolutely rubbish credit rating, particularly as I was turned down for a Santandar 123 account in September.

I have a fairly bad debt record as I had a IVA with my ex partner which was finally paid about 4 years ago and, because I live in staff accommodation, no electorol roll entry either (it's complicated).

Well, I went to pick up my mail and I have a letter from Barclays effectively saying that I could have a loan of up to £17,000!

Obviously you could have knocked me over with a feather.

Now, I have absolutely no need nor any inclination to take them up on the offer but it is nice to know that they think of me that highly.

The question is, if I did apply for the loan, would they run a credit check and turn me down or is it implied that I have already passed the checks?

Like I said it's nice to know I can get a car loan if my 22 year old car did ever conk out!

Futuristic

They keyword is "up to", yes they will run credit check when you apply and highly possible you will be turned down or get something very low.

stclair

The small print generally says pending further checks.

I would assume at this point you would get a decline letter possibly.

leeroy2009

probably sent the same letter to thousands of people, the vast majority would be declined on application or offered different rates etc, they have offered you nothing as they aint even run a credit check on you, they have offered you a invitation to apply.

Steve_xx

Futuristic wrote: »

They keyword is "up to", yes they will run credit check when you apply and highly possible you will be turned down or get something very low.

Another key word is "could"!

Archi_Bald

Even if they accepted you, OP, the APR would probably be prohibitive.

Dr._Shoe

Perhaps I should pop in an "apply" for a loan! LOL

After all, I don't actually have to take them up on it do I?

Mrs_Ryan

My OH got this letter.
I was furious as they have been told not to send him letters or phone him trying to get him to sign up for financial products as he has severe mental health problems and doesn't understand about rates etc.
I intercepted a phone call where they were telling him to take a loan out with themselves to clear his car finance as it would be so much of a better deal etc.
Luckily I came in before he said yes and asked them the rate. 29.9%! They hadn't even asked him what the rate of his finance was. I told them to take a hike and don't ring him again to which they started protesting their rate was so much better etc until I barged in his car finance was only 4.9 %! They then had the cheek to say well what about a Barclaycard at the same rate (29.9!) And this would be for a man who struggles to use his debit card. I told them they were disgusting and that's exactly what these letters are.

enthusiasticsaver

Sorry to disappoint you but it is highly likely that this is just a mailshot out to a lot of people and is always on the proviso that credit checks are ok etc etc. If you have a bad credit record you would probably have any loan application declined or if it was agreed it would be at a punitive interest rate.

Archi_Bald

Can't you/he update his Marketing preferences? By default, they are all set to yes but you can change them to no.

Mrs_Ryan

I have told them countless times to do it. The phone calls have stopped as our landline is broken but he still gets these letters :mad: