feel cheated by lloyds

Tryingtomoveout

Hi

So I applied online for a loan and was approved a rate of 15% Apr. The Quote was valid until 20th March, or so it said on my Internet banking screen. I then log in on 19th March to see the loan offer has vanished and when I try again the loan is declined. Then I call them up and they give me a quote of 29.9% Apr! They say they won't give the loan over 36 weeks but will give it over 50... Then when I decline they try and come back at me with a better offer...

All this along with about 4 phone calls to them (each lasting about 1 hour) trying to fix the problem, and just being passed from pillar to post.

I feel let down and will be closing my account with them asap

chesky

Write a formal complaint letter - not email or phone - before you decide to leave them. Might just get some haction.

Tryingtomoveout

Hi


Thanks for the reply. Yes, I emailed a complaint and a member of their complaints team is looking into it. She said I would probably get reimbursed for the phone calls but that doesn't cut it really.


Will be looking into some good bank accounts outside of the LLoyds Banking Group...

Apples2

Voting with your feet is the best method. maybe there will be some kind of questionnaire about why you are leaving to fill in.

Good luck finding a "good" bank.

iolanthe07

I don't think Lloyds are any worse than any of the others, tbh.

jonesMUFCforever

Tryingtomoveout wrote: »

Hi

So I applied online for a loan and was approved a rate of 15% Apr. The Quote was valid until 20th March, or so it said on my Internet banking screen. I then log in on 19th March to see the loan offer has vanished and when I try again the loan is declined. Then I call them up and they give me a quote of 29.9% Apr! They say they won't give the loan over 36 weeks but will give it over 50... Then when I decline they try and come back at me with a better offer...

All this along with about 4 phone calls to them (each lasting about 1 hour) trying to fix the problem, and just being passed from pillar to post.

I feel let down and will be closing my account with them asap

You need to clarify something - you mention a quote being valid till 20/3 - did you actually apply for the loan or was it offered on your internet homepage?
Lloyds update their scoring system once a month - you might have been unlucky that your score with them declined during this time.
Have you checked your report with the credit reference agencies?

Tryingtomoveout

Hi, yes I applied for it and it said that the quote was valid until the 20th March. I made a mental note, kept logging in daily to check it, and decided to finalise on the 19th as I don't need the money for a few weeks, and saw no point in taking it earlier than needed. Indeed, I know the systems update and quotes aren't valid forever, but as it said it was valid until 20th I never thought to question this.

It was probably what happened after that made me more angry, i.e. being declined online but them offered a loan over the phone (suggesting they can review decisions, and so could have offered me the original loan), then the lady on the phone telling me that they couldn't offer me the loan at 36 months, only 54 months, but that because I could "overpay" this would mean it would be effectively the same as taking the loan out at 36 months - I know this is totally wrong as charges would still be incurred, and when I challenged her on it, she conceded that this was true! When I then declined the offer, they start fumbling around for a better offer (clearly admitting I can't be that much of a financial risk) but they still wouldn't offer what had originally been offered to me and guaranteed in good faith until 20th March.

Anyway rant over!! well done if you read all that.

jonesMUFCforever

She was wrong = there is no charge for ad hoc repayments or any early settlement fees.
What other charges are you or her thinking about?

Tryingtomoveout

Yeah there would have been charges as they weren't offering me their 'flexible' loan.

The

Tryingtomoveout

Yeah there would have been fees as they weren't offering me their 'flexible' loan.

The complaints team rung me today to advise me that, after investigatio, they confirm that no loan offer was ever made at 15%, i must be a liar.

Emailed them the precontractual credit agreement that was sent by email and now they are investigating further

Lloyds are a joke,

jonesMUFCforever

You can't make them lend to you if they don't want to - if an offer of a loan was made you should have accepted it - signed the CCA electronically and the money would have been in your account.