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Loan approved by underwriter could it still be declined later?
Hiya. My husband and I have applied for a loan for debt consolidation and to help buy a new car. We spoke to the bank via telephone and it was then referred to an underwriter who approved the loan subject to my husband closing his credit card accounts. We have to make an appointment to sign the paperwork. Could we go to the branch and then be turned down? I don't want to get my hope up just in case. Thanks
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Has he closed his credit card accounts?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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Hiya. No he can't close accounts yet as that is what we are borrowing the money for so we can pay off the credit cards.0
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Until the money is in your account assume they can decline it.Thinking critically since 1996....0
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Your original post makes it seem like closing the cards is a contingent of him getting the loan.Hiya. No he can't close accounts yet as that is what we are borrowing the money for so we can pay off the credit cards.
If that's the case, if he can't close the cards until the loan is received, it will probably be declined."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
It sounds likely you will be approved, if you jump through all the hoops they ask you to. Some lenders will insist on paying the money direct to a credit card, rather than giving you cash, when it's a consolidation loan.0
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Thanks nebulous2. We have to make an appointment with the bank and I think the bank will close the accounts for us.0
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Gaz83 sorry I don't think I have explained it very well. OK we spoke to an underwriter about wanting a loan to consolidate the debts on credit cards. He approved the loan on the condition that once the debts have been paid by the loan the accounts are to be closed. We have to go to the bank and I think an advisor will do all this with us.0
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It's incredibly unlikely to be declined at that point (since the underwriter has approved the loan, barring some sort of fraud or them discovering something you've not told them in the meantime there's not really anywhere else for it to go) but it could still happen right up until the money hits your account.urs sinserly,
~~joosy jeezus~~0 -
Gaz83 sorry I don't think I have explained it very well. OK we spoke to an underwriter about wanting a loan to consolidate the debts on credit cards. He approved the loan on the condition that once the debts have been paid by the loan the accounts are to be closed. We have to go to the bank and I think an advisor will do all this with us.
Are the credit card debts with the same provider/bank?
How is an advisor going to close your accounts? They don't have authority over your/your husband's accounts (unless it's with the same bank).
Who is the loan provider out of interest? I'm going to hazard a guess at Natwest?
What about the money for the car - are they going to go to the garage/showroom as well to make sure you are purchasing a car?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
If the underwriter has made decision it will be off his desk for the time being.0
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