Not accepting a Sainsburys loan, any penalties for ignoring contract?

AlistairM

Hi,

I applied for a loan with Sainsburys and was accepted but not at the standard rate, I would have to wait till the paper work arrived to see what rate I'd been given.

When it arrived rather than the 3% rate they advertised they sent me through a contract to sign with a rate of 15% :eek:

I applied with Halifax and got a 3.3% rate instantly.

My question is, am I ok to just file away/shred the contract Sainsbury's sent me and never waste my time with them again, or do should I really be calling them up to cancel?

pcman1985

Just Shred the contract and throw it in the bin.
You may get further letters saying if you don't respond the loan offer will be withdrawn.
There will be no penalty to pay.
Of course, the search from Saisburys will still be visible to lenders should you apply for more credit in the near future.

bengalknights

No there are no penaltys just a hit of a credit search.

AlistairM

Thanks people,

Cant believe their cheek really. I would encourage people to steer clear of them in the future.

[Deleted User]

You'll need to steer clear of all lenders, as they all operate in a similar fashion - ie 51% of successful applicants get the headline rate..

Lungboy

What cheek?

nomoneytoday

I'd call them; a 2 minute call just to avoid all the chasers over the next few weeks.

AlistairM

They actually called me this afternoon and offered me the low rate when I said I wasn't going use them.

Even if it wasn't too late and I'd not gone with the Halifax I've have said no. Changing their rate so arbitrarily shows how little care they had in the first place.