TSB Bank Loan - Money Not Paid After Agreement Signed

LibertyW1

Hello
I am wondering if anyone can help with a really strange situation I find myself in. I applied for a TSB loan of £14k over 5 years at the start of December. On the 23/12 I then phoned to complete the agreement. I signed 2 agreements as did TSB (I have the copies with TSB signature) saying that they’d pay the money etc etc. I waited 2 days which soon turned to 7 (I thought maybe an issue being the xmas period. I called up CS for TSB around the 29th and was told the agreement had been closed and no one could tell why. I received a call on the 4th of Jan (Almost 2 weeks since the agreement) from the personal banker who processed the loan. She apologised and said she did not know why but everything to do with the loan (like the agreement) had disappeared and I would need to submit an application for a new loan. I have had a really stressful Christmas period worrying about this loan and now to receive this news has left me really low. It was for debt consolidation and some other bits and I was very much looking forward to being on top of all my finances. I know you should never make plans before the money is in your account but I really did foresee the agreement disappearing. 

Does anyone know if I have any rights in terms of encouraging TSB to pay out, the personal banker really did just say “Sorry the loan has dropped off, even all the documents I scanned in. We can apply again tomorrow if you want”. The agreement was the final stage and the loan was 100% approved.

Whats worse is, I went to apply for a loan today with TSB and this was rejected. 

Thanks for any help, 

LibertyW1

*^ Did not foresee 

[Deleted User]

Being rejected for a debt consolidation loan was probably the best news you could have had.

Work on paying off your debts, don't borrow to get out of debt, it never works

CSL0183

Frustrating for sure, I’m not sure if there are grounds for a complaint or not. 

Use the moneysupermarket soft search tools to find out what loans you will be eligible for and with what chance. 

[Deleted User]

Loans aren't guaranteed until after the full application has been undertaken, the fact documents are/were signed doesn't automatically mean it's been granted.

Your financial history - that's every piece of information that shows on your credit report - showed in depth when your application was actually applied for.
At that point your records showed something that the system didn't like.

In your post you said you were hoping to consolidate other debts - it's most likely that this was what prevented your application from being accepted.

Accumulating debt is the reason systems fail, much of the time.

GrumpyDil

I would however be asking what exactly they mean by "Sorry the loan has dropped off, even all the documents I scanned in." Could be worth doing a GDPR request to see what is recorded on their systems.

Also have you checked to see if the loan application is showing on your credit reports as, if it is, that is highly likely to impact any further applications.

Tend to agree that often debt consolidation loans are not the hoped for answer unless the reason for getting into debt are understood and addressed. 

DCFC79

OP you should post here 
https://forums.moneysavingexpert.com/categories/debt-free-wannabe

The status with the loan could be seen as a blassing in disguise for you.

MEM62

LibertyW1 said:

I called up CS for TSB around the 29th and was told the agreement had been closed and no one could tell why. I received a call on the 4th of Jan (Almost 2 weeks since the agreement) from the personal banker who processed the loan. She apologised and said she did not know why but everything to do with the loan (like the agreement) had disappeared and I would need to submit an application for a new loan. 

Whilst it may not appear so right now, the bank has actually done you a great favour. Consolidation loans rarely work - you cannot borrow your way out of debt. And the fact that the loan was to pay off current debt and "some other bits" is telling as it suggests that you would have increased your level of debt, which is the last thing you want to be doing if you are already in a position where you are looking at consolidation to manage your current debt.     
Get yourself over to the DFW boards, post up an SOA and you will receive some great advice in dealing with your debts in a far more positive way.