TSB cancelled loan after agreement was signed

fairyelephant_3

My husband and I wanted a loan to pay of a couple of some high interest debt . We decided to do it in his name as he has an excellent credit (experience). Through Experian we were offered a TSB loan at 3.7% completed all paperwork, electronically signed everything. Told it would be in the bank within 2 days. Went to bed happy. Woke up Monday morning and received an email saying sorry, we can’t offer you a loan- everything had been signed, paperwork received. Can they do this? What happened in a few short hours? 

ThisnotThat

Yes, they can cancel it at any point up until they pay it out.

As far as what happened perhaps there were subsequent checks done that they weren't happy with.

[Deleted User]

Consolidated loans are never a good idea as your debt is then doubled in the eyes of the lender, perhaps the lender also checked Equifax and TransUnion and something was picked up, maybe there is a credit link between you and that spooked them as your post implies you don't have the best credit.

Any which way, you could gamble on one other application else leave it and go to the debt free pages on here for advice

DCFC79

fairyelephant_3 said:

My husband and I wanted a loan to pay of a couple of some high interest debt . We decided to do it in his name as he has an excellent credit (experience). Through Experian we were offered a TSB loan at 3.7% completed all paperwork, electronically signed everything. Told it would be in the bank within 2 days. Went to bed happy. Woke up Monday morning and received an email saying sorry, we can’t offer you a loan- everything had been signed, paperwork received. Can they do this? What happened in a few short hours? 

How much are the debts ?

Unfortunately I fear it was the high interest debts that hss put the stop to the plan.

It looks like the lender got cold feet once saw the debts which they are able to do, its a risk for them.

How have the debts accumulated ?  

Look at your spending and cut back, if your struggling then speak to stepchange.

Thrugelmir

The agreement wasn't signed countersigned. You merely made an application.