Hard search consolidation loan - application cancelled due to limitations of online address input

JS100 Forumite Posts: 2
First Post
I completed an online application for a consolidation loan, after receiving a "100% guaranteed" acceptance rating from the search on this website.
Based on this certainty I agreed to allow access to my bank account as well. I received a call from the Lender after they had accessed everything and conducted the hard search to say that I would have to go through the application process again as the address couldn't be input correctly on their side. I should re-apply again and try to alter it from my side-- and another hard search and bank account access would be required.
I complained that there had been no error on my side - and eventually they agreed to "remove the hard search" from the system - and that I should then reapply for the loan. But when I asked how long that takes, and whether I should wait to reapply, or reapply straight away they could not tell me.
Very frustrating. I don't know how to deal with this situation. If my complete address is not available on the "drop down" address list on the online application, and if there is no way to manually enter it, then what could/should I do differently? -- and why did the hard search go through successfully if they claim they did not have the means to input the address correctly?
Feeling annoyed that a hard search was carried out on this basis of there was no way the application could be progressed.


  • MalMonroe
    MalMonroe Forumite Posts: 5,783
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    This -  the address couldn't be input correctly on their side - raises red flags for me and doesn't make sense. You couldn't have done anything differently.

    Another red flag for me '
    I agreed to allow access to my bank account'. They should be able to access your credit reports, which should give them the information they need. 

    Which lender is it? Is it a reputable one?

    For what it's worth, I think you have had a very lucky escape and I would not pursue that loan.

    You are aware that "
    receiving a "100% guaranteed" acceptance rating from the search on this website" does not guarantee that you will actually get a loan, yes?

    A couple of years ago I had the same iron clad guarantee from Capital One, who refused my application when I decided to go for it. That led to me complaining and also complaining to the Ombudsman, who agreed with me and Capital One were instructed to actually erase the hard search from my credit file. But it's not worth the hassle. 

    Have a read of this info from this site - 

    And there's a lot of information on the boards at the left hand side on this page.

    Generally the advice, as you will no doubt see, is not to take on consolidation loans if there is any other way to avoid taking on even more debt - balance transfer credit cards for example. 
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • MEM62
    MEM62 Forumite Posts: 4,514
    Tenth Anniversary 1,000 Posts Name Dropper
    JS100 said:
    Based on this certainty I agreed to allow access to my bank account as well. 
    That statement would worry me.  Who is the lender?  You mention that this is a consolidation loan.  I hope that you are not desperate enough to be dealing with the bottom feeders of the financial world. 
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,699
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Its starting to be common practice with some lenders, wear by you allow them access to your Bank account, just to confirm its active, open and running etc.

    Personally I don`t like the idea, but anyway.

    You could look on this as dodging a bullet, as loans to repay existing borrowing are seldom a good idea.

    Much better to tackle the real cause of your debt problems, be it overspending, not keeping to a budget, whatever it may be, by using a suitable debt solution instead, debt management maybe, or a DRO, it could be just better budgeting is needed, its all down to your personal circumstances.

    Why not pop over to the DFW forum, post your SOA, and we can help you find a more appropriate solution to repay your debts with.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • JS100
    JS100 Forumite Posts: 2
    First Post
    Thanks for all the responses. Very helpful to see it through different eyes. Yes, it's a reputable lender - Admiral Money. The bank access relates to the new system whereby they get to see a snapshot one time access in order to corroborate information you've supplied, to do with your spending and income. I've nothing to hide, so I didn't mind allowing that intrusion even though I don't particularly like the idea.
    Times have been very tough, as a sole trader, over the past 2 years. I took out two 0% credit cards and thought a consolidation loan would provide a better way of repaying the cards on a lower interest rate than what it has/will jump up to - rather than keep looking for new 0% deals. 
    Hopefully they will speedily remove the hard search from my record, and following the comments here, I will look for perhaps a better way to move forwards with the credit card debt repayment. I have decided not to follow their request to resubmit a new application!
    Thank-you again
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