Reapplied by accident

Big8bear
Big8bear Posts: 5 Forumite
in Loans
Evening all, I’m new here so please be nice.

I applied for a £50k loan at the end of November and got accepted , didn’t activate the loan straight away thinking I’d get Xmas out of the way before getting it so as to not make the first repayment on top of Xmas. I received 2 of 3 emails relating to the loan agreement but not the third.
So today I applied for the same loan again and got declined! Is it because this first loan agreement is still active do you think? Can’t speak to anyone at the loan department until Monday but the woman on the phone I spoke to at Halifax said she could see my first agreed application was still on my file.
Have a made a huge error here and ruined my chances of getting the loan or do you think I’ll be able to resolve it?

HELP.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    I would have imagined the first loan offer has expired. Did it have a timescale on it?

    The second one will have been declined either due to a) you having an approved loan or b) the recency of your last search, making an automatic decline.

    Call them on Monday.
  • Big8bear
    Big8bear Posts: 5 Forumite
    I’m not sure if there was a timescale or not, it may well have said that on the third e mail but I didn’t receive it, the third e mail must have include the agreement ‘button’ or whatever it may have been aswell. I’ll call them Monday, but I’m panicking now as we have big plans at home for the money.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Most loans I have ever applied for have had a 30 day drawdown limit.
  • Big8bear
    Big8bear Posts: 5 Forumite
    Does anyone know how long the loan approval would have been valid for? I was approved on 25/11
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    To get a more definitive answer speak to the lender on monday.
  • Shakin_Steve
    Shakin_Steve Posts: 2,700 Forumite
    First Anniversary Photogenic First Post Name Dropper
    £50K? As a personal loan? That’s a big ‘un.
    I came into this world with nothing and I've got most of it left.
  • Big8bear
    Big8bear Posts: 5 Forumite
    Yep , it is a big one, that’s why I’m thinking the second loan was decline, if they think I’m applying for a total of £100k
  • Westie983
    Westie983 Posts: 5,213 Ambassador
    First Anniversary Name Dropper Photogenic First Post
    Expiry is normally 30 days cooling off, before the first payment is paid.

    I would assume if you applied in November its expired but will still show as a credit check on your file so could be the cause of the decline.

    As always with credit applications suggestions is to leave it at least 6 months between applications. You may need to wait till May and reapply.

    Give them a call to find out though cant hurt, and can put you at ease.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income 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 forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
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