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  • FIRST POST
    • alwaysmiserable
    • By alwaysmiserable 9th Apr 18, 7:14 PM
    • 4Posts
    • 0Thanks
    alwaysmiserable
    AA loan process - help!
    • #1
    • 9th Apr 18, 7:14 PM
    AA loan process - help! 9th Apr 18 at 7:14 PM
    First post here and very confused. I applied for a loan with the AA and the website stated that an application made online usually results in an instant decision online. This seemed to be supported by the contents of the webpage which loaded once I made my application. I printed this off and it states “your application has been approved” and gives a loan offer with no mention of conditionality. It then asked me to upload the credit agreement which will be sent to me. The subsequent email was sent the same day and stated “before we can get the money to you we need to you to read, sign and date your loan agreement” adding that the next steps are “once we’ve received your agreement, we’ll review it and the money should be in your account within 3 working days.” This is slightly longer than the 2 working days given in the FAQs but clearly not a difference which would render either the FAQs or the email misleading. Hence, at this point my legitimate understanding was that my application had been approved and that all I needed to do was upload the signed credit agreement on receipt; I could then expect the money within 2-3 days. There was no suggestion that any other steps were necessary.


    I then received a letter dated 5th April 2018. In this, things became a little less clear. It states that once I have uploaded my credit agreement it will be reviewed by the “relevant teams” and I will be given a “final decision” in 2 days. This is inconsistent with the earlier communications in that it suggests that the review of the credit agreement is not a mere check of accuracy following approval (signature in the correct place, absence of alteration etc.) but somehow part of an ongoing review process, meaning that approval was not in fact given online. This contradicts the FAQs, the webpage loaded on approval and my initial email, all of which stated that the application had already been approved and that I could expect the money within a short time of uploading my signed credit agreement. Additionally, there is no reference to when the money should arrive following this “final decision.”


    Early this morning I uploaded the credit agreement and things became even more confusing. The screen after upload states that I can now expect to receive a “final decision” in 5 working days as opposed to the 2 days given in the letter. Again, there is no reference to when the money will arrive following this final decision.


    Accordingly, we have gone from approval online and money within 2 working days of uploading the signed loan agreement (FAQs) to approval online and money within 3 days of uploading the signed loan agreement (webpage on application and email of 4 April) to “final decision” within 2 days of uploading credit agreement and no indication of when the money will be received (letter of 5 April) to “final decision” within 5 working days and no indication of when the money will be received (document upload webpage this morning).
    Is this normal? It seems completely unclear and at least one of the communications must be misleading because they contradict each other. They have done the credit check and they have not asked me for any additional documents so I have no idea what they still need to review. I am also more than a bit annoyed that have moved the goalposts from a position which seemed to be quite clear. I totally get that they need to check I haven't changed the interest rate on the credit agreement or something so from that point of view the agreement requires "review" but this shift in position has got me very jumpy!
    Whatever happens I will be complaining because this type of thing is, at best, poor practice and, at worst, in breach of FCA rules requiring communications to be "clear, fair and not misleading" - hopefully the fact they just asked for the credit agreement is a good sign but I am quite upset, especially since they have done the hard credit check so I can't really "shop around" now.

Page 2
    • zx81
    • By zx81 22nd May 18, 6:46 AM
    • 19,632 Posts
    • 21,010 Thanks
    zx81


    Granted not as good as the 3.1%that the AA had originally offered but which I think they try to reject at any opportunity
    Originally posted by SaveMeTheMoney12
    That makes no sense, either commercially or from a regulatory viewpoint.
    • jamiesmachon
    • By jamiesmachon 4th Aug 18, 9:42 AM
    • 4 Posts
    • 0 Thanks
    jamiesmachon
    Hi,
    I just wanted to add my own experiences so for with The AA as a loan provider and it's simply terrible!
    I applied online on a Sunday night and signed my online agreement, I then got as everyone else has the confirmation email stating that the funds would be in my account withing "2 working days"

    Four days later I then spent a total of 1.5hrs on hold to speak to someone on the phone to ask what was going on.

    They said that the application was sent to the underwriter on the Tuesday and could be with them for up to 5 working days before they make a final decision; which is not what their website or email correspondence states. They then stated that upon accesptance it can then take an additional 2 working days to deliver the agreed funds.

    In short it is actually 7 working days not 2 but at this point I feel this is also a load of noncence.

    I will post again with an update on wheather or not funds actually clear on the 7th day; but by that time I feel the opportunity I had and the whole point of the loan will have passed and I won't need it anymore.
    • jonesMUFCforever
    • By jonesMUFCforever 4th Aug 18, 2:13 PM
    • 25,365 Posts
    • 12,586 Thanks
    jonesMUFCforever
    Hi,
    I just wanted to add my own experiences so for with The AA as a loan provider and it's simply terrible!
    I applied online on a Sunday night and signed my online agreement, I then got as everyone else has the confirmation email stating that the funds would be in my account withing "2 working days"

    Four days later I then spent a total of 1.5hrs on hold to speak to someone on the phone to ask what was going on.

    They said that the application was sent to the underwriter on the Tuesday and could be with them for up to 5 working days before they make a final decision; which is not what their website or email correspondence states. They then stated that upon accesptance it can then take an additional 2 working days to deliver the agreed funds.

    In short it is actually 7 working days not 2 but at this point I feel this is also a load of noncence.

    I will post again with an update on wheather or not funds actually clear on the 7th day; but by that time I feel the opportunity I had and the whole point of the loan will have passed and I won't need it anymore.
    Originally posted by jamiesmachon
    In that case cancel the application now.
    What goes around - comes around
    give lots and you will always receive lots
    • Ablueroom
    • By Ablueroom 4th Aug 18, 4:22 PM
    • 1 Posts
    • 0 Thanks
    Ablueroom
    Shocking - Go Elsewhere NEVER USE THE AA
    Stated as accepted after online app completed, stated money would be in my account within two working days - then no money and no communication whatsoever. Called a few times on the 0124 number (you cannot contact them any other way) but had to give up each time after over a half hour of waiting. Lost the car we wanted as I didn’t have the loan leaving my wife very upset. Will cancel the loan as soon as I can and will NEVER use the AA for ANYTHING again. Sainsbury’s Bank will now get my business.
    • DCFC79
    • By DCFC79 4th Aug 18, 8:04 PM
    • 33,125 Posts
    • 20,860 Thanks
    DCFC79
    Stated as accepted after online app completed, stated money would be in my account within two working days - then no money and no communication whatsoever. Called a few times on the 0124 number (you cannot contact them any other way) but had to give up each time after over a half hour of waiting. Lost the car we wanted as I didn’t have the loan leaving my wife very upset. Will cancel the loan as soon as I can and will NEVER use the AA for ANYTHING again. Sainsbury’s Bank will now get my business.
    Originally posted by Ablueroom
    Im sure your wife will recover from it.
    • jamiesmachon
    • By jamiesmachon 9th Aug 18, 6:48 AM
    • 4 Posts
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    jamiesmachon
    So here is an update on the shambolic AA loan application process.

    I called the 0345 number, was on hold for 10 mins and was hung up on by an AA helpline opporator.

    I then called the following number I found on the AAs website 0800 032 0034 these people were very helpful and took my complaint. But I still needed to talk to the people on the end of the 0345 number so they called it for me. We were on hold for 20mins. The gentleman then took this as additional firsthand content for my complaint and I proceeded to hold. 1hr elapsed and the phone was hung up on again by an AA helpline opporator.

    I called the 0345 number again and was on hold for 20mins before an AA opporator answered.

    So that's now a total of 1.5hrs on hold or talking to the wrong department. The gentleman took the brunt of my complaint and frustrations and simple said I couldn't cancel my loan application. This is exactly what he had to say about the whole fiasco:

    "Once you have signed your credit agreement you cannot cancel your application, you have to wait until the underwriter makes a decision to accept or decline your application. At the moment this process is taking 7 working days!!! You will know the outcome before we do as you will either receive funds in your bank account or receive a letter of refusal before our system is even updated."

    So in a nutshell it is currently taking the underwriter an undeterminable number of working days to make a decision to either accept or decline a loan application!

    All I can say is that I have had an awfully and very misguiding experience with the AA as a lender and will never be doing business with them again!!

    Again I will give an update of how long it has taken from application submission to acceptance or refusal.

    All the best
    Jamie
    • FrankRizzo
    • By FrankRizzo 9th Aug 18, 9:29 AM
    • 96 Posts
    • 67 Thanks
    FrankRizzo
    I also had the same misleading timescale issue which is really annoying as this was one of the reasons I choose AA over a cheaper provider.

    Can I ask if you already bank with Nationwide and that’s why you may have received the money faster?

    Thanks
    • Clive Woody
    • By Clive Woody 9th Aug 18, 11:33 AM
    • 4,535 Posts
    • 5,118 Thanks
    Clive Woody
    I thought AA was a broker for loans rather than the actual lender. Presumably this adds extra time as the application gets farmed out to the actual lender for them to make a decision.
    Rugby Union - The Greatest Game
    • FrankRizzo
    • By FrankRizzo 9th Aug 18, 11:52 AM
    • 96 Posts
    • 67 Thanks
    FrankRizzo
    Yes that’s true but the timescales they advertise are missleading
    • Clive Woody
    • By Clive Woody 9th Aug 18, 12:28 PM
    • 4,535 Posts
    • 5,118 Thanks
    Clive Woody
    Yes that’s true but the timescales they advertise are missleading
    Originally posted by FrankRizzo
    The costs they quote for breakdown cover is also misleading as they will provide the same level of cover for a lot less money if you haggle with them.

    That's the AA for you....
    Rugby Union - The Greatest Game
    • Pegasaurus
    • By Pegasaurus 10th Aug 18, 3:03 PM
    • 35 Posts
    • 4 Thanks
    Pegasaurus
    Oh flip. I wish I'd seen this thread before I applied (and, seemingly, was accepted) for an AA loan on Wednesday after the whole Experian credit matcher recommended it.

    FFS.
    • Pegasaurus
    • By Pegasaurus 13th Aug 18, 12:07 PM
    • 35 Posts
    • 4 Thanks
    Pegasaurus
    The more you look for people's experiences, the worse it gets. A review on readies.co.uk said it's taken over a month to get the money. I'm not in any rush, but it is a pain.

    What are the implications of applying with Tesco Bank at the same time? There's a cooling off period, right? So can just return funds.
    • DCFC79
    • By DCFC79 13th Aug 18, 12:12 PM
    • 33,125 Posts
    • 20,860 Thanks
    DCFC79
    The more you look for people's experiences, the worse it gets. A review on readies.co.uk said it's taken over a month to get the money. I'm not in any rush, but it is a pain.

    What are the implications of applying with Tesco Bank at the same time? There's a cooling off period, right? So can just return funds.
    Originally posted by Pegasaurus

    The problem is if you apply to Tesco now you could scupper your chances with Tesco Bank and AA when AA carry out a final check and Tesco carry out a check, they would see a search from AA.

    Why not just wait for AA to come through. If they offer from AA isn't any good then use the cooling off period.
    • Pegasaurus
    • By Pegasaurus 13th Aug 18, 12:21 PM
    • 35 Posts
    • 4 Thanks
    Pegasaurus
    Because that would be the sensible, rational approach that anyone with half an ounce of sense would take.

    You're entirely correct.
    • Pegasaurus
    • By Pegasaurus 13th Aug 18, 12:36 PM
    • 35 Posts
    • 4 Thanks
    Pegasaurus
    Interestingly, BoI have setup a DD instruction on my account, which would suggest they have started processing it.
    • DCFC79
    • By DCFC79 13th Aug 18, 12:43 PM
    • 33,125 Posts
    • 20,860 Thanks
    DCFC79
    Interestingly, BoI have setup a DD instruction on my account, which would suggest they have started processing it.
    Originally posted by Pegasaurus

    Yes possibly, a bit odd you haven't had anything to tell you have been accepted.
    • Pegasaurus
    • By Pegasaurus 13th Aug 18, 12:51 PM
    • 35 Posts
    • 4 Thanks
    Pegasaurus
    Well, like everyone else on this thread, I was accepted via their website and told it was all done... "congratulations", the website and email said, "we'll send the money within two days". But then I saw this thread so now I'm convinced it's going to be subsequently declined or, at least, delayed for ages.
    • Pegasaurus
    • By Pegasaurus 13th Aug 18, 2:01 PM
    • 35 Posts
    • 4 Thanks
    Pegasaurus
    Update: money in my account.

    Timeline was applied Thursday 9th in the morning, accepted, signed online, money in account on Monday at 2pm, so within the two working days they say.

    Panic over.
    • jamiesmachon
    • By jamiesmachon 18th Aug 18, 1:31 AM
    • 4 Posts
    • 0 Thanks
    jamiesmachon
    UPDATE:
    I am still waiting for any indication of what is happening. They created a direct debit on my account but I am canceling that and if anything does eventually get deposited into my account I am just going to send it back the very same day!

    I have taken my business elsewhere and will never be using anyone except my bank in the future!

    Current time that has elapsed since my initial application is 3 weeks!
    • jamiesmachon
    • By jamiesmachon 12th Sep 18, 7:11 AM
    • 4 Posts
    • 0 Thanks
    jamiesmachon
    Quick Update if anyone is interested.

    I am still waiting to hear anything from The AA Loans department as to the status of my application. I made my initial application on the 29th July and I have NO communication from them in any way shape or form about anything at all!!!

    I want to make it clear to people that The AA Loans have not attempted to communicate with me at all!! If you want to know anything you have to contact them it seems!!

    Discussing company!!
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