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  • FIRST POST
    • elilanmeera
    • By elilanmeera 7th Jul 18, 11:51 PM
    • 2Posts
    • 0Thanks
    elilanmeera
    Rejecting Loan afeter contract rate setter
    • #1
    • 7th Jul 18, 11:51 PM
    Rejecting Loan afeter contract rate setter 7th Jul 18 at 11:51 PM
    Dear Money Savers,
    I am not a genius so thought to give a shot to get some advise. My wife applied for a loan from rate setter couple of weeks ago on a Thursday,They took 5 days and finally emailed her saying that her loan has approved and log in to get to transfer the money. She did as said and all the pre contracts and loan contracts was emailed to her. this was happened in the morning and she got an email in the late evening saying the offer is declined. I was wondering is it legal for them to decline the offer after signing the contract. The email even said the money will be on the bank account by 6 pm and suddenly rejecting it. Any advice will be much appreciated. Thanks a lot.
Page 1
    • boo_star
    • By boo_star 8th Jul 18, 12:00 AM
    • 1,608 Posts
    • 939 Thanks
    boo_star
    • #2
    • 8th Jul 18, 12:00 AM
    • #2
    • 8th Jul 18, 12:00 AM
    Dear Money Savers,
    I am not a genius so thought to give a shot to get some advise. My wife applied for a loan from rate setter couple of weeks ago on a Thursday,They took 5 days and finally emailed her saying that her loan has approved and log in to get to transfer the money. She did as said and all the pre contracts and loan contracts was emailed to her. this was happened in the morning and she got an email in the late evening saying the offer is declined. I was wondering is it legal for them to decline the offer after signing the contract. The email even said the money will be on the bank account by 6 pm and suddenly rejecting it. Any advice will be much appreciated. Thanks a lot.
    Originally posted by elilanmeera
    In all likelihood she signed the contract first then they backed out.

    As a result the contract will be unenforceable.
    • DCFC79
    • By DCFC79 8th Jul 18, 2:27 PM
    • 32,544 Posts
    • 20,478 Thanks
    DCFC79
    • #3
    • 8th Jul 18, 2:27 PM
    • #3
    • 8th Jul 18, 2:27 PM
    Maybe she should check her credit files for anything untoward, check all 3.
    • sourcrates
    • By sourcrates 8th Jul 18, 3:22 PM
    • 15,247 Posts
    • 14,347 Thanks
    sourcrates
    • #4
    • 8th Jul 18, 3:22 PM
    • #4
    • 8th Jul 18, 3:22 PM
    There is always a "we can back out at any time clause" in consumer credit contracts, the agreement is always weighed in the lenders favor, could be computer initially said yes, then something was flagged up, resulting in a decline.


    No point complaining, it will get you nowhere.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
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    • iolanthe07
    • By iolanthe07 9th Jul 18, 10:23 AM
    • 5,064 Posts
    • 4,750 Thanks
    iolanthe07
    • #5
    • 9th Jul 18, 10:23 AM
    • #5
    • 9th Jul 18, 10:23 AM
    To be honest, OP, they have probably done your wife a favour. Rate Setter are not the lowest APR!
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • elilanmeera
    • By elilanmeera 9th Jul 18, 12:30 PM
    • 2 Posts
    • 0 Thanks
    elilanmeera
    • #6
    • 9th Jul 18, 12:30 PM
    • #6
    • 9th Jul 18, 12:30 PM
    Ok thank you guys for all your advice.
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