Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    loan agreed in principle
    • #1
    • 3rd Mar 08, 11:27 AM
    loan agreed in principle 3rd Mar 08 at 11:27 AM
    What are the odds of it going horribly wrong after getting the loan agreement in principle. I am on tender hooks here waiting for a decision which apparently will take up to a week to make. My only experience of underwriters was for my mortgage and that was a horrific prolonged experience! (we made it through though!) They did not ask for any futher details from us such as bank statements or utility bills just asked us to sign the paperwork and the direct debit mandate and said they will be in touch in a week. Is this a good sign? I am nervous!
Page 1
    • Conrad
    • By Conrad 3rd Mar 08, 11:44 AM
    • 31,700 Posts
    • 55,821 Thanks
    • #2
    • 3rd Mar 08, 11:44 AM
    • #2
    • 3rd Mar 08, 11:44 AM
    Underwriters are paid to protect the lenders assets. It's not possible to predict outcomes, there are hundreds of variables and hundreds of different factors that can cause a decline.

    We arrange secured loans and can safely say the percentage of declined applications is much greater than this time last year. One guy got declined for a 10,000 secured loan despite him having 100,000 equity.

    The bottom is that people must ensure they stay credit worthy now, the days of easy borrowing are gone.
    People who do not borrow are generaly much happer people long term, so if you do get declined see it as positive!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,709Posts Today

7,603Users online

Martin's Twitter
  • After the news I'm suing facebook over scam ads, people keep sending me ads with my pic in asking, ?is THIS ad with?

  • So Facebook just waxed lyrical about all the things they're doing to stop fake ads. Whoop de whoop. Yet THESE SCA?

  • Facebook giving evidence I believe just said "mr lewis said there are 50 ads, but we checked and found 1,000s".?

  • Follow Martin