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Ulster Bank Loan

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  • 21-04-2011 10:28am
    #1
    shiesido
    Closed Accounts Posts: 2 ✭


    Ok, So i have an UB loan. It is a small enough loan, and i have had it for a few months and made 4 payments to it. It was for a used car which has since packed up!! so i hoped my bank would give me a top up. I called them asked for some more money, i was a little apprehensive as i have had this loan for less that 6 months. The guy at the bank said it was all fine they only need to see at least 3 payments, he done an affordability check/credit check all good!! So posted everything they needed back to them and everything was fine. I called them for an update 3 days after they should have recieved my signed application and supporting documents back was told it is in the 'process' and should be done in 24-48 hours.......after a few more calls and a week and a half later i again called them this morning. They checked and said it has been declined, and i will receive info in the post about this. I am so mad as i was told everything was ok and 3 1/2 weeks later a straight decline!! why could they not have done this way before now!! The only thing is NOTHING has changed since they originally gave me the loan, if not it has got better with a slight pay increase from work.

    My question is.....would it be worth making a complaint or appeal on the decision??

    Thanks in advance!


Comments

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    #2
    shiesido
    Closed Accounts Posts: 2 ✭shiesido


    Also....I am well aware the bank has the right to decline any application. Thought i would get that in there, before some other high and mighty does so!


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    #3
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    shiesido wrote: »
    Also....I am well aware the bank has the right to decline any application. Thought i would get that in there, before some other high and mighty does so!

    Way to ask for help :rolleyes:


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    #4
    dublin daz
    Registered Users Posts: 480 ✭✭dublin daz


    You don't really have a right of appeal. This is a private institution and they are at liberty to refuse an application without a reason.

    I would say go to another Bank or Credit Union.


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    It may be concerning to the bank that you only got the loan 4 months ago and are seeking a topup on it.

    Its very close to inception of the loan and this would throw a flag up for the bank also and the banks are very much seeking to reduce their lending risk. They probably have experience of seeing refinances close to start of loan moving to defaults down the loan and thus refused your application.


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    #6
    madhatter76
    Registered Users Posts: 91 ✭✭madhatter76


    You should try to get back the the branch and talk to the directly and ask them if they would appeal.

    Usually the final approvals are done in Dublin and are not based on any logic or common sense or any checkup. If you already got an "ok" from the branch then ask them if they would appeal for you on this.

    I had a similar discussion when I moved my accounts from BOI to UlsterBank and applied for a Credit Card. Having a constant income no loan or mortgage and bringing some savings with me the Branch said of course I will get as well a CC. Then some Senior clueless manager from hell in Dublin rejected the CC. So I called my contact at the branch and told them to deal it out for me, which they did and a few days alter I got the CC. SO I would advise you to go to your branch and discuss it with them and ask them to support you and appeal the rejection.


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    #7
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    madhatter76 wrote: »
    You should try to get back the the branch and talk to the directly and ask them if they would appeal.

    Usually the final approvals are done in Dublin and are not based on any logic or common sense or any checkup. If you already got an "ok" from the branch then ask them if they would appeal for you on this.

    I had a similar discussion when I moved my accounts from BOI to UlsterBank and applied for a Credit Card. Having a constant income no loan or mortgage and bringing some savings with me the Branch said of course I will get as well a CC. Then some Senior clueless manager from hell in Dublin rejected the CC. So I called my contact at the branch and told them to deal it out for me, which they did and a few days alter I got the CC. SO I would advise you to go to your branch and discuss it with them and ask them to support you and appeal the rejection.

    Firstly, pure logic and rules are followed before declining a loan. A bank must apply there lending policy and if the customer don't meet their now strict policy then the loan does not get agreed.

    Secondly, no manager in Dublin declined your credit card. All applications for UB cc are handled in the uk.

    Op, you applied and got declined. Unless you have anything that you can add to your original application an appeal would be useless. With the delay already suffered it seems to me that an appeal may already have been done on your behalf. The system declined it due to failing the credit score, which is the same as application failing against then banks lending policy. A appeal can only be done for good reason and only if there is something extra to add to the original application.

    As for Chris85 and Dublin daz, they are spot on.


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