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Approved loan by bank then later declined

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  • 24-11-2014 12:35am
    #1
    SpencerT
    Registered Users Posts: 14 ✭


    Just looking for some guidance. I applied for a personal loan in my branch. Following application I got a phone message to say it was approved and to call in later to sign credit agreements etc. I received a copy of the credit agreement. The next day I was sent a text from the bank to confirm again my loan was approved and to contact branch for transfer of funds .

    Later that day I spoke with my branch person who told me that the underwriters had declined my loan (due to restructure of credit card which was all done in same branch and carried out by the same person taking these details)
    How can they suddenly change their minds after setting my expectations ( as soon as I was approved I got onto the bathroom contractor to give the go ahead on a small refurb job - so effectively I am badly affecting him also .

    Do I have any rights here? I feel quite badly treated & let down ....

    Please help if you can!


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    #2
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    In my experience, you only have an approved loan when your solicitor has a loan pack letter from the bank or in the case of a smaller loan when the money is in your account!! They can and do cancel the approval when it suits them. Not a nice way to do business....
    SpencerT wrote: »
    Just looking for some guidance. I applied for a personal loan in my branch. Following application I got a phone message to say it was approved and to call in later to sign credit agreements etc. I received a copy of the credit agreement. The next day I was sent a text from the bank to confirm again my loan was approved and to contact branch for transfer of funds .

    Later that day I spoke with my branch person who told me that the underwriters had declined my loan (due to restructure of credit card which was all done in same branch and carried out by the same person taking these details)
    How can they suddenly change their minds after setting my expectations ( as soon as I was approved I got onto the bathroom contractor to give the go ahead on a small refurb job - so effectively I am badly affecting him also .

    Do I have any rights here? I feel quite badly treated & let down ....

    Please help if you can!


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