Personal loan

[Seamyb85]

Hi,
New member first post so apologies if this is in the wrong section

Looking some advice re a personal loan I applied for online yesterday evening.

Basically I instantly got a reply saying I was approved and they didnt require any further info. I also got an email saying congratulations your application has been approved and I was asked to electronically sign a fixed sum loan agreement regulated under the consumer credit act 1974

I did so and have a copy of this.

This morning I get email saying they didn't have enough details to make a decision and to phone them

I phoned and was asked for photo id and my bank statement (which I have emailed them) I did say to the lady that I believed I had been approved she didn't really answer my question said they would get back to me later, again she didn't give any real time frame

Issue is on receipt of the approval email I have basically made plans to buy a car this wkend!!

I have only remembered that I signed the consumer credit act agreement and have read though it which states loan amount, term, rate etc

It mentions that I have 14 days from signing it to cancel agreement but does not say anything about them cancelling it

So my question is on the basis that they provided me with the agreement and I signed it are they not obligated to give me the loan?

Apologies for length of post

Any advice would be greatly appreciated

Seamus

[nemesis45]

Re: Personal loan

Hell Seamus Welcome to LB,
If a credit provider can revoke an " offer" at any time, could this have been applied for via a broker? Sometimes credit brokers have parameters to state that an application is approved at their stage of the process but when the app is passed to the credit provider it may apply different conditions.
I guess you may have signed a " dual purpose application/ agreement"?

There is nothing really you can do about the delay I think may be a little presumptive looking to get the finance paid to you after an application made yesterday evening probably via a call centre.

nem

[Seamyb85]

Re: Personal loan

Hi Nem,

Thanks for your reply

The application was done with hitachi personal finance and that is who are named on the consumer credit agreement form

I understood that this would only be signed when the loan was definitely approved and the company had to give the loan

I did the loan application on the hitachi website

I don't see dual purpose application/agreement detailed anywhere

However what you is saying that although I have signed fixed sum loan agreement regulated under the consumer credit act 1974 stating all the details of the loan hitachi are under no obligation to provide me with the loan on the basis that they have offered me the loan yesterday

So basically signing the agreement means nothing???

[nemesis45]

Re: Personal loan

Hi Nem,

Thanks for your reply

The application was done with hitachi personal finance and that is who are named on the consumer credit agreement form

I understood that this would only be signed when the loan was definitely approved and the company had to give the loan

I did the loan application on the hitachi website

I don't see dual purpose application/agreement detailed anywhere

However what you is saying that although I have signed fixed sum loan agreement regulated under the consumer credit act 1974 stating all the details of the loan hitachi are under no obligation to provide me with the loan on the basis that they have offered me the loan yesterday

So basically signing the agreement means nothing???

It is always the credit providers final decision to loan or not to loan, my impression is that being an evening you were in fact involved with a call centre, perhaps with over enthusiastic commission paid staff. This is a familiar scenario with loan applications of this type when a possibly a fairly large sum may be involved.

Did you print off a copy of the document you " signed" if so can we see a copy please.

nem

[stevemLS]

Re: Personal loan

As I read OP they applied online and got an instant approval response.

I am guessing that this means the computer algorithm said yes but further queries arose when a human looked at it.

As I understand it, until the Agreement is actually signed by the lender, it will not be binding on them.

[Seamyb85]

Re: Personal loan

It is signed by them

[stevemLS]

Re: Personal loan

Might help if you were able to post a copy of the agreement, deleting any identifying information.

I have no doubt that there will be some weasel words giving them a get-out.

[nemesis45]

Re: Personal loan

Might help if you were able to post a copy of the agreement, deleting any identifying information.

I have no doubt that there will be some weasel words giving them a get-out.

It's Hitachi Finance so I reckon you are right!
nem

[Seamyb85]

Re: Personal loan

Thanks for your help guys but I just decided to ring them all sorted thankfully

[wales01man]

Re: Personal loan

Did they give the Loan?

[Seamyb85]

Re: Personal loan

Yea they did

[wales01man]

Re: Personal loan

Result spend it on a good car

[Seamyb85]

Re: Personal loan

That's the plan!!

[stevemLS]

Re: Personal loan

Pleased it worked out, what car did you buy?

[Seamyb85]

Re: Personal loan

Hyundai coupe