Loan Refusal

yop

Lads

Got refused for a loan over the phone there today. I asked by and she said that the loan approval department did not say.
Do I have a right to know exactly why???

Thanjks

ChipZilla

I don't think they have to justify their decision, but I could be wrong.

Our man in Havana

ChipZilla wrote:

I don't think they have to justify their decision, but I could be wrong.

They may not want to justify their decision. But if push comes to shove you can get your data off them under the Data protection act.

This happened toi me last week and I told them I wanted the data and 5 mins later they approved the loan.

yop

So initially they refused you the loan?? And then when you asked for the Data they actually did a turn around and gave you the loan

BuffyBot

So initially they refused you the loan?? And then when you asked for the Data they actually did a turn around and gave you the loan

Hmm, I'm doubtful on that front... but anyway, when I used to work in that kind of line, they staff on the phones were not allowed to give you the reason over the phone. You had to send a request in writing, one of the lenders (the people who made the desicion - the people on the phone generally don't make the desicion) would then be in touch and discuss it with the applicant in more detail.

Our man in Havana

yop wrote:

So initially they refused you the loan?? And then when you asked for the Data they actually did a turn around and gave you the loan

They did! Dunno why they did a u-turn.

Victor

Possibly you were a marginal case and when you asked for a reason for refusal, things went up the chain of command and they used more liberal criteria.