Credit check on a loan


R

reg

Last week my wife applied for a loan for a second hand car (necessity for
work). She spoke to her bank by phone and they ran through her
details/outgoings, then offered her a very good rate of loan which she
accepted. They rated her credit when she was applying to see what loan rate
they could offer her. We have separate bank accounts.

She has received the loan agreement (not application), direct debit form and
paperwork yesterday, but amongst the paperwork is a 'credit check - CPL loan
application form' - I'm now worried that her credit check wouldn't have been
done and it will now all fall apart because of my debts - I am repaying
debts that I incurred and were all in my own name. My wife has an excellent
credit record. I can't believe a bank would send out an agreement without
conducting a check, but who knows? All I know is the bank had to check
something to see what she qualified for during the phone interview, what the
rate would be and for how much.

Am I right to be worried that the credit check has not yet been conducted,
or is this a retrospective authorisation? Or something to do with the
payment protection or authority to release info about how she conducts her
account and loan? Thought a credit check could be authorised during the
phone interview, like when I apply for insurance.
 
Ad

Advertisements

E

Eric Jones

reg said:
Last week my wife applied for a loan for a second hand car (necessity for
work). She spoke to her bank by phone and they ran through her
details/outgoings, then offered her a very good rate of loan which she
accepted. They rated her credit when she was applying to see what loan rate
they could offer her. We have separate bank accounts.

She has received the loan agreement (not application), direct debit form and
paperwork yesterday, but amongst the paperwork is a 'credit check - CPL loan
application form' - I'm now worried that her credit check wouldn't have been
done and it will now all fall apart because of my debts - I am repaying
debts that I incurred and were all in my own name. My wife has an excellent
credit record. I can't believe a bank would send out an agreement without
conducting a check, but who knows? All I know is the bank had to check
something to see what she qualified for during the phone interview, what the
rate would be and for how much.

Am I right to be worried that the credit check has not yet been conducted,
or is this a retrospective authorisation? Or something to do with the
payment protection or authority to release info about how she conducts her
account and loan? Thought a credit check could be authorised during the
phone interview, like when I apply for insurance.

Would this be Lloyds Tsb?You can apply for a loan by telephone and I'm
sure that they would not have sent out a loan agreement and d/d form unless
they intend to lend to your wife.
Eric
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top