Loan approved by underwriter could it still be declined later? lids5

#1
Hiya. My husband and I have applied for a loan for debt consolidation and to help buy a new car. We spoke to the bank via telephone and it was then referred to an underwriter who approved the loan subject to my husband closing his credit card accounts. We have to make an appointment to sign the paperwork. Could we go to the branch and then be turned down? I don't want to get my hope up just in case. Thanks

#5



Hiya. No he can't close accounts yet as that is what we are borrowing the money for so we can pay off the credit cards.
Originally posted by lids5


Your original post makes it seem like closing the cards is a contingent of him getting the loan.



If that's the case, if he can't close the cards until the loan is received, it will probably be declined.

#6
It sounds likely you will be approved, if you jump through all the hoops they ask you to. Some lenders will insist on paying the money direct to a credit card, rather than giving you cash, when it's a consolidation loan.

#8
Gaz83 sorry I don't think I have explained it very well. OK we spoke to an underwriter about wanting a loan to consolidate the debts on credit cards. He approved the loan on the condition that once the debts have been paid by the loan the accounts are to be closed. We have to go to the bank and I think an advisor will do all this with us.

#9
It's incredibly unlikely to be declined at that point (since the underwriter has approved the loan, barring some sort of fraud or them discovering something you've not told them in the meantime there's not really anywhere else for it to go) but it could still happen right up until the money hits your account.

#10



Gaz83 sorry I don't think I have explained it very well. OK we spoke to an underwriter about wanting a loan to consolidate the debts on credit cards. He approved the loan on the condition that once the debts have been paid by the loan the accounts are to be closed. We have to go to the bank and I think an advisor will do all this with us.
Originally posted by lids5


Are the credit card debts with the same provider/bank?



How is an advisor going to close your accounts? They don't have authority over your/your husband's accounts (unless it's with the same bank).



Who is the loan provider out of interest? I'm going to hazard a guess at Natwest?



What about the money for the car - are they going to go to the garage/showroom as well to make sure you are purchasing a car?

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