View Full Version : Got turned down!
TicTac1982
20th Apr 2005, 15:04
Have just today heard from HSBC regarding my pro studies loan application for 30k and they turned me down. I think they are really tightening them up and not giving money out so easy! they really did not want to help me, i was able to offer just about everything that they wanted, a guarantor, private money towards the course showing commitment, a background in aviation (uni air squadron etc).... they werent having any of it. What annoys me the most is that if i was trying to get 30k to do a Law degree conversion etc they would probably throw the money at me.......
Ow well, back to the drawing board for me....
:confused: :confused: :confused: :confused:
PilotOnline
20th Apr 2005, 15:41
Have you just tried the one branch? If so then keep plugging away and go to some others, you may well get a different opinion.
Good Luck
TicTac1982
20th Apr 2005, 16:26
No, I just tried the south woodford branch. I originally went to my home branch but was told it had to be done through the main one. The manager explained that she consulted her manager, so I dont think its done on a branch by branch basis now, I think its left upto the head office to decide as she faxed my business/pilot plan over to them. Long are the days when the manager or a human being makes a decision, its like talking to a robot.... reminds me of a little britain episode in the bank.... "the computer says nooooooo" .....
:( :( :( :(
bunch of guys that went to epta with me used the one in bournemouth, they seem to be more helpful with the whole thing, could try them?
CosmosSchwartz
20th Apr 2005, 23:16
Try Chiswick branch:ok:
jamestkirk
21st Apr 2005, 12:36
Tic Tac 1982
Firstly, dont go plodding around to every branch and proposing yourself on the off chance that you might get accepted.
Firstly, the increased credit searches will eventually go against you.
Secondly, if you change ant information in that proposal to attain a better chance, you will have no chance.
My advice would be (if you have not already tried). Talk to the underwriter concerned with your proposal. Normally this can be done. If they still say no. Try to talk to the underwriter in charge.
Generally what happens is that the decision will be passed to a branch individual with little or no knowledge of why the decision has been a no. So, as you wrightly said, they say "computer says no"..
Remeber, that if you talk to the underwriters, you may be able to get a lower amount of loan (this does happen). This would get you started and you would be in a much better position to ask for more if you said "not finished, can't get job unless you give me more money"
Although, if the other chaps on this thread recommend a course of action by visiting other branches, then i would not dispute them.
It's all hard work from funding to training to getting a job.
Best of luck with it
JTK
JB007
21st Apr 2005, 16:46
Or the Burgess Hill, West Sussex branch:ok:
vicento
22nd Apr 2005, 17:10
All I can tell you is of my own personal experience:
Commited 40K to the project by selling my house and did a very basic costings to incl living expenses.
Asked for 30K loan over upto 11 years.
Got approved by HSBC and Ulsterbank (Both local branches in N.I.)
My father is guarantor in both cases.
Good Luck
ChocksAwayUK
22nd Apr 2005, 20:17
I've had exactly the same problem TicTac... Fulham branch, but down to the "area manager" apparently. I'm now seriously considering a loan with Northern Rock (google it). On the face of it, it seems a good deal... APR 5.7% (though they say this is dependent on credit rating etc... hmm). However, it seems the limit is 25K and of course you don't get the 6 monthsorwotever grace as with HSBC.