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Recently I was offered a loan by Black Horse Finance (an affiliate of Lloyds TSB) The information that was sent to me stated that being a valued existing loan customer that they would guarantee I could have a loan of £3,000 and at the time being in debt I thought what a good way to reduce how much I have to pay as the amount offered would have covered my debts and allowed me a little extra.
So I telephone my local office of Black Horse Finance and confirmed that as a valued existing customer the loan was actually guaranteed as it stated. I was informed that yes I would definately receive the money all I had to do was apply.
So I did just that, I visited my local office and completed all the paperwork, all seemed great, I knew finally I would be out of debt. However the lady who seemed very helpful on my arrival came back and told me they could not give me the loan.
This was a big shock to me, so inevitably and arguement insued. I asked them why not and she explained that my salary was not high enough to give me the funds. This would normally not have been an issue and was in fact the reason I had never applied for another loan before. However the company knew my earnings and all of my outgoings as they had not changed since the last loan I took out with them and as far as I was concerned they had based their guarantee on the facts they had to hand. They very effeciently brought their manager over to speak to me about the matter of the refusal and I explained to him that I was told it was guaranteed, and he said that there was nothing he could do the descision was in the hands of the under writers, so I made a complaint and stated that in future perhaps they should check with their underwriters before promising things they have no intention of delivering.But that I feel would be far to sensible.
If it was not bad enough being refused a loan that I was promised, I later discovered that when you apply for a loan or credit type service from a company including banks, your credit rating is reduced if that institution refuses sed loan or service.
So not only did I not get my loan, I also managed to get less of a credit rating, which means my chances of getting a loan in the future are reduced dispite the fact that I have never missed a payment on my existing loans.
My advice for anyone thinking of taking out a loan either an extension of an existing loan or a brand new one, don't be fooled by the gernerosity of Lloyds TSB and its affiliates. After all their right hand does not know what their left is doing and their promises and assurances are not worth anything.
Always read the small print and check out your options before applying for a loan and I would advise you definately don't try Lloyds TSB.