It’s just a line from the Little Britain comedy show, right? Wrong! Unfortunately it’s a part of everyday life these days. I think using technology to help make decisions is a great thing, but it must be used with common sense and a helpful attitude.
Here’s a great example.
A customer, (let’s call him Bob to protect the innocent), had saved with his bank since he was at school and had been pretty loyal. He chose the bank because his parents had banked there all their lives too. He bought his car with a loan from the bank and paid the money back on time. He took their credit card offer and used it wisely (ish!). In fact, he’d even recommended that his friends used the same bank as it’d been plain sailing for him.
And then it happened. The computer said ‘no!’
Bob found his perfect home. He knew he could afford it and he knew his credit score was spot on, so he approached his bank for a home loan. They had a great rate on offer to ‘loyal’ customers so it was a no brainer.
What he didn’t realise was that the ‘rules’ had not had common sense applied to them. Him changing companies 11 months before for a job with better pay and better prospects was a mistake.
Yep – the bank’s policy was that you must be with your employer for 12 months. When you make your application – not when your loan actually starts. You can’t make this stuff up. It’s worth talking to your broker when you first start thinking about your home loan and he can let you know the potential pitfalls. He can also be on your side should you need to make the bank use common sense.
Forgotten how funny (and scarily lifelike) the Little Britain sketch is? Watch it now! Enjoy.