Thanks for reminding me to update this. I meant to keep it updated during the process but got lazy... sorry!
As it happens, I finally received my loan money just the other day on 23 October, a full 51 days (!!) after my application went in. I've included the full tale below just to help provide some visibility into the process for folk. Perhaps I got unlucky with it being so slow due to my application being around September and the introduction of the 70 plates. But it did feel that EST were pretty slow and the process a bit obtuse, though everyone I spoke to on the phone was nice and helpful.
The astute on this forum may note that I took delivery of the car on 2 October, i.e. 3 weeks before I got the loan money through. I was in the lucky position that I have cash put away for a home improvement project, and EST confirmed that once the loan offer is sent it is definite and that you may proceed to buy the car before you receive the funds if you're able and willing to do so. I decided to go for this as I really didn't want to wait any longer. Was certainly a relief though when the money really did come through from EST -- phew!
| Date | Application state | Notes |
| Tue 1 Sept | Application received | Automated email says to expect update on 23 September. |
| Tue 22 Sept (14 working days later) | Information requested from applicant | Received email saying that I needed to provide a quotation from the dealer (which, obviously, I did actually do...). Replied to email within 8 minutes re-attaching the quotation but got no reply. Called next day and helpful agent confirmed it had been a mistake and said management would get someone to re-review ASAP. |
| Fri 25 Sept (3 working days later) | Loan offer sent | Received all the paperwork by email (sounds like in non-pandemic times they'd use paper!). I submitted all the required paperwork the same day. Email said it might be another 10 working days before I get a reply. |
| Tue 6 October (7 working days later) | Claim received - information requested from applicant | Received email saying that my invoice was dated before the loan offer date (since the dealer had got it ready for me weeks earlier). Replied next day with a revised invoice from dealer. |
| Thu 8 October (2 working days later) | Claim being checked | Received email confirming that my revised invoice was acceptable and the claim would now be sent for "final verification checks". |
| Wed 14 October (4 working days later) | Claim received - information requested from applicant | Missed call from EST. Called back and they said that they needed me to email them confirming I still wanted the loan (!?). Apparently this is a security thing related to COVID-19 and EST working from home. Unclear to me why the application form, claim form, direct debit mandate, proof of identity, and proof of address weren't sufficient evidence that I wanted the damn loan! Was told that they do a few payment runs a week and that I might make this week, or might miss it. |
| Tue 20 October (4 working days later) | Paid | Received email saying that the loan would be paid by BACS, and may take 3-5 days to arrive in my account. |
| Fri 23 October (3 working days later) | Paid | Money actually, finally, received in my account. |
Cheers,
Chris
