Took out loan 16 days ago, still don't have details about loan, can I still cancel?
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lol am I allowed though?0
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badwithmoneyman wrote: »lol am I allowed though?
of course, its an open forum, name and shame..........I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Then its with Nation#wide Corpor#ate Fin#ance0
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I came into this world with nothing and I've got most of it left.0
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Indeed, so they told me it was 4.2% APR, but actually yes, its more like 50% APR. So I am getting out while I can, however the fees they are slapping on leaves something to be desired. Shame I didn't read that thread before getting it, although at the time, as we know I was desperate.0
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Shakin_Steve wrote: »
Ah yes.....old friends of the forum.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I have to say, i'm a little confused these guys are legal... Although not as bad as the payday loans... but still :O0
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badwithmoneyman wrote: »I have to say, i'm a little confused these guys are legal...
As this now sounds like it is a business loan rather than a personal loan then things are quite different. It will not be a standard regulated agreement, so things like the right to withdraw and early settlement rights in the CCA will not apply. I'm surprised they mentioned an APR at all as this is only usually used for regulated consumer finance.0 -
badwithmoneyman wrote: »Thanks again guys.
Actually without naming the company, it wasn't those you have mentioned. Its not a high street bank either. The driver was an employee of theirs.
It turns out now, they are charging £100 a month for insurance and £250 admin fees every 6 months. £200 for each 6 months you have left if you want to leave the loan early. This whole thing is steeped with hidden charges.
All because I was caught in a corner.
I have sent a third email asking for a settlement quote... yawn.
Thanks everybody for helping through this difficult time.
If it was a CCA regulated loan, most of these things wouldn't be allowed.
It isn't, and they are.
Business loans are not regulated like consumer loans, and thus things like this are fair game I'm afraid.
These guys aren't even a lender, they're a broker, and the fees charged are their way of making money out of you.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Right makes sense then.
It also says in documents I've now received, "this is not cancellable". So I wonder, does that mean I can't end early? Or can you always settle early?0
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