Is there a cooling-off period for cash loans (eg Provie?)

theartfullodger

Dear all...

If taking out a Provie loan for cash, couldn't find it on their website at..

http://www.providentpersonalcredit.com/


Is there by any chance any regulation that gives you the right to return the loan with a short period? (A bit like "Distance Selling Regulations" for buying stuff e.g. on't t'Internet where you can cancel within 7 days at no penalty??))


Regards & Thanks in advance

ILW

Be good if you could send the money back after 14days. Be like interest free payday loans.

carolwat

There is a 7 day cooling off period but its not right to take the loan knowing you will be paying it back is it?

At best you will be wasting a lot of peoples time and at worst you may be suspected of money laundering and investigated.

Why do you not know if you need the money or not?

theartfullodger

Thanks Carol (thanked).


I quite understand your comments about wasting people's time, fair comment, guess that happens in the doorstep-lending game - and also the money-laundering warning. Gosh!! Not been accused of money laundering for at least 8 years... I'll look forward to that one as and when it happens...

Yes, it would be great to have a perfectly run life where there are never unexpected crises or emergencies - lucky you!

Re. the 7-day cooling-off period, what is the legislation that provides it please??

Regards & Thanks in advance

Artful

carolwat

I never said I have a perfectly run life, I dont think anyone does do they. I just didnt understand why you didnt know if you needed the money or not.

You wouldnt be able to get a cash loan now for the weekend anyway and you would be pushing it for early next week too so it may not actually be an option now anyway.

As for the 7 day thing. I dont have an agreement here so cant give you the exact details but I can guarantee that you do have 7 days in which to pay the money back but you must keep the yellow copy of your agreement in order to cancel the agreement. Any agent should inform all their customers of this but I do know that some agents arent even aware of it themselves.

What I will say though is if you do go down this route do not mention to anyone that you are going to pay it back as they may refuse to give you the loan if they think you are wasting their time or money laundering.

You could always ring the local office anon and ask about cancelling an agreement and they can confirm what I have said above.

Hope this helps.

carolwat

I honestly havnt got a clue about other companies so you would need to check that yourself. I can only comment on Provident as I was an agent for them for 8 years so know from experience about the 7 day cancellation time limit. Of course you are still able to pay the loan off after this but there will be a proportion of the interest charged.

Cumbrian_Male

You have 5 days from the date which you receive a copy of your credit agreement, however you must cancel the agreement before your first instalment is due, which is 7 days from the date of issue.