Urgent advice please re loan signed for today.

shelovestobuystuff

OH just went and got a £5K loan from the bank to pay the rest of the wedding expenses,wedding is in 2 months.He actually only needed £3k but the bank sales assistant told him he would get a better rate if he asked for £5k.
I wasn,t with him when he went to see about it and absolutely hit the roof when I saw what he had agreed to.The interest rate is just over 20% APR,RIDICULOUS AMOUNT!!!thats over £7k,200 to repay on £5k.
He had asked about the 13.1% rate he had seen advertised on his banking home page but the guy in the bank said that was not available to him.
Anyway as soon as he got home with this loan agreement I made him go online and see what the computer said.The computer said YES to £5K at 13.1% so he put that through online right then.
He now has 2 loans for £5k with the same bank taken out inside the last hour!
There is a cancellation period for the first one but the paperwork just says a short period to cancel and details will be sent in the post.It also sauys you only have the right to cancel if the loan was NOT signed for in one of the branches,but it was.
Does anyone know if he can cancel the first expensive loan?

I cant believe he went looking for £3k and ended up with £10k?Last time he went to see about a loan he did the same,settled for the first ridiculously high rate which was offered and took out other bank products to get a better rate at the sales advisors advice.I am not letting him out alone again.

shelovestobuystuff

Update.He rushed down to the bank with the paperwork for the first loan which he had just signed in the branch 20minutes earlier.They refused to cancel it.They said the money was in his account so he was tied to the loan agreement.
He is trying to find a way to pay the £5k straight back to the loan but they wont let him do it online or over the phone.#
He has been told to make an appointnment to see someone about it on Monday.
The 2nd loan went into his account instantly too so he now has over £10k sitting in his account.

dougyd

I'm pretty sure that you get a 'cooling off' period. It probably differs from company to company but it's usually about 14days.

In this period you can return the full amount interest free and cancel the agreement.

shelovestobuystuff

Thanks.The loan agreement actually says on it that it non-cancellable.
But OH was not told that nor shown on the loan agreement where he could read that for himself,he had no idea that signing it on the premises made it excluded from consumer credit law.
He did manage to get someone on the phone a little while ago who was willing to take a £5k payment over the phone and cancel it,but the card was blocked for security reasons.So card now unblocked and the loan dept are not going to accept a payment.What a fiasco!

Right, he is only just off the phone after nearly 2 hours.I dont know how he kept his cool.3 times the card was blocked and he was put through to fraud to get it unblocked.He even had a nice chat to someone in mortgages for some unknown reason.Eventually he was allowed to and able to made a £5k payment which is the full balance of the loan account within a couple of hours of taking out the loan.He was told he shouldnt get any charges but to see on Monday in the branch about cancelling the now cleared loan.