I think I may have made a grave mistake

jedmiller

I just applied for a payday loan for £80 so I could go out tomorrow, and the money won't be in my account until monday anyway. Even worse, I kind of lied about my income on the form. I now have no idea what to do next. Help!

Jed.

dmg24

I am sensing a troll ...

Too much booze tonight Jed?

jedmiller

I'm not a troll, it's genuine. I only applied so I could go to peterborough tomorrow, but now I don't want the loan as it won't come in time, is there anything I can do?

jedmiller

After looking through the terms and conditions I have 14 days to cancel the agreement and repay the money. Does this mean I'd have to pay the interest as well?

CHR15

If you're the kind of person who takes out a Payday loan in order to go out on the Lash.... I doubt it's worth anyone wasting their time trying to help you.

Just ring and cancel the thing.

RobertoMoir

jedmiller wrote: »

After looking through the terms and conditions I have 14 days to cancel the agreement and repay the money. Does this mean I'd have to pay the interest as well?

You either will or you won't. Debating it here won't change that.
Surely it says in the agreement you signed what happens if you cancel?

immoral_angeluk

Why didn't you cancel it when you were told it wouldn't be in the account until monday? They would've explained at the time.
You cancellation terms will be on your agreement but there will probably be charges to pay.

either way I'm in agreement with the others who say this is a troll post.

jedmiller

What is it about me that makes you think I'm a troll? I'll even send you copies of the emails if needs be. I was under the impression that it would be in my account instantly, by what it said on the website.

LeeSouthEast

Lots of wind up posts along a similar theme.

If you're genuine, the advice is read the T&C's and see what happens when you cancel. Payday loan cos don't tend to use CRA's and National Hunter, so lying about your income may not be an issue. If they do, it may cause you future problems obtaining credit.

jedmiller

2.1 You will have a right to cancel this Agreement for 14 days, beginning with the day after this
Agreement is signed by Us. You may exercise this right by giving us notice in writing by sending:
(i) a letter to Us at PO Box 255, Bicester, Oxfordshire OX26 4ZY;
(ii) a fax to Us. Our fax number is 0845 127 4365; or
(iii) an email to Us. Our email address is account.services@paydaycontact.co.uk.
If You cancel the Agreement after we have made the advance, You will still be required to repay the
Amount of Credit. If You do not exercise this right to cancel, You will still be able to settle this loan at
any time prior to the Payment Date. You can settle this loan by paying the outstanding balance that is
due and payable in full less any rebate which may apply under the Consumer Credit Act 1974.
2.2 By signing this Agreement You request us to make the advance prior to the expiry of the cancellation
period, although You acknowledge that we are not under an obligation to do so.
2.3 If You cancel this Agreement:
(a) As soon as possible and in any event within 30 calendar days from the date on which You notified
Us of the cancellation, we will refund any sum paid by or on behalf of You.
(b) You must refund any sum paid by or on behalf of Us under or in relation to this Agreement.
(c) However, we can charge You for services actually provided by Us in accordance with the terms of
this Agreement

Those are the terms and conditions in relation to cancelling the loan. I made the application at about 1am this morning, so I should be ok to cancel without charge, right?

Jed.

LeeSouthEast

Only skimmed it, but yes, it seems so.