loan cancellation/ cooling off period

spannamonkey83

hi my girlfriend has taken a rip off loan for 4500 from loyds paying 164 per month over 48 mths, while the othe banks offer similar payments over 36 months. she will pay over 7500 in total as oppossed to around 5200. can she cancel now over the phone or is there a cooling off period? also what is the best way to go about doing so?

oh this is for a car she is buying in six days time im sure the sales man will be happy with the delay!

will be great full of any help dont want her paying all that extra interest its daylight robbery

dmg24

Perhaps she would not be eligible for the rates offered by the other banks?

When did she agree to the loan? Does she already have the funds?

spannamonkey83

she applied over the phone literally a couple of hrs ago, i cant see how they can rightfully charge any one that much thats paying backover 3200 in interest alone against a loan for 4500.
she earns over 1100 a month after deductions and her only other outgoing is a phone bill about 40 a month

dmg24

If she has not received the funds yet, she should contact them and advise that she does not wish to continue with the loan.

Does she have a good credit record? There is nothing to stop her applying for another loan, but there is no guarantee that she will be accepted.

BLT_2

spannamonkey83 wrote: »

hi my girlfriend has taken a rip off loan for 4500 from loyds paying 164 per month over 48 mths, while the othe banks offer similar payments over 36 months. she will pay over 7500 in total as oppossed to around 5200. can she cancel now over the phone or is there a cooling off period? also what is the best way to go about doing so?

oh this is for a car she is buying in six days time im sure the sales man will be happy with the delay!

will be great full of any help dont want her paying all that extra interest its daylight robbery

If she hasn't signed any paperwork and sent it back and this is just a verbal quote then there is no agreement.

endoftheline

yep, cancel away:money:

inmypocketnottheirs

endoftheline wrote: »

yep, cancel away:money:

Yes exactly.

But.... what if she gets turned down by other lenders?