Urgent Help To CANCEL Loan I dont Need

seaspirit1

Hi All,

I approached and applied for a loan of 8.5k to consolidate a few small debts and build a small extension to my home. Signed the papers (by courier) last night to a Sainsbury's loan at 10.5% (not quite as advertised but that was ok). Then today, family offered me the money as they have savings that get virtually no interest. So I dont actually need (or want) the loan now. I have yet to receive the funds from Sainsbury's and thought there might be must be a reasonable cancellation fee (for courier costs etc) or cool-off period that would be in the t&c's.
However, it appears my only option is to pay off the loan as soon as I receive it and then incur early redemtion charges that will still see me paying over £2000 extra immediately.
Surely, there is something else I can do? Even if I could negotiate the total loan down to a token £2-3k at 10% and run it for its 6yrs.
Otherwise, I'll have to give Sainsbury's 2k for doing basically sweet nothing.

Many thanks,

duggie1982

I'm sure you will have a cool off. Just give them a call and explain that you no longer need the loan.

PNPSUKNET

its normaly 14-28 day cooling of period

Common_Sense_2

if you signed off trade premises (i.e. at your home) then you should have a 14 day cooling off period.

Call them and tell them you wish to cancel, and then follow it up in writing (recorded) and you should have no problems

zppp

Common_Sense_2 wrote: »

if you signed off trade premises (i.e. at your home) then you should have a 14 day cooling off period.

Call them and tell them you wish to cancel, and then follow it up in writing (recorded) and you should have no problems

The off premises thing is specific to HP agreements under the HPA. The Consumer Credit Act is different, and will allow cancellation however or wherever the agreement is signed.

CLAPTON

the sainsbury's web site says

Can I change my mind?

Yes, you have 14 days to change your mind about your personal loan. If you do decide you no longer want it simply call us on 0800 096 0543* (Mon to Fri 8am - 10pm, Sat 8.30am - 6pm, Sun 9.30am - 5.30pm). If after 14 days you haven't contacted us, you'll be bound by the terms of your loan.