Urgent help needed !!!!!

peainapod

Hi

I tried to take out a loan on friday (03/12/2010) with pay day financial, it was a payday loan and they told me that toothfairy finance would be the ones to give it to me, and it redirected me to them. I filled out the online form and it was approved. I had the money in my account in a couple of hours. Today I was reading through the ENDLESS small print that comes with companies like this, and found that it said repayable within 14 days :S I took out a payday loan because I needed it til payday, I can't pay back the loan in 14 days as I wont have the money, I mean I'll have the £300 they gave me but not the extra £75 in interest ! I've tried calling them and its always busy, I've filled in and submitted an online form for them and no reply. I just want to know if its possible for me to cancel this loan and give them back the £300 asap (that's still in my account, I haven't touched that yet) and cancel the loan agreement ?
Thanks guys !

Movies_in_Running

These people exist to make money. I'd imagine they manage to do so within the confines of the law.

On that basis I'd say you've got no chance of just giving the money back and getting out of the loan.

The £75 is expensive, but if you learn a lesson from this is might still represent value.

bengalknights

These lenders generally wont allow that once the paperwork has been signed as it means they get more money in the long run through extra charges on you defaulting.I would advise maybe trying to borrow the £75 of someone and repaying and then never using them again.

Hax

You're paying a hefty premium for using a broker. Looking on the Tooth Fairy website, they state that £300 over 14 days costs £54 and if you want it over 28 days, then it's £108

PaydayFinancial's website states that they can sometimes extend the loan period if you're having difficulty paying it back - but it's at the same fee as the original loan - which would mean that your £300 would end up costing you £150.

I'm somewhat astounded that you signed up to borrowing money without knowing the terms of repayment!

As said above, it's an expensive lesson - the important thing is to learn from it.

fozmcfc

I'm always confused as to why people go through a broker site for a payday loan.

The interest without the broker is high enough and it's not like Quickquid, Wonga etc aren't well known. They have their own websites and advertise everyday on tv. Double madness.

diable

Look upon it as and expensive lesson learned and take time to look at your finances and try to work out were you are going wrong.

peainapod

Its a shame that when people come on here looking for advice they get a mauling. While I'm sure I'm the only person who's ever had financial difficulty and had to resort to taking out a loan, it would be nice if everyone didn't assume I'm rubbish with my finances. And of course everyone reads every word of the endless terms and conditions I'm sure. All I wanted to know was if it was possible to cancel a loan agreement, so thanks bengalknights for being the only one to try and offer an answer and not acting like a patronizing financial expert

Philn77

Unfortunately it's probably a bit too late for you now (as you posted your thread 3 months ago), but on any loan....

You have the right, under section 66A of the Consumer Credit Act 1974, to withdraw from this Agreement for a period of 14 days
beginning on the day this Agreement is made and you have the signed copy. If the agreement is made at our offices this will occur
when you sign the agreement, if you are contracting online, this will occur when you sign the agreement sent to you (which we have

already signed) electronically by entering your name and authentication code sent to your