Please let me know what you think is meant by this

Cumbrian_Male

ukfunky wrote: »

Thanks - so this means...I took the loan and got the agreement on 24th May - so if I notify them by Monday 6th June (14th day), I then need to repay the money by Tuesday 5th July (30 days after notifying them on 6th June)..

Is this right?

You have until the 6th June to withdraw from the contract. If you repay the funds by the 6th of June you will pay no interest. You then have a further 30 days from withdrawal date to repay the funds. On the 7th of June you will owe them the capital sum plus 15 days interest, interest accruing daily from day 15 at the rate stated in your agreement up to the 30 day limit so max of 44 days interest. If you withdraw at day 7 then you would still have until day 14 to repay interest free, thereafter 15 days interest up to 38 days interest. The 30 day time to repay starts the day after you notify of withdrawal regardless of what point you do that in the first 14 days.

Hope that helps.

ukfunky

Cumbrian_Male wrote: »

You have until the 6th June to withdraw from the contract. If you repay the funds by the 6th of June you will pay no interest. You then have a further 30 days from withdrawal date to repay the funds. On the 7th of June you will owe them the capital sum plus 15 days interest, interest accruing daily from day 15 at the rate stated in your agreement up to the 30 day limit so max of 44 days interest. If you withdraw at day 7 then you would still have until day 14 to repay interest free, thereafter 15 days interest up to 38 days interest. The 30 day time to repay starts the day after you notify of withdrawal regardless of what point you do that in the first 14 days.

Hope that helps.

Thanks - i think i understand - as the loan is front loaded - i take it as i've cancelled the within 14 days they charged me daily interest for the period of time i've had it..?

Cumbrian_Male

ukfunky wrote: »

Thanks - i think i understand - as the loan is front loaded - i take it as i've cancelled the within 14 days they charged me daily interest for the period of time i've had it..?

In effect yes. However if you withdraw and repay within 14 days then you pay only the capital advance.

nelly12

ukfunky wrote: »

thanks, is there somewhere where i can read this in ccd (just in case my bank gives me problems - I can quote this to them..)

It is their legal requirement to give this information to you both verbally and in writing before you sign any loan agreemnt. Therefore you should in theory already have this information in your documents. If you have not then you need to get back in touch with them and point out their error.

ukfunky

A message from HSBC online...

Please be kind enough to refer details about Right of
withdrawal on the Loan agreement form. Accordingly you need
to confirm within 14 days if you wish to withdraw the
agreement and ensure that funds are repaid with 30 days
after giving notice of withdrawal. Please pay the funds to
you HSBC current account and contact us with regard to the
loan account closure. You will not need to pay any extra
charges if the loan is settled within the above time scales.

Should you have any further queries, please contact us.