Cancelling a loan with Welcome Finance?

wilfman

I have just found out my brother in law has got a loan with welcome Finance, and the APR is 35%!!! idiot!! :mad: and on top of that he got payment and life insurance..

We need to cancel it ASAP!!! it was taken out on the 17th march 2007.

The docs say that he has no rights to cancel this loan.

Is this correct? As i thought all loan agreements were regulated by the FSA, and you had a 14 day cooling off period.

I need advice and help ASAP!!!!

Please help me

tom188

Was it taken out in person on a car dealership forecourt?

wilfman

It was taken out in person.

tom188

Under the Consumer Credit Act 1974, certain credit agreements can be cancelled provided there were face-to-face negotiations before the agreement (the place where these took place is immaterial) and you didn't sign the agreement on the trade premises of the creditor or supplier (for example, you signed at home or in your office).

As it appears the agreement was signed on the premises of the supplier in this case I am afraid the prognosis does not look good.

tom188

Also the CCA only requires a 5 day cooling off period, even if the documents were signed away from the suppliers premises. Have you looked at the redemption penalties of the loan?

miha_2

just call them and say it was a mistake you were not aware of that APR and you don't want it

if you say it nicely you might get away with it

it has worked for me with another company

stokegal

Good Luck - I have a loan with them with APR of....... wait for it ........55.4% My biggest regret and wish to this day I had never done it.