Was it legal to only give me 15mins to read and sign my loan documents?

DougieFresh

Hi,

I took out a loan with the AA in 2006 for 14k.

I was in a mess finacially and was struggling to meet payments so i wanted to consolidate them all into one payement.

I called the AA, I was told that I have been approved but not at the apr offered in thier add, but at a higher one. I was told i needed PPI, if i didnt it made me more of a risk and i might not get the loan approved at the same APR. (I have since reclaimed this money).

I was told that the papers will arrive by courier the following day with the papers and i will have 15mins to read the documents, sign them and return them to the courier. I told them that i dont want that and i would ratherhave the documents sent in the post.

I was told that this is the only way to do it, if i dont do it this way i cannot have the loan. If i take longer than 15 mins the driver will leave and i dont get the loan and it must be the address i lived at not my work address.

I didnt like this but i needed the money and I can be impulsive (a trait of ADHD).

the next day, i fought the traffic to get back home during my lunch hour to meet the guy. he handed me the docs and started a stop watch. i ran inside and sat down to read as much as i possibly could in 15mins. I got focused on the small print and combined with being a very bad reader (slow and i loose my place at the end of each line) i didnt get anywhere close to finish reading it. the guy nocked on the door again to say he was leaving. i paniced and said hang on, i'll sign.

I signed the docs and handed them over.


now......


Since then, i found out what i got. I had a loan that was front loaded with interest, both for the loan and for the PPI. My 14k loan was now a 21k loan that i hadnt wanted (I wanted a 14k loan). Outraged, i started to claim back the PPI as soon as i found out i could.

Now, being older and slightly wiser feel conned into signing up to this loan. Had i had the chance to read the docs in full, i am certain that i would not have taken the loan, despite needing the money to consolidate. there is no way i would have agreed to 21k.

Surly this cannot be right. at the time i was concered that it was not much time, but did not realise how much slower i am at reading than most people. I feel that this surly cannot be legal.

I have since paid the 14k back to them but my account is now with BOS. they have thier money back. can i get the rest written off due to the underhanded tactic?

I really need your help with this please!

Apples2

What happened when you tried to make an immediate £7k repayment?

lippy1923

Why would you willingly sign documents that you haven't read or fully understood? I'm not sure what you are trying to achieve OP. Are you saying you can no longer afford the repayments?

JuicyJesus

In fairness, most loan agreements are remarkably short. One of mine is two sides of A4.

dalesrider

DougieFresh wrote: »

I took out a loan with the AA in 2006 for 14k.

I have since paid the 14k back to them but my account is now with BOS. they have thier money back. can i get the rest written off due to the underhanded tactic?

I really need your help with this please!

So in effect you are saying you want a interest free loan because you were in a finanical mess.....

Have you got any proof of the 15 mins read and sign?

Did the PPI go towards paying off some of the loan?

Because if you have not then this is nothing but a pipe dream.

Apples2

I like the bit about being impulsive due to ADHD, as if it was a rash decision.
It took a full 24 hours and a race through traffic to get home to sign the form.

Aside from that, who thinks it is front loaded anyway?

DCFC79

DougieFresh wrote: »

Hi,

I took out a loan with the AA in 2006 for 14k.

I was in a mess finacially and was struggling to meet payments so i wanted to consolidate them all into one payement.

I called the AA, I was told that I have been approved but not at the apr offered in thier add, but at a higher one. I was told i needed PPI, if i didnt it made me more of a risk and i might not get the loan approved at the same APR. (I have since reclaimed this money).

I was told that the papers will arrive by courier the following day with the papers and i will have 15mins to read the documents, sign them and return them to the courier. I told them that i dont want that and i would ratherhave the documents sent in the post.

I was told that this is the only way to do it, if i dont do it this way i cannot have the loan. If i take longer than 15 mins the driver will leave and i dont get the loan and it must be the address i lived at not my work address.

I didnt like this but i needed the money and I can be impulsive (a trait of ADHD).

the next day, i fought the traffic to get back home during my lunch hour to meet the guy. he handed me the docs and started a stop watch. i ran inside and sat down to read as much as i possibly could in 15mins. I got focused on the small print and combined with being a very bad reader (slow and i loose my place at the end of each line) i didnt get anywhere close to finish reading it. the guy nocked on the door again to say he was leaving. i paniced and said hang on, i'll sign.

I signed the docs and handed them over.


now......


Since then, i found out what i got. I had a loan that was front loaded with interest, both for the loan and for the PPI. My 14k loan was now a 21k loan that i hadnt wanted (I wanted a 14k loan). Outraged, i started to claim back the PPI as soon as i found out i could.

Now, being older and slightly wiser feel conned into signing up to this loan. Had i had the chance to read the docs in full, i am certain that i would not have taken the loan, despite needing the money to consolidate. there is no way i would have agreed to 21k.

Surly this cannot be right. at the time i was concered that it was not much time, but did not realise how much slower i am at reading than most people. I feel that this surly cannot be legal.

I have since paid the 14k back to them but my account is now with BOS. they have thier money back. can i get the rest written off due to the underhanded tactic?

I really need your help with this please!

Had to quote it, just had to.

Didnt know loan firms gave you 15 minutes to sign a loan agreement.

There were other options than taking this loan, could have defaulted, spoke to a debt chairty etc. Looked at where you money was going and cut the spending.

chanz4

What about the copy they send you after within the cooling off period.

poppasmurf_bewdley

Aren't all loans 'front loaded' with interest? I know all my mortgages certainly were, and the longer you made the payments, the less interest you paid and the more capital you paid off.

But reading you post, it just reads like you have decided you've had enough of paying off the loan and are looking for a way out. But unfortunately for you, there is no way out without either making the payments or trashing your credit file.

There have been many instances of people asking basically the same thing as you, and they all have one thing in common - they all begin the doubting AFTER they've got the money, never before.

[Deleted User]

Fifteen minutes to sign up and no cooling off period? The OP really is stretching credulity.

gb12345

DCFC79 wrote: »

Didnt know loan firms gave you 15 minutes to sign a loan agreement.

The couriering of loan agreements was not uncommon - I took a loan with Halifax a few years back and they couriered the paperwork to my home for signature while the courier waited.

Don't remember whether there was a time limit mentioned, but the courier was happy to wait while I gave the paperwork a once over and as chanz4 says, there was always the cooling-off period to change my mind.