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

[Deleted User]

poppasmurf_bewdley wrote: »

Aren't all loans 'front loaded' with interest?

To be fair, the OP complains that the loan was "front loaded" with PPI interest. That's a valid mis-selling complaint .

DougieFresh wrote: »

I had a loan that was front loaded with interest, both for the loan and for the PPI.

I do agree the rest seems to be less than bona fide

gb12345

Moneyineptitude wrote: »

To be fair, the OP complains that the loan was "front loaded" with PPI interest. That's a valid mis-selling complaint .

Which the OP appears to have reclaimed, but obviously doesn't make the selling of the actual loan any less valid.

dealer_wins

Loans signed off bank premises have a cooling off period of 5 days?

Caz3121

DougieFresh wrote: »

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


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).
Did they give you £14k or £21k?
or was £21k the figure with the interest added?

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?
But if you have borrowed £14k then you have £14k plus interest to pay back
If you received £21k, you still have a long way to go to pay off the remaining balance plus the interest

what was the term and the APR? that should have been the main thing you checked.
Do you understand that you need to pay back the loan plus the interest

jonesMUFCforever

Moneyineptitude wrote: »

To be fair, the OP complains that the loan was "front loaded" with PPI interest. That's a valid mis-selling complaint .


I do agree the rest seems to be less than bona fide

The loan was not front loaded with interest - just the original loan and PPI premium (single premium).
This was commonplace.

[Deleted User]

jonesMUFCforever wrote: »

The loan was not front loaded with interest - just the original loan and PPI premium (single premium).
This was commonplace.

Single premium PPI is still the most upheld mis-selling complaint at FOS...

gb12345

Moneyineptitude wrote: »

He doesn't expressly say he has reclaimed PPI, only that he "started" to.
Regardless, I'm not siding with him!

He says started to, but earlier in the post he says

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).

tobiascurious

jonesMUFCforever wrote: »

The loan was not front loaded with interest

How do you know that it wasn't front-loaded with £7k of interest?
http://en.wikipedia.org/wiki/Rule_of_78s

DCFC79

gb12345 wrote: »

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.

I've heard or read elsewhere the papers were couriered to the customer, its the fact he was only given 15 minutes to decide but surely there was a cooling off period.

DougieFresh

http /postimg.org/image/7jllhm8wj/