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

_Andy_

Thank you for that detailed, fascinating response, which I feel clears everything up.

dealer_wins

Well 15 minutes is at least 10 minutes longer than going into a bank to finalise an already agreed loan by signing the paperwork, and you dont get the 5 days cooling off period by signing on premises!!

forgotmyname

Doesnt look like there is more than a few minutes reading there.

1 Your details.

2 The amount you borrowing and payment terms.

3 Sign for the loan.

4 Sign for the PPI

5 Direct debit info.

Then the courier gives you the cheque.

Braining thinking money money. Reminds me of the Simpsons. Homer has the monkey clashing the cymbals in his head and not listening until the monkey stops and points.

Easy to get carried away. Are you near the end of the loan now?

sharpy2010

DougieFresh wrote: »

Hi,
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 don't believe you. You are lying.

gb12345

DougieFresh wrote: »

http /postimg.org/image/7jllhm8wj/

So the 15 minutes was real.

WHat exactly are you trying to achieve now?

If it is getting out of paying the remainder of what you owe then you've no chance.

You had 15 minutes to read 2 sides of A4 - if you couldn't manage that then you should have turned the courier away and not taken the cheque.

Or you could have taken the 5 days cooling off period to properly read the paperwork and cancelled if there was something you didn't agree with.

You didn't do either of the above, so basically you're stuffed.

Man up and pay what you owe.

Caz3121

A £14k loan @ 13% APR over 7 years would give a repayment of £21k
(which although not a great rate is not crazily high)

You have not provided any of the required details for anyone to make any judgement and it just sounds like you are trying to avoid what you owe and are clutching at any straws

Apples2

I can't see that link but are we now saying it was a £14k loan all along? Exactly what the op asked for?

This gets worse now we can see this guy expected, and is outraged he never received, an interest free loan.

gb12345

Apples2 wrote: »

I can't see that link but are we now saying it was a £14k loan all along? Exactly what the op asked for?

The link is just proof that he was only given 15 minutes to sign the agreement before being handed his cheque by the courier.

Caz3121

Apples2 wrote: »

I can't see that link but are we now saying it was a £14k loan all along? Exactly what the op asked for?

This gets worse now we can see this guy expected, and is outraged he never received, an interest free loan.

The OP has not confirmed any of the required info....my post above yours was demonstrating a possible scenario as the OP seems confused about the fact that loans come with interest and you need to pay back more than you borrow

magpiecottage

poppasmurf_bewdley wrote: »

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.

That is not front loading. It is simply that you pay the same amount each month throughout the term regardless of how much you still owe. To start with you owe more so the amount of interest you pay is higher. That means the part of the payment used to reduce the loan is smaller.

Each month the loan goes down - so the interest is less. That means more of the payment is used to reduce the loan than the month before.

If the interest was front loaded you would pay all the interest that would ever be charged before you started reducing the amount you owe.