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

SnowTiger

Caz3121 wrote: »

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

As I understand it, OP borrowed £14,000 in 2006. They've now repaid that amount, but there is still an outstanding balance of £7,000. Which, presumably amounts to the interest. And I guess the repayment period is ten years.

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?

OP is looking for a loophole to get out of paying off the rest of the loan, hoping to have borrowed £14,000 for six years without paying any interest.

I've checked with a few online loan payment calculators, which suggest borrowing £14,000 and paying back £21,000 over ten years amounts to an APR of about 9%. OP says they were "struggling to meet payments" of other outstanding debt at the time, so an APR of 9%, even in 2006, doesn't seem extraordinary.

OP also suggests it included PPI, so the APR is probably even lower.

jonesMUFCforever

tobiascurious wrote: »

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

Because lenders had stopped doing loans this way by then.

michael1983l

This threads gone on a long time hasn't it when there are two very simple answers.

Is it illigal? No

Were you forced to sign it? No.

Simple.

gb12345

michael1983l wrote: »

This threads gone on a long time hasn't it when there are two very simple answers.

Is it illigal? No

Were you forced to sign it? No.

Simple.

It's only been resurected because we appear to have a future spammer in our midst who is using various usernames to resurect old threads and repost other user's earlier posts.

I've reported 3 or 4 different user names in the last couple of hours.