Moneybarn loan - Cooling off period/paying off loan?

Laineylou_2

Hi there,

I have just taken out a loan with Moneybarn to help purchase a new car. I was told I have a 14 day cooling off period, from the start of the agreement, which is 21/03/13.

Here's the situation. I have accepted the loan, and Moneybarn have paid the money out to the garage who were selling the car, and I have now collected the vehicle. However, I have since been offered a personal loan by my bank, for the same amount as the cost of my car, and the repayments are quite a bit less than they are with Moneybarn. Also their T&C's are a lot less harsh, including their charges and penalties etc.

So my question is, am I able to get out of the agreement with Moneybarn as I'm still within the cooling off period, would they take the car off me completely, thus stopping me from re-buying it with the bank loan? Or do I have to opt for an early settlement, and pay any penalties that go with it?

Any advice offered would be much appreciated. I just want to get an idea of where I stand, before calling them and getting their backs up!

Thank you in advance :T:T

~Brock~

You have a 14 day 'right of withdrawal', and once you have notified them that you wish to withdraw you then have up to 30 days to repay them in full, which will be the amount borrowed plus interest calculated at a daily rate which should be shown on the agreement.

The vehicle is not affected by any of this, and remains with you throughout.

Laineylou_2

That's brilliant, thank you for that. Their daily charge for interest is £5.97, so the sooner I cancel, the better!

I'll email them now, and hope there's no 'hard sell' where they try to encourage me to stay!

many thanks