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Refund from loan broker
Hi
Trying to get a refund from an online loan broker who charged me £69.99.
The company is 'Loan Marketing' (SK8 3GP) who are part of the same company as 'My Loan' and a batch of other similar companies.
Have put cancellation request in writing to them. They have confirmed that they have my cancellation/refund request but are saying that they will not be processing it for 30 days.
I have read The Financial Services (Distance Marketing) Act 2004, and section 13 says:
(3) The supplier shall refund any sum paid by or on behalf of the consumer under or in relation to the contract to the person by whom it was paid, less any charge made in accordance with paragraph (6), as soon as possible and in any event within a period not exceeding 30 calendar days beginning with—
(a)the day on which the cancellation event occurred; or
Does anybody know if I can argue to them that taking 30 days is NOT 'as soon as possible' ? I actually got charged by two brokers and the other company has refunded within 7 days ( even though their T&C also said 'within 30 days').
Or do I just have to accept that 30 days is 'as soon as possible' for them?
It makes me angry that they can be so quick to take the money from me, but drag their heels when it comes to giving it back. And yes, I have learned my lesson when it comes to putting my details into online sites without properly considering the T&Cs. I have been berating myself all week. I just want to know where I stand arguing with these guys about taking 30 days?
Thanks in advance for any advice and knowledge. I have learned a lot from reading about loan companies on this forum in the last few days. It has made me see that I need to sort my financial attitude out and grow up a lot!
Trying to get a refund from an online loan broker who charged me £69.99.
The company is 'Loan Marketing' (SK8 3GP) who are part of the same company as 'My Loan' and a batch of other similar companies.
Have put cancellation request in writing to them. They have confirmed that they have my cancellation/refund request but are saying that they will not be processing it for 30 days.
I have read The Financial Services (Distance Marketing) Act 2004, and section 13 says:
(3) The supplier shall refund any sum paid by or on behalf of the consumer under or in relation to the contract to the person by whom it was paid, less any charge made in accordance with paragraph (6), as soon as possible and in any event within a period not exceeding 30 calendar days beginning with—
(a)the day on which the cancellation event occurred; or
Does anybody know if I can argue to them that taking 30 days is NOT 'as soon as possible' ? I actually got charged by two brokers and the other company has refunded within 7 days ( even though their T&C also said 'within 30 days').
Or do I just have to accept that 30 days is 'as soon as possible' for them?
It makes me angry that they can be so quick to take the money from me, but drag their heels when it comes to giving it back. And yes, I have learned my lesson when it comes to putting my details into online sites without properly considering the T&Cs. I have been berating myself all week. I just want to know where I stand arguing with these guys about taking 30 days?
Thanks in advance for any advice and knowledge. I have learned a lot from reading about loan companies on this forum in the last few days. It has made me see that I need to sort my financial attitude out and grow up a lot!
0
Comments
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30 days is normal even for more respectable companies e. g Amex so you should wait.
Of course you haven't been stung by a respectable company, a teenager in a bedroom could knock up a site suitable for taking in broker fees so a refund could be pretty instant.
Give it the 30 days but get Formal complaint ready (or jump straight to a letter to the FOS)0
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