Loan Query

123Will123

Morning all,


I've had to bite the bullet (no pun intended, you'll see what I mean soon) and get a loan. A bit of a strange one but it's for new teeth which is rather expensive and for implants etc.


I applied with my bank, Yorkshire Bank and was approved online. I thought this was the best bet as its my personal bank so thought it more likely. The apr was 25% but I just thought if my bank offers me this then this is probably all I could get (naïve I know). 8 days ago 9500 hit my account and repayments are 268 pm for 5 years. This morning I thought I should have checked elsewhere and found that Tesco have approved my application of 11k over 5 years with an apr of 11%. This is a big difference in terms of repayments and amount in total.


My question is, in 5 days when I receive the loan docs can I phone up my bank and tell them I'd like to withdraw and pay back the 9500 straight away from the Tesco loan when it hits the account? If it goes past the 14 day withdrawal period with YB will they want the full amount including the apr? I've already made a part payment for new nashers.


Many thanks for your help.


Will

Foxy-Stoat_3

Call them today and ask, read the T&C's first though so you know what their own requirements are and not to rely on the person on the other end of the phone. I suspect that you will have to pay the full £9500 back and cleared funds to them before they will cancel the loan.

I bought titanium implants over 17 years ago that they all a-ok, touch wood...they cost me £17K for 3 front teeth, I hope they have come down in price since 1997 !!

123Will123

Thanks foxy, I'm having 4 fronts and they are a bit cheaper these days but its reassuring to know that yours have lasted and are still in tip top condition. It's not something I wanted to do to be in debt but I'm only 26 and my partial denture (just typing it makes me go eughh) isn't the best and I avoid a lot of situations because of it. I'm thinking even if Yorkshire bank said it's after the withdrawal period the fee will be £500 I'd happily pay it with the savings made. I'm going to phone them with a hypothetical and see.

Foxy-Stoat_3

Thats cool then.

I got a face full of 5 iron golf club when I was 17 and it took 4 years to claim from the chap who did it. Got them put in by a chap in West London when they were fairly new to the market who charged 5 figures... the guy who anesthetized me charged me like £400, he rocked up on a brand new Harley Davidson and probably slept well on a mattress full of money surrounded by lots of beautiful women!!!

Good luck with the implants, lots of work but its worth it.

andyfromotley

http://www.adviceguide.org.uk/wales/debt_w/debt_borrowing_money_e/your_rights_when_you_borrow_money.htm

Your rights under the Consumer credit Act, cancel within 14 days, no reason required, obviously you have to give the money back!!!