No response to "right-to-withdraw" e-mail

Whagwan

My girlfriend recently took out a 45 day payday loan with paydayexpress.

I realised that she would be paid within the 14day right-to-withdraw period so recommended she follow the instructions in the loan agreement to exercise her right-to-withdraw and send an e-mail to the specified address. She has now told my that despite two e-mail it has now been 11 days without a response (and 9 days past the 14day right-to-withdraw period.)

She is a primary teacher and therefore finds it virtually impossible to make calls etc in the day.

Can anyone recommend what should be her next course of action?

Stevie_Palimo

I believe the 14 day part you refer to would be if the loan was not used and repaid straight away, Sounds like you are attempting to con your way out of repaying the fee's as agreed when asking for a loan in which case shame on you for taking it out.


If I am wrong then I am sorry but as you have wrote it makes me conclude this is a way out of paying what is due against a perfectly legit loan taken out with payday Company and a clear attempt at saving yourselves any charges.

Whagwan

No matter what you think, this is a principle enshrined in law and in the contract. Acting within the law is not "attempting to con."

From Which:
Cooling off periods

Under the Consumer Credit Act you have 14 days to withdraw from a credit or loan agreement. The legislation applies to all credit agreements, whether made in person, on the internet or over the phone.
Your right to withdraw from a loan agreement is extended to all agreements falling within the Directive, as well as hire purchase agreements, pawn broking agreements, and business loans below £25,000. The right to withdraw doesn't apply to loans above £60,260.
If you think the loan provider has done something wrong, you can refer your complaint to the Financial Ombudsman Service.


Notice of withdrawal can be given in writing or verbally, but you will have to repay the capital and interest accrued between taking out the loan and repayment.
The 14 day cooling-off period runs from the day the agreement is concluded or if later, from when you receive a copy of the agreement or, notification of the credit limit on a credit card.
While you can withdraw from the credit agreement, the contract for the item or service itself won't be affected.
So if you use credit to finance the purchase of a car, for example, you can withdraw from the credit agreement but you would still need to pay for the car because you have entered into a contract with the car dealer to purchase a car.

Stevie_Palimo

So you are trying it on then. Tut tut.

Whagwan

Exercising your legal right to withdraw FOR ANY REASON is not trying it on. If you don't have anything helpful to add please stop commenting.

[Deleted User]

Why on earth didn't gf try and get hold of this lender on social media?? (not just here) if not responding to emails well before now, there's a thought, wish you had posted sooner

You need don't get done, get Dom? he looks into both sides

Can you spare a thought for the quite happy customers now being refused loan?

Gaz83

Whagwan wrote: »

She is a primary teacher and therefore finds it virtually impossible to make calls etc in the day.

My wife and I are both teachers and find it easy to make calls during the day.

After school, interval, lunchtimes...

Whagwan

Well as teachers you should know that every school is different.

This school has a ban on having mobile phones with you during the day, and as she leaves home at 7am and doesn't get back until after 7pm (she is also a departmental head) that doesn't really leave an option for home.

I thought this place would be helpful, obviously not.

Tixy

Does she still have the funds?

As the loan agreement gives specific instructions as to how to cancel in the cooling off period does it also have instructions on how to repay?

Did she try calling at the weekend? Places like this usually have call centres that are open some of the weekend.

Calling them would likely get it resolved quickest to find out how to repay and so minimise the interest that will be due. However if she cannot do that and emails are getting nowhere then I imagine her next step would be to write to them.

Red-Squirrel_2

Whagwan wrote: »

Well as teachers you should know that every school is different.

This school has a ban on having mobile phones with you during the day, and as she leaves home at 7am and doesn't get back until after 7pm (she is also a departmental head) that doesn't really leave an option for home.

I thought this place would be helpful, obviously not.

https://www.paydayexpress.co.uk/contact-us

Seems the call centre is open till 7pm in the week and 9-4 on Saturdays, in case you need them again.

TrickyDicky101

What benefit does cancelling the payday loan bring? Is it:

1. to avoid interest on the full 45 day period and instead only pay it on 14 (or whatever if less)?
2. the interest rate for 14 days (if originally taken out as a 14 day loan) is significantly higher than for a 45 day loan?

I'm genuinely interested.