Can I (and should I) cancel this Loan?

easy

We desperately need new windows, and on Friday night we signed up with a double glazing firm to supply them.
The salesman was good, and persuaded us to take finance too (We don’t have all the money anyway), and made out that we would pay less for the Windows if we took their finance (which turned out to be by GE Capital).

In the cold light of day, I’ve re-read the paperwork, and I think the finance may have been a mistake. The APR is 20% (ouch), although we shall be paying nearly 3 times the necessary payment each month, to pay off a 10 year loan in 2 years. I'm not sure whether this makes the loan cost effective anyway, in which case I may be worrying about nothing

Now we signed 2 separate contracts, one being the order for the windows (remember, we were told our windows discount counted on our taking finance, but there is no mention of this on the order form for the windows), and a separate one for the finance.

We’re still in the cooling off period. If I decide to cancel the Finance agreement, does the contract for the windows stand? I have paid £100 cheque deposit to the window company.

I’m thinking of taking a lower apr loan over 2 years to cover the costs.

This is my first thread on this excellent site BTW

easy

No albert, we have no intention of paying 20% over 10 years, we will pay it off over 2.

And we do want the Windows. We spent 3 flaming hours going thru all the designs and options, we believe the product is good, and I think 5100 pounds for 7 windows and 2 doors is a reasonable price.

I only want to know if I can correct the error we have made over the finance.

CLAPTON

I would definitely cancel the finance deal,
if the windows are OK then simply find another finance deal.
Unless the contract specifically says the price of the windows is linked to taking their finance (most unlikely ) then I dont see any problem here.

In any case there are lots of double glasing companies.

easy

Right, I have rung the salesman this morning, who says that if I pay them the 5000 when the work is done, instead of signing a satisfaction report for the GE loan, then the GE loan will never kick-in, and I will not have to pay GE anything.

I am slightly concerned because he has our signed GE forms....

CLAPTON

I dont think that is satisfactory... if he still has the forms then go get them back . if they have already been send to GE then speak to them.

I know its being wise after then event but never never never sign any loan documents without holding them and reading them for 24 hours... i know they give all the rubbish about if you sign now we will hold that special price but its absolute rubbish. And I hope you got at least three quotes for the windows..

easy

Right, I'm cancelling. I'll write to GE, and also to Amber Windows, but I'll tell Amber that we want to go ahead with the product.
I suspect they'll try to raise the price, in which case, we'll go elsewhere.