Took out loan 16 days ago, still don't have details about loan, can I still cancel?

badwithmoneyman

So I took a rather ill informed loan, I needed money and used a loan company. I asked constantly for the full details of the loan over the phone (which I recorded) and via email maybe 6 times. Still the details never, I signed the contract and only had time for a brief scim read the documents and then signed.

16 days ago the funds were put into my account. I was over and over told that I would get a welcome pack and that I couldn't get the details in writing until the loan went through as they were generated by the system.

I now have enough money to pay off the loan, via my parents.

The interest rate is 15% with £200 to pay for each 6 months you have the loan out if you pay off early.

I have emailed and called but the person I dealt with is "away without a date" from an automatic response.

Bottom line, I needed money and panicked, I would do things differently. I know that in the UK you legally have 14 days to back out, I have missed this date. I still have not received confirmation of the loan other than actually having the money in my account.

I feel stupid, but maybe somebody here has an idea?

Cheers guys and sorry for the questions.

System

Have you checked your SPAM folder?

The details would have been in the contract documents you signed. What is the loan company? Their T&C may be online.

StopIt

You have already had the documents, in the CCA Agreement you signed and gave back.


Why did you not save a copy for yourself when you signed it? As you admitted, you didn't read the documents when you signed it, which would have been your chance to find the prescribed terms of the loan.


The loan details will be sent in writing but it sometimes takes a while. However you are now outside your cool off period. Can you make a large overpayment, leaving 1 months payment left? That way you'll only pay a couple of months interest.

badwithmoneyman

I signed the documents in person, they drove a man out in a car, he came during my lunch break which is 30mins. There were a hell of a lot of documents, in future I will just take photos during. I asked for 5 days before the man came to see the documents, they didn't arrive.

Indeed to your second paragraph. I feel rather frustrated and a little like I have been taken for a ride, but at the end of the day, they sent me a lot of money which I did need.

As for "Have you checked your SPAM folder?" these will arrive in the post, not via email.

Very good idea, I will look at this option and see if they have covered this once the documents finally arrive. I assume there is no law about documents needing to be there within a certain time frame, as when you sign them you are 100% saying you agree with everything in there.

I still find it odd, they actively didn't want me to looking before or even now, since.

StopIt

If you have seen the documents to begin with, no, there's no obligation to send them out again, but you do have a legal right to request them. And yes, if you get a CCA agreement to sign, photocopy it, or ask to keep your copy there and then.


See here: https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx


You do not need to wait for the loan documents to do this, and you can request a settlement figure at any time.

[Deleted User]

badwithmoneyman wrote: »

I was over and over told that I would get a welcome pack and that I couldn't get the details in writing until the loan went through as they were generated by the system.

The lender is obliged to provide you with a document called the Standard European Consumer Credit Information form (SECCI) before you sign the agreement.

Complain to the lender (mark it 'complaint') and then if necessary open a case online with the Financial Ombudsman.

bazzyb

badwithmoneyman wrote: »

I signed the documents in person, they drove a man out in a car, he came during my lunch break

What kind of loan company does this??


Regardless of this, you are too late to use your right to withdraw but can settle the loan in full. Expect to pay 2 months worth of interest plus any applicable fees.

DCFC79

bazzyb wrote: »

What kind of loan company does this??


Regardless of this, you are too late to use your right to withdraw but can settle the loan in full. Expect to pay 2 months worth of interest plus any applicable fees.

I cant imagine it was 1 of the high street reputable lenders, maybe 1 of those with high a apr.

sourcrates

bazzyb wrote: »

What kind of loan company does this??


Regardless of this, you are too late to use your right to withdraw but can settle the loan in full. Expect to pay 2 months worth of interest plus any applicable fees.

I think the OP is probably referring to a courier who brought the loan documents to be signed, I used to do this when I was a courier.

It was usually M&S, RBS, and a few others that offered this service.

We would then either hand over a cheque, or if the funds were transferred into a bank account, just an envelope with their copy agreement inside it.

badwithmoneyman

Thanks again guys.

Actually without naming the company, it wasn't those you have mentioned. Its not a high street bank either. The driver was an employee of theirs.

It turns out now, they are charging £100 a month for insurance and £250 admin fees every 6 months. £200 for each 6 months you have left if you want to leave the loan early. This whole thing is steeped with hidden charges.

All because I was caught in a corner.

I have sent a third email asking for a settlement quote... yawn.

Thanks everybody for helping through this difficult time.

PeacefulWaters

without naming the company

Just spit it out.