Short term/Payday loans

Fedaykin

Well, hello for a start (new here, so be gentle!)

I've had the month from Hell this month thusly have been caught a little short in the finances department. I've gone down the route of a short term/payday loan from PayDay UK. Borrow £100, pay back £125 on payday, i know the APR is terrible but it'll get me through the month!

The question is... Seeing as my repayment date is in 11 days time and I have 14 days in which to cancel the agreement would I be within my rights to cancel the agreement, for arguments sake on payday and then repay them the original loan amount?

Trying this wasnt part of the plan at all and i'm sure they must have thought of this but figured i'd ask anyway!


Here's the part of the contract that interested me....

2.1 You will have a right to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by us. You may exercise this right by giving us notice in writing or any other durable medium accessible to us, address removed . Our fax number is . Our email address is address removed . If you do so after we have made the advance, you will still be required to repay the amount of credit and pay the administration fee. If you do not exercise this right to cancel, you will not be able to cancel at a later date.

2.2 By signing this Agreement you request us to make the advance prior to the expiry of the Cancellation Period, although you acknowledge that we are not under an obligation to do so.

2.3 If you cancel this Agreement:

(a) As soon as possible and in any event within 30 calendar days from the date on which you notified us of the cancellation, we will refund any sum paid by or on behalf of you; and you must refund any sum paid by or on behalf of us under or in relation to this Agreement.

(b) However, we can charge you for services actually provided by us in accordance with the terms of this Agreement.