Can i cancel loan after "cooling off period"?

Chapman1290

Hi all

When i was working at my old job, i looked into a electricians/mechanical course as i thought it would help me in my job. I had a salesman from a college come round my house and he offered a electricians course i could do, course looked ok so i said yes and he said i could get a loan from a company who the college "works with" and is 0% APR. So i said yes to the loan and paid a small deposit and the loan money goes straight to the college and then i pay the loan company a fixed sum each month.

Anyway company i worked for went bust a few months ago, i then couldn't get a job doing what i done before so have gone to a different industry now and basically have no interest in the course and now doing the course wont benefit me for my career. The course is £8000 which i have been paying £180 a month and haven't missed any payments so far. I wanted to know if there's a way i can cancel the loan?

[Deleted User]

You can repay it at any time.

Ask for the early settlement fee, which will include two months interest.

You will separately need to see if you can get any refund from the course for not continuing with it. Generally, there won't be any refund for a change of mind.

Smellyonion

How long is left on the course? If it is close to completion, then just finish it.

Chapman1290

I'm no where near to completing it, not even quarter of the way in.

MallyGirl

You have committed to paying for the course. You need to talk to the course provider and see if there is any discount for withdrawing for the course - don't cancel the loan as you still be liable for the remaining course fees.

Clive_Woody

Not sure what you mean by "cancel the loan". The money has already been paid by the loan company to the college.

Do you mean not have to repay the loan company for the money you borrowed?

PaulW922

The OP says it is a 0% loan so no interest would be due if it was settled early. I *think* the question is probably about withdrawing from the course and not paying any more for it. That is probably a no-goer but worth asking the college about (as opposed to the loan provider).

System

The only way to cancel the loan is to get a settlement figure from them and pay what is left outstanding on the loan balance. You can't cancel it and not repay the rest of it which is what I think you're wanting to do.

You would then have to see about cancelling the course with the college and see if there is any refund available to put towards the settlement amount.

Chapman1290

Yes sorry, I'd like to withdraw from the course and stop the payments. I never saw any of the money, as said it was paid straight to the college.
I am essentially asking to withdraw from the course and ask the college to pay the money back to loan company...

MallyGirl

It can't hurt to ask the college - you won't be the first to want to do this. Whatever you do, don't stop paying the loan as that will mess up your credit history.
Regardless of whether you are attending the course, you contractually committed to it and have to pay unless they let you get out of that contract.

Chapman1290

Yes of course i understand, i'll send the college an email and see where i get.