can I cancel loan?

FUrake

Hi there, 10 days ago I was in a pretty dire situation and needed money asap so took out a loan from uncle buck for £500, I now dont need this as a familly member has loaned me cash interest free until I get back into work, am I able to cancel this loan and if so am I still due the full amount of interest I agreed to pay?

robber2

You should be able to cancel within the first 14 days. I'd get a move on and contact Uncle Buck asap to make arrangements.


Rob

FUrake

I just spoke to someone on the phone there and theyve told me im due them £540, fair enough I can live with £40 interest, however she said I need to make the payment when I withdraw from my agreement, It says on the money advice service website that you can withdraw from your agreement and have 30 days to pay the money back, do different companies have different rules or is a blanket thing for the UK? I asked her about this 30 days to pay it back and she just no you have to pay the £540 back at the same time I cancel the loan agreement

DCFC79

Pay the money back and then cancel.

xebruary

Your right to withdraw within 14 days is granted by Section 66A of the Consumer Credit Act 1974. You must pay the amount back, with interest (but not fees) without undue delay and at the latest within 30 days.

So yes, you can cancel and then pay it back afterward, but if you have the money, it would be simpler for you to pay it back and then cancel.

foxy-stoat

1249% interest - sign me up doc !

Caz3121

peterradcliffe wrote: »

yes, you can cancel your loans. just explain everything to your uncle and return amount that you took as a loan

???....Uncle Buck is a company not a relative...the post is over 2 months old so OP would have sorted it by now.

[Deleted User]

shanerobert wrote: »

Hi
You have a 14-day chilling period from either the date the advance understanding is marked or when you get a duplicate of the understanding, whichever is later. In the event that you drop, you have as long as 30 days to reimburse the cash. You must be charged enthusiasm for the period you had the credit - any extra expenses must be discounted.

Spam created through google translate is the best!

Always look for a low enthusiasm rate on your loan.

Caz3121

shanerobert wrote: »

You have a 14-day chilling period

and that "chilling period" ended over 2 months ago....

Clive_Woody

Deleted_User wrote: »

Spam created through google translate is the best!

Always look for a low enthusiasm rate on your loan.

I'm rather glad you quoted them as now the original has been deleted and I would have missed such wondrous advice :beer: