Bamboo loan - withdrawing from a loan - no response

Peddeh

Hi there,


I stupidly took out a loan for £3,000 with Bamboo at an eye watering APR of 49% (unfortunately it was all I could seem to get accepted at but I had planned to pay more than I needed to, to avoid the interest), which was to put towards a car (the rest of the money I had saved up). This was taken out on 24/12/19.


However, after getting into a discussion with a teller at my bank about the loan, I've been advised they are willing to offer me the same loan, at a significantly lower rate which I've got in writing (I'm assuming they've looked past my limited credit file and are just basing the decision on what they know about my current account).



The problem is, whenever I've tried to contact Bamboo about withdrawing from my agreement (by telephone), I just keep being told someone will ring me back (three times now), but no one ever does.


I've since sent them an email notifying them of my intention to withdraw and for them to contact me or provide me details on how to pay back the loan + the daily interest they apply but this hasn't been acknowledged (sent on 01/01/2020).


I'm getting worried because my 14 day cooling off period will end on 07/01/2020.


I will of course chase this again by telephone tomorrow and hopefully won't be told someone will call me back again, but in the meantime, will the email sent on 01/01/2020 suffice as written notice if we do get beyond the 07/01 before I get a response? (I know they've received the email, as I still have the automatic response from their customer service email box).


Thanks,

jonesMUFCforever

Start a formal complaint - keep a log of all calls.

fwor

I suspect that this is one of those situations where a good old-fashioned written letter, sent via "Signed For" post to their address in Southampton, stating your intention to withdraw from the credit agreement from the date of your first email to them, would be worth doing, if only as an insurance policy in case they "lose" your emails in their system.

Peddeh

fwor wrote: »

I suspect that this is one of those situations where a good old-fashioned written letter, sent via "Signed For" post to their address in Southampton, stating your intention to withdraw from the credit agreement from the date of your first email to them, would be worth doing, if only as an insurance policy in case they "lose" your emails in their system.

Going to do this tomorrow but also hammer them on the phone until someone will speak to me.

[Deleted User]

Have you repaid the £3000 you borrowed from Bamboo in the first place?

BoGoF

And this 4.8% APR loan offer you have 'in writing'.....what is the wording on this? Have you actually applied for the loan with the bank?

bazzyb

Lover_of_Lycra wrote: »

Have you repaid the £3000 you borrowed from Bamboo in the first place?

How can he if they haven’t given him the details of where to repay it to?

[Deleted User]

bazzyb wrote: »

How can he if they haven’t given him the details of where to repay it to?

By logging into the OP's online account with Bamboo and making a payment that way.

bazzyb

Lover_of_Lycra wrote: »

By logging into the OP's online account with Bamboo and making a payment that way.

He’s using his right to withdraw, so that would seem an odd way to go about things. Their website also states that he would need to call them, which he has done: https://www.bambooloans.com/faq/what-if-i-change-my-mind/

Peddeh

BoGoF wrote: »

And this 4.8% APR loan offer you have 'in writing'.....what is the wording on this? Have you actually applied for the loan with the bank?

To clear this up, yes, so much so that the loan agreement was signed and the money has already been submitted to my account. As the Bamboo loan was already used for its purpose, the bank loan will be used to simply pay it off (consolidating it, in a way). But as I intended with the Bamboo loan, I'll be making additional re-payments on it each month to get the length down, so hopefully it shouldn't take too long to pay it off but at least now with my interest rate down, my monthly payments are smaller.


For those asking if I've paid it off, no. While yes, I could just make a payment through my bamboo account, I've been told I need to contact them first - but the issue so far has been getting through to them. I'm not going to let up tomorrow (just as well I took leave at work to attend a dentist appt).

BoGoF

Suggest you go down their complaints route

https://www.bambooloans.com/s/complaints/

Don't know if the phone number in that link differs from the general one