Bamboo loan - withdrawing from a loan - no response

sourcrates

It could be because of the christmas break, companies are still short staffed over this period, normal working dosen`t resume until tommorow, so you may have more luck then.

Ben8282

Peddeh wrote: »

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,

OP. You are very lucky to use a bank where the 'tellers' have the time to get into such discussions and are able to give a guaranteed rate and process a loan application and give you such a good rate even though you have very recently applied for and obtained a loan elsewhere and prior to taking out your first loan could only get a 49% APR loan. Very well done. It is a shame that you didn't think to ask this bank about a loan before you took out the loan from bamboo. Next time go to your bank first!

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?

Peddeh wrote: »

To clear this up, yes, so much so that the loan agreement was signed and the money has already been submitted to my account. .

Where did the 4.8% APR figure that BoGoF mentioned and the OP has not disputed come from? It is not mentioned in any post prior to BoGoF suggesting this APR?

With regard to Bamboo would suggest that first thing Monday morning you start calling them, refuse to accept a call back and insist on holding to be put through to somebody who can help you.
Obviously, somebody calling to withdraw from a loan agreement will not get the same priority as somebody calling to take out a new loan, but still they have to talk to you.
You will also need to get the money repaid ASAP. I am guessing that although there will be no penalty charges some interest will be payable to cover the time that you have had the money.

BoGoF

Ben8282 wrote: »

Where did the 4.8% APR figure that BoGoF mentioned and the OP has not disputed come from? It is not mentioned in any post prior to BoGoF suggesting this APR

Good spot.

From memory it was in the OP which I see has been edited and now says 'significantly lower'

So I'm guessing they didn't get the 4.8% APR the 'teller' told them.

Ben8282

BoGoF wrote: »

Good spot.

From memory it was in the OP which I see has been edited and now says 'significantly lower'

So I'm guessing they didn't get the 4.8% APR the 'teller' told them.

OK. Thanks for the clarification.
Actually I thought it was something like that because I spotted the edit to the OP after I queried this.

[Deleted User]

bazzyb wrote: »

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/

I don't see what's odd about. To withdraw the loan needs to be repaid within 14 days. The loan can be repaid online so I can't see what difference it makes if it's repaid online or over the phone, as long as Bamboo get the money back on or before the 14th day is what really matters. The OP can continue to follow up on the phone but if I were him I'd want to make sure that £3,000 was paid back before I'm out of time.

BoGoF

Lover_of_Lycra wrote: »

I don't see what's odd about. To withdraw the loan needs to be repaid within 14 days. The loan can be repaid online so I can't see what difference it makes if it's repaid online or over the phone, as long as Bamboo get the money back on or before the 14th day is what really matters. The OP can continue to follow up on the phone but if I were him I'd want to make sure that £3,000 was paid back before I'm out of time.

No, there's a big difference between early settlement and withdrawal from the agreement.....penalty interest for one.

bazzyb

Lover_of_Lycra wrote: »

I don't see what's odd about. To withdraw the loan needs to be repaid within 14 days. The loan can be repaid online so I can't see what difference it makes if it's repaid online or over the phone, as long as Bamboo get the money back on or before the 14th day is what really matters. The OP can continue to follow up on the phone but if I were him I'd want to make sure that £3,000 was paid back before I'm out of time.

It doesn’t need to be repaid within 14 days at all, it’s 30 days from cancellation so could be anything up to 45 days depending on when it is cancelled. And as far as I’m aware they haven’t yet told him how much daily interest they are charging him so he wouldn’t know how much to pay.

Peddeh

Just to conclude, I was able to get this resolved this morning.


They waived the daily interest and and only asked that I re-pay the amount of credit, which I did there and then on the phone.


Thanks