Cooling off period?

tru

My friend D is paying off debts through an agency, I've been trying to persuade him to go to CAB or CCCS. I thought I was finally getting through to him then he goes and arranges a meeting with a financial advisor who says D is probably blacklisted but he will probably be able to get him a loan. The trouble is D's girlfriend works for a charity that uses this advisor so D thinks he'll be OK. I told him that the loan won't be interest free so all he's doing is adding to his debt (£17,000 at the mo). The meeting is today, I've been trying to ring him to tell him not to sign anything but can't get hold of him. If he does sign, is there a cooling off period of 7 days or something?

I've told him to come on here, all he says is 'you know I'm no good with computers' ::)

Rafter

I believe there is a 7 day cooling off period with unsecured loans if he does sign something. Might be difficult to undo if the wheels are set in motion repaying existing debt though.

Good advice you are giving to your friend. If he is already in an agency repayment situation he will have a poor credit rating and any loan with be at extortionate rates or worse, secured on his home if he has one.

Much better to get someone totally independent to review his situation rather than talking to a financial advisor who will only get paid if he sells something.

Spendless

Can't help you with the cooling off period, don't know. But the I'm no good with computers - snap same here and once was set up with a name and shown how to post have been ok. If ever I getstuck, I just shout help and someone does. Failing that what about buying/lending him Martins book?
Hope he gets it sorted.

tru

Thanks Rafter It'll be an unsecured loan, the monthly repayments will be low so the loan will be long and so the interest will be high (I thinks that's how it works, the longer the loan, the more expensive it is?). I'm trying to find out now what he's got himself into.

Spendless I've shown him the book, you're right, I'll have to buy him a copy ;D

Robert_Sterling_3

Cooling of Period ... Here

tru

Thanks R_S

Robert_Sterling_3

My pleasure Troo.

Tr@cker

How does this work if say, a loan agreement has been signed and the money transferred into your bank account Robert ?
In practise this can be done in 3 or 4 days. The cooling off period is 10 days on unsecured loans.
Presumably you can just return the money to the lender but im not sure.