PPI Reclaiming discussion Part II

dreamer33

dreamer33 wrote: »

Just found this on FF website:

Consideration Period:
Secured loans up to the value of £25,000 are regulated under the Consumer Credit Act 1974 (CCA), and therefore require 2 consideration periods during the application process.
Also known as a cancellation period, the consideration gives the client the right within 7 days to reconsider a credit agreement or loan offer and refuse in writing the agreement on offer without obligation.
Initially, the client will be sent an advance copy of the loan agreement and during this period the client must not be directly contacted by the lender or broker until after the 7 days have passed. Failure to comply with these regulations will result in the loan application being void and the loan application will need to made again and new documents issued.
However if the client is happy to proceed with their application they can make contact themselves before the consideration period has finished in order to speed up the process.
At the end of the consideration period, the client will then be sent signature copies of the loan agreement and will have a further 7 days during which the person arranging the loan is not allowed to contact the client, although the client may initiate or request contact.

I have a horrible feeling this does not apply to unregulated agreements :mad:

Former_MSE_Wendy

Please note this thread is now closed as it got so long it was difficult to open.
It's continued in article discussion part III