please someone help cna i cancel the agreement?

[skyebird25]

Help I think I done something really stupid
I basically took out a loan with hfc today for 3500 pounds. They asked me if
I wanted to consolidate a debt I had with them for stuff I brought from currys this june of 549 pound I said ok then. I basically got a good deal on the goods from currys and it worked out better to get credit as they gave me a good discount I did the figures and aslong as I paid it off by march I be the winner. Anyway I just read through the documents now they have charged it as a consolidation loan and basically I consolidate 545 pounds and it says interest total 993.80 so that means at the end of the term I will end up paying 993 pounds just for that 545 which I can pay off . I just feel like a fool really . Can I get out of the agreement I have not cashed the cheque they gave me? I don’t mind the interest for the 3000 pounds but I really think it works out cheaper for me to take the loan of 3000 which I initially wanted not 3500 and then pay the hfc retail diversion direct instead of consolidating the loan as they charging me like over 400 pounds just to do so.

[Chris_w]

Have a look in your documentation, Is there a right to cancel or a cooling off period?

[skyebird25]

hello it says i can cancel at anytime aslong as i pay the interest etc, will they charge me interest for one day ?

i want to return the cheque etc to them tomorrow. I cant go int o the office as i have a wedding but if i just post them the cheque and a letter will that be ok.

[Rooster-UK]

Read it very carefully. It may mean the interest for the full term of the loan.
I advise you to ring them, first thing in th morning and ask exactly what it would cost you to cancel.

[skyebird25]

Thanks for replying, it may sound silly but i literally haven't been able to eat with worry . it says ' you can cancel this agreement at anytime by giving notice in writing and paying off the amount you owe under the agreement, which may be reduced by rebate. examples indicating the amount you have to pay appear in the agreement ' and then they are examples prices of what i would have to pay if i end the agreement 1/4 2/4 and 3/4 in the agreement .

[42man]

Surely by law you are entitled to a 14 day period not to accept it....I would ask the Citizens Advice Bureau....

[sequenci]

Originally Posted by 42man

Surely by law you are entitled to a 14 day period not to accept it....I would ask the Citizens Advice Bureau....

Not necessarily. I think this one wouldn't have cancelation rights if it was signed on the premises.

[birchave0]

surely if you have not cashed their cheque you can return it to them, ring trading standards today, was the loan taken over the phone? Have you signed anything???

Please give as much information as possible and scan the doc in question

[Chris_w]

If the interest is front end loaded it could cost you quite a bit to cancel the agreement. you should ring them and ask them for a settlement figure. the rebate they offer may be a pittance.