If I took out a loan over the phone and decided I didnt want it, althought they have paid the funds into my account.
What are the FSA rules about cooling off period?
They want an admin fee if I cancel it?
The T&C's say:
You will have a right to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by us. You may exercise this right by giving us notice in writing or any other durable medium accessible to us, MEM Consumer Finance Limited at 4 Minton Place, Victoria Road, Bicester, Oxfordshire, OX26 6QB. Our fax number is . Our email address is .
If you do so after we have made the advance, you will still be required to repay the amount of credit and pay the administration fee.
If you do not exercise this right to cancel, you will not be able to cancel at a later date.
2.2 By signing this Agreement you request us to make the advance prior to the expiry of the Cancellation Period, although you acknowledge that we are not under an obligation to do so.
2.3 If you cancel this Agreement:
(a) As soon as possible and in any event within 30 calendar days from the date on which you notified us of the cancellation, we will refund any sum paid by or on behalf of you; and you must refund any sum paid by or on behalf of us under or in relation to this Agreement.
(b) However, we can charge you for services actually provided by us in accordance with the terms of this Agreement.
If you cancel this Agreement:
(a) As soon as possible and in any event within 30 calendar days from the date on which you notified us of the cancellation, we will refund any sum paid by or on behalf of you; and you must refund any sum paid by or on behalf of us under or in relation to this Agreement.
(b) However, we can charge you for services actually provided by us in accordance with the terms of this Agreement
So I think there saying I have to give back the money, obviously, and pay a charge? However the T&C's do not state what the admin fee is?
Can they charge?
Any Ideas...?
Many Thanks!
Loan Cooling Off Period Help please.., 
