Thread: Alliance & Leicester Loan Agreement

Hello,

I recently recieved my A & L cca request, its looks enforceable to me, Boo!
However, I have a question regarding the ' cooling off period ' of 14 days
that is not mentioned in the agreement or T&C's. I cant see it!

Is there any possibility that it could be unenforceable because of this ommission?

What are your thoughts,

Thank You

ps agreement to follow

I got your PM but I am not 100% sure with this. I think the cooling off period depends on the way the loan was obtained (i.e you went to the branch, cold calling etc). Someone else should be along to help you soon though.

I am wondering if the sentence

"This offer is available for 28 days from the date of the Alliance & Leicester signature "

could be construed as such ?

I will pop your link on to a couple of other threads that are more frequently visited by "those that know about these things" and they might be able to advise you more fully.

I agree with what has been said above......was this an online loan ? or in branch ? I would have thought that it would include cancellation rights but it wouldn't IMO be enough to make it unenforceable......was the default notice compliant ?

Hi, just picked this one up. We had an A&L loan with the same paperwork as above. Also questioned themn about the no right to cancel box and after 6 weeks of 'investigating our concerns' came back with a load of gumpf about Distance Marketing Regulations stating they did not need to provide cancellation rights.

Nonsense I thought. This loan was dealt with via post and at no time were any face to face discussions had, no branch visits etc. Went back to them over a year ago now stating we weren't happy with their response and ended up with two seperate letters from an A&L representative stating that she 'would not be entering into any further communication about this matter as it is inappropriate'.

Quite how discussing a legitimate query with a customer is 'inappropriate' I have no idea. We stopped paying making it clear we'd recommence once happy and we've heard nothing from them for around 13 months now. Interestingly I don't think they've even bothered to send a statement of account through either.

We also questionned the APR calculations asking them to provide a working out of how they had calculated the various rates. I'd been reading up on the great APR [problem] and was interested to read that many finance organisations and banks had used this in the past to generate extra sums. A&L had a great deal of difficulty providing these, asked why we wanted them etc before finally sending a letter with a series of equations and formulae on that made little sense to me.

When we'd asked for a detailed setting out of the calculations relating to our specific finance agreement it was entirely unhelpful to simply get sent a sample calculation with figures on that were wildly different to our own. No help at all and this I took to be a partially deliberate attempt to shut us up. Is it really too much to ask a finance organisation to supply the details applicable to our account? I thought not.

Anyway, that's our story, A&L couldn't have been less helpful and the tone of some of their letters was pretty aggressive. All I wanted was the details for the loan, hardly unreasonable. So, nothing heard from them for ages, no idea what they'll eventually do. Will update if anything happens.