Hello to everybody and I'll beg your indulgence if I may. I have occasionally trawled through the site on the occasions when I have needed guidance and found the advice to be generally excellent. However, for reasons into which I need not go, I have just obtained a loan from Quick Quid; this I did on the basis that I will immediately cancel it within the cooling off period in order to pay no interest. Having done this and now finding myself in possession of the full T's & C's, it seems there are two ways to go about this. I'll cut and paste the relevant sections and point out my confusion after: " CANCELLATION WITHOUT CHARGE: You may cancel this Loan Agreement, without incurring any costs or Finance Charges, no later than 5:00 pm Greenwich Mean Time on the next Business Day immediately following the Disbursement Date ("Rescission Deadline").

If you wish to exercise this right, you must inform us in writing, before the Rescission Deadline, either by e-mail to XXXXX or by fax to 0808 101 1380 that you want to cancel this Loan Agreement. In the event that we receive your notice under this provision before the Rescission Deadline but before the Loan Amount has been credited to Your Bank Account, we will not debit Your Bank Account or Debit Card and both our and your obligations under this Loan Agreement will be terminated. In the event that we receive your notice before the Rescission Deadline but after the Loan Amount has been credited to Your Bank Account, we will debit Your Bank Account or Debit Card for the Loan Amount in accordance with your Payment Selection. If we receive payment of the Loan Amount when we debit Your Bank Account or Debit Card our and your obligations under this Loan Agreement will be terminated. If we do not receive payment of the Loan Amount when we debit Your Bank Account or Debit Card, then this Loan Agreement will remain in full force and effect." Now, am I reading this right, in that I can cancel by 5.00 p.m. tomorrow with no charge?

However, if I've received the money and use this section, then they'll just take the scheduled payments anyway? That's cake and eating it, isn't it? Cooling off period section: " RIGHT TO WITHDRAW WITHIN 14 DAYS: You have the right, under section 66A of the Consumer Credit Act 1974, to withdraw from this Loan Agreement for a period of 14 days beginning with the day after this Agreement is made and you have signed a copy ("Withdrawal Period"). Your rights under this provision are in addition to your rights under "CANCELLATION WITHOUT CHARGE". You may also withdraw this Loan Agreement during the "Withdrawal Period". Unless we receive your notice before the Rescission Deadline, if you withdraw this Loan Agreement under this clause you will be liable to pay Finance Charges as calculated below.

To exercise your right to withdraw from this Loan Agreement, you must inform us orally via 0808 234 4558 or in writing by sending us a notice of withdrawal before the end of the Withdrawal Period stating that you want to withdraw this Loan Agreement ("Notice of Withdrawal"). The Notice of Withdrawal should either be (a) left at our address, addressed to us at 483 Green Lanes, , London N13 4BS ; (b) sent to us by post to 483 Green Lanes, , London N13 4BS; © sent to us by e-mail to XXXXX; (d) sent to us by fax to 0808 101 1380 or (e) provided orally to us via 0808 234 4558. In the event that we receive your Notice of Withdrawal during the Withdrawal Period but before the Loan Amount has been credited to Your Bank Account, we will not debit Your Bank Account or Debit Card and both our and your obligations under this Loan Agreement will be terminated.

In the event that we receive your Notice of Withdrawal during the Withdrawal Period but after the Loan Amount has been credited to Your Bank Account, you must repay the creditor no later than 30 calendar days after giving notice of your withdrawal, any monies paid to you under the Loan Agreement and any interest accrued, from the date the credit was provided up until the date you repay. Upon your authorization, we will effect a debit to Your Bank Account or Debit Card for the Loan Amount together with the Finance Charge calculated by applying the Annual Percentage Rate to the Loan Amount for the period from the Disbursement Date to the date the Loan Amount is debited by us. If we receive payment of the Loan Amount when we debit Your Bank Account or Debit Card our and your obligations under this Loan Agreement will be terminated. If we do not receive payment of the Loan Amount when we debit Your Bank Account or Debit Card, and not within 30 calendar days after giving notice of your withdrawal then this Loan Agreement will remain in full force and effect." My main concern here is that whilst I can still cancel and have 30 days to pay back, they will want interest, but they don't state how this is calculated, nor what it will be.

I know this is not the best way to manage money short-term, but as there is the possibility of a short-term interest free loan I'm just curious as to which withdrawl method is best. First-time user on the forum, so if half my post is in bold and differing font sizes, I apologise in advance, I can't find a preview button hingmy... ah, found it... Cheers

I apologise once more to everybody; I typed it with spaces and new paras and everything... what on earth have I done wrong?

hi mr

Welcome to CAG

The guys will be happy to advise as soon as they are available.

Thread moved.