Wanting to cancel payday loan-advice needed **

[clarealex]

Hi - I took out a payday loan for £400 with payday express on the 3rd December- and now due to a change in circumstances I do not need the loan. On the credit agrrement it says:

 

10.

You have a right to cancel this Agreement for a period of 14 days, beginning with the day after this Agreement is signed by us. You can do this by giving us written notice to Express Finance (Bromley) Ltd, Kent House, 41 East Street, Bromley, Kent BR1 1QQ or fax on 0800 652 4662 or by e-mail at [email protected]

i. If you cancel the agreement you still have to repay any money lent to you and any administration fee (if applicable). If you do not exercise this right to cancel, you will not be able to cancel at a later date.

ii. If you cancel this Agreement you will have to pay to us any money lent to you as soon as possible and in any event within a period not exceeding 30 days from the day when you exercise your right to cancel.

 

They signed the agreement on the 3rd, so if I have read it right then I have 14 days from the 4th (the day after they signed the agreement) to cancel which would be todays date- the 18th.

 

I emailed them early hours this morning and several times through today to cancel the loan and asked them to take the original loan amount of £400 back out of my account. I can't see anywhere about any admin fees added to my loan, just a £400 loan with £100 interest.

 

I would call them but don't have access to a phone right now- waiting for BT to come out and repair it.

 

I have heard nothing back from then and from past experiences with payday express I have found they are not too speedy on replying to emails.

After today though the 14 day deadline to cancel my loan will have expired.

 

I know I have left it right until the last minute but did not realise that I would be able to repay until 1am this morning when I checked my bank account and I'd had some money go in which I wasn't expecting for another week.

 

Do you think I should just leave it now and only repay the £400 when the repayment is due?

I have kept a copy of all the emails I have sent to try and cancel the loan.

Confused though as don't know if the 14 days would of expired midnight last night or midnight tonight?

Sorry it's a bit long winded and confusing !

Any advice would be greatly appreciated

Clare

Edited December 18, 2010 by clarealex
spelling

[clarealex]

Payday express still not got back to me- I have their bank details so do you think I would be best to just repay the £400 today and email them to let them know- just a bit worried they may take full payment out again on the due date

[buzby]

Get the money back to them ASAP, ensuring you quote your reference number. Then sit tight as they'll advise you what fees they plan to charge.

[26072004]

The 14 days expired on the 17th, you would need to include the 4th as the 1st day.

 

If you didnt contact them until the 18th you was a day too late.

 

sorry to be the bearer of bad news but dont waste to much time fighting a lost cause, they have the law on their side this time.

[DioneOkeson]

If £400 is not big deal to you then better pay it. From your explanation, its really obvious that they ignore you despite the many calls. If you apply for a payday loan online make sure to read a few details about the company. Payday loans are the top fraudulent businesses currently operating online so we should always be careful.

[MARTIN3030]

Dione can you expand on this,do you mean that there are unlicenced companies masquerading as licenced ones offering loans ?

[Jamie Kingston]

that would just be out right loan sharking...

[Becks!]

Its never a good idea to Email a company. Most companies will just ignore them. Always ring them (and record the call if you can) This way you know its dealt with. If you havent got a phone use a mobile of payphone but always ring

[buzby]

Its never a good idea to Email a company. Most companies will just ignore them. Always ring them (and record the call if you can) This way you know its dealt with. If you havent got a phone use a mobile of payphone but always ring

 

Nope. The best way to respond is WRITE, not phone. Email would not be routinely ignored, but never reach the required person. A letter can also be sent whereby it is signed for on delivery, proving receipt at the distand end. Next is to WRITE but no send it by Recorded Delivery - not ideal, but better than email. Only after all this, phone - recording the call may be a help but gives the other party no time to consider a response, you just get a 'shoot from the hip' instant reply that may not be sympathetic to your wishes.

[Jamie Kingston]

from reading all of the above this has now been dealt with as he was too late to cancel...

[Becks!]

Nope. The best way to respond is WRITE, not phone. Email would not be routinely ignored, but never reach the required person. A letter can also be sent whereby it is signed for on delivery, proving receipt at the distand end. Next is to WRITE but no send it by Recorded Delivery - not ideal, but better than email. Only after all this, phone - recording the call may be a help but gives the other party no time to consider a response, you just get a 'shoot from the hip' instant reply that may not be sympathetic to your wishes.

 

I agree in writing and recored delivery would be best BUT if time is short then I would ring and speak to someone (Send the letter as well) Emailing is no good. My I know of a lot of comopanies who would ignore the email or filter it down to someone who just don't care.

[maroondevo52]

Hi, clarealex.

 

I have merged your two threads on this subject.

 

Regards.

 

Scott.