Enforcing 14 day right of withdrawal - experiences shared, savings are possible!

[rosey21]

Hi all,

 

Just thought I'd post this in case this was a help to anyone. I've used a few PDLs over the past couple of years and sometimes there comes that magical time when its possible to pay them off early, or you realise that you don't need the loan at all.

 

This is based purely on my own experience, but I thought I'd let you know the experiences I've had when contacting them to enforce the '14 day right of withdrawal'. In some cases this has saved me hundreds of pounds, so its always worth thinking about if you are quite early on in the loan. In all cases, its worth reading up on the small print in the loan agreement so you know what to state when you enquire about it.

 

Also worth noting that if you enforce your right of withdrawal, you also have 30 days to repay in some cases! However, in the following instances I did repay instantly as I wanted to clear loans.

 

This has never affected my accounts with them either and it doesn't appear to be problematical to credit rating either.

 

PDUK - The best of the bunch for this from my experiences, emailed them the request, and they emailed back instantly stating they wouldn't even charge any interest (despite their loan agreement stating interest at about 66p per day). I phoned back to make payment and the assistant was aware of the withdrawal clause, and also was primed to only take payment of the initial loan, with no interest. This was about 7 days after the loan started.

 

Another good thing about PDUK is that when you rollover as I had previously done in the above instance, they send a new loan agreement every month so you effectively have the first 14 days of each new period in which potentially you could repay that particular month interest free!

 

Lending Stream - Also good for this, repaid them early on and they only charged a nominal daily fee of interest which I seem to recall was also no more than a pound a day.

 

Quick Quid - Charged a percentage of the whole interest that would have been paid for the loan term. Basically using early repayment formulae. They are always worth considering if you wish to repay outside the 14day period, as even if you pay back 3 or 4 days earlier than repayment it could save twenty or thirty quid. Every little helps!!

 

Txtloan: If you text them to take their 15 day loan back early, you still get charged full amount including full interest. They seem to operate a rolling credit agreement to prevent this action, so I guess it could be enforced within the first loan with them but I've never tried.

 

Payday Express: Ignored all my requests to take loan early. Have seen other reports around the web suggesting they refuse to take early repayments so they can charge the whole interest.

 

 

So please feel free anyone to add their own experiences, there are actually savings on interest to be had here that possibly people don't always know about!

[26072004]

Even though you have 30 days to return the money they can charge you daily rate of interest.

 

If you cancel one pay it back straight away or it could cost you more than the original loan.

[postggj]

26072004

 

not an army number i hope

 

mine started 2455

 

sorry for going off topic

 

just interested

[rosey21]

Yes, I'd always agree to pay it back straight away - all my previous experiences were based on doing that.

 

In all honesty, I wouldn't trust the book-keeping, systems or the general integrity of a PDL to not try and take the previously scheduled payment inbetween the day of withdrawal and the end of 30 days, and things would get messy then!

 

So yes, if its going to be enforced, pay back there and then while they are dealing with the matter would certainly be my advice too. Always ask for an email of some kind too to confirm the balance on the account is cleared as well.