possibly interesting about unwelcome finance

[highjinks]

Hi Everyone

I have just been searching about Welcome and came across the following

 

"ANYONE who has taken a secured Loan with this lot can probably get the loan waived (in FULL) & you DONT Have to pay it IF you didnt receive a FULL Cooling Off Period!!). Welcome usually ONLY give 5 - 8 days Cooling Off, however the law states 15 days UNLESS you decide to break it!"

 

The link for this is Welcome Finance - Blagger.com - The place to leave feedback and comments about companies you have used

 

Can anyone clarify if this statement is correct or not??

 

rgds

HJ

[highjinks]

Just found this as well

 

"Also found this "he Consumer Credit Act 1974 provides protection for people who borrow up to £25,000, entitling them to certain rights. For example, you must be given certain written information about the agreement, such as the APR and the total you will be charged for the loan and you should be given a copy of your credit agreement. The Act also says that a customer should be given a cooling off period, usually 14 days, or the chance to pull out of the loan."

from :- MoneyExpert.com - Loan Guide

[sequenci]

take a look at s58 of the act, if it is a secured regulated agreement the debtor is entitled to a copy of the agreement for consideration 7 days prior to signing.

 

i can't read those forums at work, i'll take a look at home, i'll also look up info about CCA unregulated secured loans.