If I cancel my loan application can I get my �295 back?

[Taz70]

My husband and I have applied for a loan from a broker and there was a fee of �295 to pay. They agreed that we could postdate the cheque for 8 weeks time because we haven't got the money upfront. I found out today that they have already cashed it. We are hopping mad about this as we were reassured that it wouldn't be taken out until the end of October. We are still within the 7 days to cancel, would we get this money back at all? Any advice would be much appreciated as we've been conned so many times in the past, I would hate to think somebody else has got one over on us.

[PatriciaH]

If i was in your shoes id make an appointment to see someone at the citizens advice bereau asap

[vicars]

Really sorry to hear this. As well as citizens advice I would contact any trade organisation this 'broker' belongs to as well as trading standards. If local a trip to their offices with a demand for a refund as well. If you have signed anything then you need to read the small print but clauses must be reasonable or they are not valid. If you are on a low income you could also try legal aid to sue them. You can get a free half hour with some solicitors to see if you can do this. Best of luck.

[maviscoull]

i would be very surprised if you do get it back as it would be classed as an admin fee. and as for a post-dated cheque, i thought you werent allowed to do that. not too sure though !!

[vehelpfulguy]

Post dated cheques are not legal and the bank have no right to refuse a post dated cheque.

[Loosehead]

How have they cashed it if it was post dated? Have a word with the bank first.

[Ethel]

Loosehead - the banks can and do cash post dated cheques.

A cheque is a bill of exchange payable on demand, so a bank is obliged to accept it on presentation.

http://news.bbc.co.uk/1/hi/programmes/moneybox /3537727.stm

[Taz70]

Many thanks for all the replies. I'd suspected that I won't be able to do anything about getting the money back, but it's taught me that I'm going to have to disregard my trusting nature and trust nobody.

[Loosehead]

Well thanks for that Ethel, I always thought that they couldn't be cashed until the date. Popular myth I guess!

[Mrs_Pegasus]

Sorry to hear about your situation.

I would still contact the company and ask for your money back. By them suggesting a post dated cheque could also be seen as irresponsible and you could possibly use this as a bargaining tool to getting your money back. A letter to the trading standards and financial watchdog could get your money back for you.