Cooling off period

[Fulton]

We recently agreed to have some work done on our home. The salesman persuaded us to use a loan from a company his firm used, but on checking, it has a ridiculous APR. Is there a cool off period during which we can cancel this loan without penalty? We knew he would sell us his product, but did not expect the financial side of the deal, and by nearly 11:00 pm, we just wanted rid of him!

Advice, please

[mkt]

check the small print on the agreement that you signed. There's nearly always a cooling period....in fact i think there may have to be one by law. Its usually been about 14 days on things i've ever agreed to whether its been a loan, insurance etc

Contact your local Citizens Advice Bureau for further advice if you're not sure and if you feel pressured into something i'd suggest contacting your Local Trading Standards officer straightaway. Their number will be in Yellow Pages under the local government section

[Buenchico]

The loan company are obliged to send you a second copy of the loan agreement. Up until you receive it, and for 5 days thereafter, you're entitled to cancel the agreement.

Source:
http://www.bbc.co.uk/consumer/your_rights/cred it.shtml

Chris

[sixpence]

fulton, I reckon it's the same bloke that did the same with us about 10 years ago. Couldn't get rid of him and we seemed to lose all power of speech by about 10pm.However, we cancelled the loan with no problems, and the fitted kitchen has been great.

[Fulton]

Thanks a lot for these answers. I have to say that I was losing the will to live by the end of the evening, but knowing that I am not tied into anything helps a lot.

[WendyS]

There is usually a 14 day cooling off period but check the paperwork he gave you very carefully and if necessary consult the Citizens Advice bureau. Write to them immediately saying you have changed your mind and send your letter Recorded Delivery. Some of these sales people are very persistent and rely on wearing you down so that you're so bewildered and exhausted that you'll do anything to get rid of them. If you can get this one sorted out, resolve in future not to let any salesmen have longer than one hour. Tell them that and set the alarm clock. If they can't convince you in that time, chuck them out !