Hello, advice from someone which knowledge would be helpful. Passed around on phone, but appreciate that they read out the rules and i signed the forms. I have a loan with Tesco ( when havent i had a loan with tesco! ). I wont bore you with the nitty gritty at the moment. Im halfway through ( the 5yrs payback )..i decided the other week to extend my loan. Tend to have to do that time to time sadly. Steep interest has to be said..but went with it. However, cold feet...well..i decided NOT to go through with it. The loan had gone through, money in my account no issues....im aware of the 14 day cooling off period..im aware of most of the details...pay back interest first etc etc. I was hoping...to simply...phone them, within the 14days, and say, take back the extended loan money and will keep it as it was. ( Again, aware that to add onto a loan you have to basically pay off the old with the new money etc etc ) SADLY for me, not that simple. I can indeed not have the new loan but will have to pay back the FULL amount owed ( eg total monies from the money i still have 2half years left to pay - i obviously cant do that ). SO - b*lls to the cooling off period...may work out ok for a new loan...BUT not for someone increasing exsiting loan. Hence Im trapped. At best, all i can do, is pay an overpayment of the new monies...reducing the money i pay back over the newly agreed no. of years OR pay back the money and agree to shorten length of term. What im getting too is...and yes, they did read out the riot account - you signed the paper / clearly states you pay back the full amount - but im...disappointed...that basically i will now be paying over £1700 in EXTRA interest....just because i cant go back to my original loan / 14day doesnt really apply to exsiting loans..Legally i suppose...all shut tight? Its a decent amount of money...and does seem like dice loaded in their favour. Just seems a bit much..but again, i 'read' and signed their forms...but the printed ' cooling off 14day' i suppose i overlooked and thought...if i dont want the money/risk/too high for me to pay back really...i can always revert ...but obviously not!
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14 DAY COOLING OFF - DOES NOT APPLY when you extend existing loan...unless you can pay the WHOLE amount back!!!!!!
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How we collect and use your personal data
Tesco Personal Finance plc, trading as Tesco Bank as part of the Tesco Group take the security of your data seriously. We want you to be confident that your data is safe and secure with us and understand how we use it.
We collect data when you browse our website (e.g. your IP address) and register for the Community. To find out more about how we use your data, our legal basis for processing your data and your rights under data protection laws please view our Privacy Policy.
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Tesco Bank Community Terms of Service v 1.0The Tesco Bank online community ('Your Community') is for Tesco Bank customers, staff, contributors and supporters to discuss products, services, issues and matters of general interest. Your Community content may be viewed by both members and non-members.
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