For example, if the website from
which you secured the loan did not clearly display the APR offered, then your
loan may have been mis-sold to you and could be unenforceable. Likewise, if
they did not explain the complete terms and conditions to you while you were
applying or after you had done so, then they are at fault for this. Things such
as APR, setup fees, the amount of the loan and your payment schedule should
have all been clearly laid out to you.
If you feel that they failed in any
of the above procedures, then the first thing you should do is register a
complaint with them. They may have a specific complaints procedure on their
website for you to follow, or it may simply involve writing them a letter.
You'll need to state that you want your loan cancelled as it was not explained
to you properly, resulting in you agreeing to something that you would have
otherwise not accepted.
If this initial complaint is
rejected or ignored, then you will need to contact them again - this time
directing your correspondence to a manager. Restate your complaint and include
any previous communication between you and the company.
If, even after this, they do not
resolve the problems to your satisfaction, you can take your case to the
Financial Ombudsman Service (FOS). The FOS is an independent adjudicator
dealing with disputes between individuals and financial firms. They offer their
assistance free of charge, and if your case is successful then the loan company
will be legally obliged to obey your wishes with regard to the loan.
If you do not feel that you have a
case for getting your loan cancelled, and your finances are particularly bad,
it may help to get in touch with the Consumer Credit Counselling Service
(CCCS). They offer free advice and help to those having problems with debt, and
could arrange a payment plan for you which would enable you to pay off your
loan in manageable chunks.
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