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Please help ...I am some fool

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  • 17-02-2011 12:10am
    #1
    Aruba08
    Registered Users Posts: 126 ✭✭


    I signed up to one of those debt consolidation companies. I know all about them about 12 hours too late. I haven't parted with any money! How can I back out without them taking payment! I stupidly signed a dd mandate. Stupid actions in pure desperation. What will I do???


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    #2
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Was this following some form of cold calling from them?
    If so there may be a 7 day cooling off period in the contract.


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    #3
    Aruba08
    Registered Users Posts: 126 ✭✭Aruba08


    No I just read more about them . I didnt sign any contract


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    #4
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Aruba08 wrote: »
    I signed up to one of those debt consolidation companies.
    Aruba08 wrote: »
    I didnt sign any contract

    I'm confused
    What did you sign?


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    #5
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #6
    CoalBucket
    Closed Accounts Posts: 971 ✭✭✭CoalBucket


    If the only thing you have signed is a dd form you can cancel that with your bank. My advice would be to contact your bank first and foremost.

    In addition I assume there is some cooling off period in any financial contract. You have effectively taken out a loan, if my reading of your post is correct, and all loans are subject to a cooling off period unless you waived that right.

    Contact the company and don't take no for an answer.


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    #7
    Aruba08
    Registered Users Posts: 126 ✭✭Aruba08


    Apologies I phrased it wrongly. They confirmed that I qualified over the phone. I was sent a pack that I completed with my debts that are owed and I signed the direct debit mandate.

    Would the cooling off period apply in this instance? I really don't want them to take a payment.


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    #8
    Aruba08
    Registered Users Posts: 126 ✭✭Aruba08


    Thank you coalbucket. I will definately not take no for an answer. I am livid with myself


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    #9
    amdublin
    Registered Users Posts: 20,653 ✭✭✭✭amdublin


    Get straight on to them tomorrow.

    Cancel dd by phone and in writing to bank.

    Cancel with debt co by phone, email and letter. Registered post even.


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    #10
    drunkmonkey
    Registered Users Posts: 28,192 ✭✭✭✭drunkmonkey


    Did you make a saving on your debt? If you got it at 5% it was a bargin, 157% on the other hand..


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    #11
    Aruba08
    Registered Users Posts: 126 ✭✭Aruba08


    ahhhhh all sorted and canceled...they were ok about it actually.....phew:)

    Its amazing how impulsive one can be in times of pure desperation

    Thanks for all the replies


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    #12
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Good man,
    Glad you got sorted.


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    #13
    amen
    Registered Users Posts: 2,781 ✭✭✭amen


    even if they had refused you could just have taken their money and paid it back to them straight away thus clearing the loan.

    you may have been hit for fee/one months interest.


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    #14
    Toboldlygo
    Registered Users Posts: 62 ✭✭Toboldlygo


    Be aware and be very cautious. These companies are not set up to be helpful to the poor unfortunate beings who find themselves in desparate situations. They want to make a profit and how can they do that without someone paying . . . usually the poor unfortunate, of course!

    First rule is talk to the company that you own money to, this may be hard to take and they may treat you like s**te but they will usually be more interested in getting their capital (the money they lent you) back than sticking the arm in for more.

    Your original creditor will want to get shot of you without going to the added expense of employing solicitors to take legal action to recover their money. AND contrary to the opinion of some they will usually not be totally unreasonable and the people you meet to discuss your woeful financial situation will feel as bad as you do (well almost).


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