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Ulster Bank Personal Loan cancellation after 14 days

  • 14-09-2016 9:10pm
    #1
    Bern14
    Registered Users Posts: 26 ✭


    Hi Boards readers

    I've been banking with Ulster Bank for 9 years and I applied online for a personal loan with them to buy a used car 5 weeks ago (10th Aug). UB sent me the agreement to sign within 4 days (dated 14th Aug), which I sent back straight away. I was happy as I had loans with them before and it was always super quick. But nothing was happening for a week. Ever since then it has been a constant stress of calling them basically every 2 days only to be told it would be processed within 48 hours but they're experiencing a backlog. The last straw was last Friday when I rang them again (6th time in total) and they couldn't check their system as it was broken so was asked to call back within an hour. I did call back and after waiting about 7-8 mins at a time in the queue I was told the same thing. I received no communication from them during this time, only that I initiated. That was it.

    That's when I went to AIB. I applied in the branch was approved by Monday, signed agreement on Tuesday and money ready to be drawn tomorrow. 4 days it took them in all and I hadn't been their customer before.

    Now, I went to check my bank account today and UB deposited the money on a loan account, they never notified me of their decision of final checks going through. However, I don't want it anymore, because not only I had the best customer experience with AIB (for that alone I'd go with them) but the conditions of their loan are much more favourable to me.

    The only problem is that the agreement says you only have 14 day cooling off period. My question if it is the 14 days from the day you can draw the loan or they notify you of their final decision, or the actual date on the agreement you return initially, does anyone know?

    I'm going to call them tomorrow and cancel it but would like to know my rights and couldn't really find much online but penalty threads, which I'm not willing to pay. I think they didn't hold up to their end of the agreement to provide the loan within a reasonable timeframe that they advised me of over the phone, and in the agreement's cover letter. Had I known when signing that 4 weeks later I still wouldn't have access to the money I wouldn't have bothered sending the agreement back. Any insight would be appreciated. Thanks!


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