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Moneybarn - finance question Lynzanity

Posted: Mon Feb 06, 2017 7:21 am
by Finbarhawkes
Hi there,

We are due to pick up a van this weekend, the finance has been secured through Moneybarn and we are now aware the garage has received the money. Our sitution has changed and we no longer want to use the finance through Moneybarn so I'm just looking for advice on where to go from here and what to expect.

I am aware i'm within my rights to withdraw from the agreement as it's within our 14days however I'm unsure as to what happens with the money. It was paid directly to the garage, so do we pay the original amount to moneybarn? Will we be expected to pay any fees?

I must point out we are still looking to buy the van, just not using Moneybarn for finance.

Thanks in advance for your help


Posted: Mon Feb 06, 2017 6:04 pm
by Samel
Your first step will be to read the loan agreement with moneybarn, especially the clauses relating to cancellation as it will outline all the fees that may or may not come with it.

Posted: Tue Feb 07, 2017 10:56 am
by Squeecks
Pick up the van and settle the outstanding loan with Moneybarn with your own money, look on the agreement for cancelling within the 14 day cooling off period for any fees that you may pay.

Posted: Wed Feb 08, 2017 12:01 am
by IIKingCanadaII
There will be a daily interest charge that you will still be liable to pay. As mentioned above, read the contract, it will tell you what you are liable for

Posted: Wed Feb 08, 2017 3:31 pm
by Finbarhawkes
Thanks for your replies. I have read the agreement several times, all it mentions is interest from date of credit until we withdraw from the contract so I'm hoping that's all. Ideally I'd like this done and dusted before we get the van as interest will be added every day but I will see what's said when we contact them. Thanks again