Cancelling a loan

[Viewofthesea]

I had to apply for a loan a few months ago. It was to help my mother with the house. I applied for the loan 3 months ago and I was approved quickly.

Since then, I was waiting to hear about a settlement figure and the whole thing has stalled now. I emailed the solicitor to see where we are in the process and my email was ignored.

Basically I have made three payments back on the loan so far and still I haven't drawn down on the loan.

I'm half thinking about cancelling this loan now and paying it off at this stage because so much time has passed and the whole thing has stalled.

I'm just wondering if it's normal to let so much time pass where you are approved for a loan and it's not spent.

Hiw can you have made x 3 repayments on a loan / money that hasn't been sent to you?

What is the company and is a solicitor involved?

Sorry it's twigged.

Youve got the money but not used it due to a delay.

You can ask to repay early, sometimes they adjust the interest. Ask the company what they allow.

Ask about paying it back early. You will have 'lost' a bit in interest like that because, essentially, you've borrowed the money for 3 months - even though you didn't do anything with it.

But, it shouldn't be a huge amount and you are likely to have paid it already with your 3 x installments.

I think the law changed some years ago to say that you always have the right to repay early - and that any fees for that have to be reasonable and detail included in the loan agreement. I’m not 100% sure though.

Anyway… I don’t see that it matters how long it’s usual to leave it. All that matters is to get the details on how to repay the settlement figure.