Legal Question in Consumer Law in United Kingdom

Online Loan

I applied online for a personal loan with Asda for �5000 APR 6.9%

My application was accepted, I received the agreement. I signed and returned it with copies of my passport, 3 months bank statements and proof of address as requested. The next day I received a letter asking me to contact them. I telephoned Asda and was advised there had been a technical error and that the APR should have read 12.9%. I was advised that the loan had been cancelled due to the technical error and when Asda receive my documentaion and signed agreement it would all be returned to me by courier. I was also advised that they would remove the search from my credit file. I asked Asda if they had any obligation to honour the loan, they advised me they had no legal obligation to honour the loan. The agreement that they sent to me which I signed and returned is a FIXED SUM LOAN AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974 it clearly states APR 6.9% Please could you advise me if Asda are acting within the law in that they can cancel the loan or if they should have honoured the loan.

Asked on 4/18/09, 9:40 am

1 Answer from Attorneys

Fahri Toga TOGA//OKSUZ

Re: Online Loan

We think that we can help you to solve your affairs forthwith, please send us your documents or write an detailed e-mail in order to notify the circumstance. We checked over the documents thereafter, we will return your added phone number,e-mail or address,as soon as.

Contact ;


Phone : +90 212 465 65 42

Fax : +90 212 465 70 08

Web :

e-mail : [email protected]

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Answered on 4/21/09, 9:02 am

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