Thank you for your reply. I know full well that I had a 7-day period to cancel, so your telling me that is not of any help, sorry. I signed the agreement in the bank, and don't recall receiving a registered copy at my home 10 days before.
I signed the document but because my French is not very good, I didn't realise the implications of the whole arrangement. So because this is not a loan, I want to cancel it.
The bank calls it a 'pret' but the bank is keeping the money as security (50,000 €), a completely useless arrangement and incorrect name. I have to pay nearly 500 € each month in repayment instalments for a loan which I have NOT received!
The bank will give me part of the loan but only to the value of the instalments which I pay them beforehand.
This is totally stupid, the only benefit the bank offers me is the 50k is earning interest at 3.15% while I pay interest on the loan at 2.85%.
However, I have to pay for 10 years, I don't get to use the 50,000 for work on my house, which was the whole reason for taking it.
I know the clerk at the bank explained that they would keep the loan money as security, but I guess I was confused with all the technical language, and simply did not realise the full meaning.
In England, I would be able to cancel this on the basis of bad advice and an totally inappropriate product. I want to do the same here in France, ie cancel on the bais that it is NOT a loan but a savings arrangement.
If I can't cancel I will default, ie not pay the instalments, and the bank can take the 50k back but I imagine I will be penalised for defaulting.
I would really like to go to court and get the judge to agree that this is a stupid arrangment and is NOT a loan, as I have not received any money. How can it be a loan if the bank keeps the money? It's totally against logic.