Thank you Nicola. When I signed up and posted this question, I was given the distinct impression that there was an expert called 'Thegonnec', a French judge, working on my question straightaway (7 minutes was actually quoted for an answer response time). If he can't provide me with a response by the weekend, will you cancel the question and refund my fee?
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.
Thank you. It seems the 10-day period is my only option to cancel. As I said, I don't remember receiving the loan offer in the post, I will look through my papers.
I presume that the bank would have sent me the offer by post by registered post so that I had to sign for it. If I didn't sign then they have no proof that I received it and, as you indicate, this will be a good reason for voiding the loan.
I will assume that I didn't sign, I will tell the bank this and wait for them to produce proof that I signed. If they can't prove., then I will ask for the loan to be voided. If they do show me my signature, then I will check closely the date I signed for the letter and the date I signed the agreement, if that is less than 10 days, then I assume this will be a good reason to void the loan.
I hope what I've written above is correct, if you could finally verify this, then I will give you a (positive!) rating.