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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44135
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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On Thursday 29/12/16 signed a fixed rate loan contract in

Customer Question

On Thursday 29/12/16 signed a fixed rate loan contract in Queensland Australia what is the cooling off period
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Queensland austra
JA: Has anything been filed or reported?
Customer: not sure I signed contract Thursday 29/12/16
JA: Anything else you want the lawyer to know before I connect you?
Customer: Want to cancel it as I think it is a scam
Submitted: 5 months ago.
Category: Australia Law
Expert:  Leon replied 5 months ago.

My name is ***** ***** I am a NSW Solicitor. I will do my best to assist you with your question.

Expert:  Leon replied 5 months ago.

There is usually no cooling off period unless the contract states it. Once the money is given to you that is it you have to pay it off and you cannot back out.

If you have not received the money you can terminate the contract and back out. But if you have been given the money then you have no choice but to proceed with it.

I hope this makes sense and is of assistance. if there is nothing further have a great new year and

You are very welcome and Thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

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Regards

Leon

Customer: replied 5 months ago.
The vacation club conditions state 7 days cooling off period so to me the loan would not be settled until the 7 day cooling off period expires is this correct
Cheers
Expert:  Leon replied 5 months ago.

Good Morning.

No vacation club is the contract to purchase the shares or the time share not the loan. The loan is a separate matter.

You can terminate the vacation club contract under the cooling off but the loan is not under that. If you have not drawn on the money you can terminate and they may charge you an early termination if is it a fixed interest rate. If it is like a personal loan you will only be charged the finalisation fee. There are 2 contracts one for the loan and one for the vacation club.