Do I still have to honor a contract after finding out that I am paying the interest amount on a so-called Interest free loan?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Do I still have to honor a contract after finding out that I am paying the interest amount on a so-called Interest free loan?

I signed a contract for replacement windows with a no interest loan, only to find out later that the contractor had to add 22% interest to the amount to secure the loan.

Asked on September 15, 2012 under General Practice, Florida

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 11 years ago | Contributor

This question does not contain enough details to answer it fully.  In general, if you received the goods (the windows and installation), you are required to pay for them.  If you signed a contract that included interest but you did not notice that it included interest, you will probably have to pay the interest.  On the other hand, if the contractor added the interest later, you should not be responsible for the interest.  If the contractor intentionally misled you about the interest, you might avoid paying the interest.

If the interest amount is significant enough, you should contact a lawyer.  The lawyer can review the documents and recommend a course of action.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption