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?

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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 9 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.


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