Can you cancel your credit agreement?

• Signed on trade premises
  Credit agreements signed at the trader's premises are not cancellable once both you and the finance company have signed the documents. At this stage, they become legally binding on both parties.

You may, however, have a very short window of opportunity to withdraw from the deal if the creditor has not yet signed their part of the agreement. In these circumstances, you should telephone the creditor immediately to establish whether the agreement has been signed. If not, inform the lender you wish to withdraw. Make a note of what was said and the name of the person you spoke to. You should then confirm your withdrawal in a letter. Send it by recorded delivery and keep a copy. Once you have withdrawn, you are entitled to a refund of any deposit you have paid. You should be aware that many retailers are entitled to sign credit agreements for, and on behalf of, the creditor and, therefore, you would not be able to withdraw as it would be binding when signed by the retailer.

• Signed at home
  You have a statutory right to a cancellation period if you signed your credit agreement away from the trader's premises, e.g. you signed at home and you talked to the seller about the deal face-to-face (rather than only on the telephone). The agreement should contain a notice of your cancellation rights.

When you have signed the agreement, it will be sent to the finance company for an indication of the company's acceptance of the deal by adding an authorised signature to the agreement and sending you a second copy through the post. The cancellation period runs from the date you signed the agreement and ends five days after you received either the second copy signed by the creditor or a separate notice of your cancellation rights. In such circumstances, it is essential that you act quickly and notify the creditor immediately, in writing, that you wish to cancel. If you have not been given notice of your cancellation rights, the agreement is unenforceable. Keep copies of any correspondence you send and obtain proof of postage.
When an agreement and any linked transaction are cancelled, you are entitled to have any deposit you paid returned.
If you have entered and then cancelled an agreement, you do not have to pay interest on money received if it is returned within a month of cancellation or, if the credit is repayable in instalments, before the date of the first payment.
If you have received goods financed through an agreement, which is subsequently cancelled, you are obliged to take reasonable care of them and not dispose of them until they are returned to the supplier.
If the cancellation period has expired
Once you have signed the credit agreement and any cooling off period has ended, any rights you may have to cancel your agreement will be included in your contract and will depend on the type of credit you took out.

• Credit card agreements can be cancelled by writing to the creditor and making arrangements to repay any money you owe.

 

ooooh nice totp

 

thought you hadnt signed anything though

 

thats one heck of a post for a totp

anyone coming in here will think its a serious thread

 

on minestrone soup for dinner with a granary roll

 

it was tres good ya

 

Christ thought i had the wrong thread then

 

I warned you told you to go on bethere

 

Just wait for your fair usage warning even on unlimited Tiscali/virgin/sky they all pull that one

 

i'm glad my talents are recognised so far they are making brews and corners

 

ive not had a fair usage on sky and I #cough# use it a lot (pc at home on all the time running #ahem#)

 

you can still come on and visit

 

awwww thanks, thats the nicest thing anyone has ever said to me today

 

i havent, ive also got a 28 day cooling off period so i think it will be scousers1 bradford 0

 

im bored shedless

 

few mins to go

 

cant wait to get in traffic, thats how bored i am today

 

 

 

 

evening all

 

see pete has done his random post for the day again

 

must have picked up some decent gear from somewhere

 

evening Jay

 

Ive just had a massive poo

 

Heres my new toy

 

TMI

 

you do realise you have loads of dead pixels towards the centre of your screen

 

evening stressy

 

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