Cancelling credit agreement

Ian0374

Hi All,

Need some advise hear as quite frankly my bank have been hopeless !.

I recently applied for a loan with RBS online for a new car which was accepted and funds were paid, this was on the 04/02/10.

I understand that I have 14 days to cancel this and the agreement was signed online.

However the car I wanted did not live upto expectations and I phoned to ask about cancelling the loan, where I was told I need to go into my own branch to do this.

Today I went to the bank and asked to cancel the agreement and was then informed that I need to sign and return a cancellation notice which i should have received with my credit agreement in the post.

After explaining that I was told to go into local branch and have not received the agreement, they got me to write a letter of cancellation there and then, which was signed and dated by myself.

Upon asking them if this would affect my Credit rating the advisor said "Yes it will" and I may be refused a loan in the future, even though my credit rating is "Good".

Can someone confirm if this is correct, as far as I am aware I have given them notice within 14 days and not spent any of the loan at all and this should not have any effect on my credit score (although I do understand that this will be recorded on my credit rating).

Thanks in Advance,
Ian

never-in-doubt

What the adviser would be referring to is the fact you'll be shown to have a loan search on your credit file but it will definitely not affect you. Bear in mind if you wanted to get another car in the next few weeks and thus applied to another lender, you may get declined as they could take into account the loan with RBS - albeit, paid and closed.