I need to cancell a new credit agreement.

pinchez

It's been a bad day for me, I've just been informed i'll be made redundant

A few weeks ago i decided to order £1100 worth of Macbook through Apple's online store and used the finance option (36 months @ £38) through MBNA. I got the credit agreement in the post a couple of weeks ago signed it and sent it back. I received a leter from MBNA welcoming me etc. and Apple have shipped my order.

Because my circustances have changed i would like to cancel the Macbook and credit agreement but i don't know if i can

If i can how do i go about it, will i incure charges and will this go against me on my credit score?

BTW Delivery date for the Macbook is 13/10/06 and the first payment to MBNA is due to come out of my bank on 03/11/06

Thanks

sdj25

If I were you, i would call both companies straight away (probably starting with MBNA). I know that you do have some days to cancel, but seen as you said it was " a few weeks ago " then this time has probably passed.

Give them a call and let us know how it goes - sorry to hear about the jobloss.

omega27

You might have to take delivery of the Macbook then immediately call Apple to get them to pick it up. But they shouldn't have a problem with that & the MBNA agreement will cancel.

sdj25

RJL - are you taking this from experience? I have never had to deal with an Apple return before. Not sure how it works.

ddavis

You should be fine - if the item hasn't arrived yet (judging by your post i dont think it has) then it is still covered by the Distance Selling Act.

You are perfectly entitled to return it for a no quibble refund providing you give written notice within seven working days of receiving it - see here http://www.oft.gov.uk/Business/Legal/DSR/distance+selling+regs+cancellation+periods.htm

So don't worry about it, and sorry about the job loss

exel1966

ddavis wrote:

You should be fine - if the item hasn't arrived yet (judging by your post i dont think it has) then it is still covered by the Distance Selling Act.

You are perfectly entitled to return it for a no quibble refund providing you give written notice within seven working days of receiving it - see here http://www.oft.gov.uk/Business/Legal/DSR/distance+selling+regs+cancellation+periods.htm

So don't worry about it, and sorry about the job loss

I'll ditto what's said above. DO NOT contact either Apple or MBNA before the computer arrives. As soon as it does, contact Apple (phone,e-mail) to cancel and check their proceedure for returns. Back this up with a written letter.
If they ask why it's being returned just say, it wasn't as you expected it to be. They cannot quibble. If they try just mention the Distance Selling Regulations, they'll soon agree !!

pinchez

Thanks guys

I've not contacted Apple or MBNA yet and i'm still waiting for the Macbook.

What happens if MBNA take the first payment before i recieve the Macbook and do i contact MBNA as soon as i receive the laptop? I say this because Apples delivery system is appalling and it seems many customers have been waiting far longer than me to recieve theres.

By the way i'm a Tiler (ceramic) by trade and i'm looking at becoming self employed (sole trader). I would love to keep the Macbook but i feel it's a little extravagant at present

ddavis

Its down to Apple to arrange the cancellation of the credit agreement (i believe, correct me if im wrong people)...

All you have a responsibility to do is notify Apple in writing within 7 working days that you are returning the item under the distance selling act. Send it fully insured too.

I used to work for a computer company and if anybody returned a finance order it was us who had to sort it all out.

MoneyMad

Does the same approach apply to cancelling a finance agreement for a Home Study Pack? that my wife took out. She was then told her hours were being cut ay work, now she cannot afford to pay the finance repayments because her circumstance has changed, she wrote to the Banks Finance dept and they say its too late to cancel the agreement :-( I am now worried she has to pay for something we cannot afford to keep or honour.