Cancelling Credit Agreement

jjm26_2

Hi,

I'm looking for advice.

I am moving house next month & will have to pay a security deposit to my new landlord one week before I get my current deposit back.

I was thinking of lifting it from the Cheque Centre, but for the space of 7 days, the £600 would cost be around £725.

I know all credit agreements can be cancelled within 14 days, I was just wondering if I go to the cheque Centre after 7 days and say to them, " I wish to cancel this agreement", would they still try and claim the full amount?

Thanks

JJM26

maginot

Cancelling the agreement, if you have still borrowed the money they can charge interest and an admin charge/cancellation charge so I can't see you gaining anything from doing this.

Unless you think you borrow money for 14days cancel the agreement and just pay the sum borrowed back. Unfortunately it doesn't work like this! Otherwise payday companies would never make any money!

Apples2

Have a plan just in case there is a deposit dispute with the old place and you don't get it back when you think.

[Deleted User]

very few LLs return the deposit within 7 days

chanz4

even when they do its by cheque

iolanthe07

And there is often a dispute over wear and tear, damages etc. My daughter had to wait six months for her deposit, and even then didn't get it all back.