Is this allowed

Timmylad

On Friday i went to get a loan from Black Horse finance, They offered me more than i actually needed but i stupidly chose to agree and signed the papers.
Later that night when i was speaking with my other half we decided that i did not need the money and would try and cancel the loan.
I was unable to get in contact with Black Horse Finance over the weekend as they were closed but went to see them yesterday (Monday). However i was told "You cannot cancel as you have signed the paper work"
I thought there was a 14 day cooling off period that by if you change your mind you could cancel.
Any help on this would be much appreciated.

tom188

Where did you sign the paperwork? If it was on trade premises the cooling off period does not apply.

nomoneytoday

Under the 1974 credit laws there is a cancellation period.
You would need to return the cash and fill in some paperwork

tom188

Under the Consumer Credit Act 1974, certain credit agreements can be cancelled provided there were face-to-face negotiations before the agreement (the place where these took place is immaterial) and you didn't sign the agreement on the trade premises of the creditor or supplier (for example, you signed at home or in your office).

However, you don't have long to cancel because the cancellation period ends five days after you receive the second copy of the agreement, which the creditor is obliged to send you. You must cancel in writing.

Where goods are bought on credit at a distance (for example, over the internet) you have a right to cancel under the Consumer Protection (Distance Selling) Regulations 2002. This cancellation period lasts at least seven days after the day on which you receive the goods, but could be longer. If you cancel under these regulations, any related credit agreement would be automatically cancelled too.