Cancelling a loan within 14 days

scotslad1983

Hi all,

I recently asked for a £5000 loan from Hitachi (advertised at 5.8%), I got accepted at 11.2% and I am now regretting it.

Can I cancel this loan? Usually there is a 14 day cooling off notice but I don't see that option.

Assuming I do cancel the loan, obviously they will reclaim the £5000, fine. Will it harm my credit score? I'm slightly concerned I will NEED a loan in the future - this is the first time I've been accepted for credit since I moved into my new-build house two years ago.

Your advice is all appreciated.

CKhalvashi

There should be £5000, plus a little interest.

The search will be recorded, but as far as I'm aware, nothing adverse will be.

bargainbetty

Have you tried calling them and asking? There are usually cancellation terms within the paperwork.

If not, and you have the money, repay the entire sum, plus the small amount of interest that will be due, and chalk it up to experience.

jonesMUFCforever

.............just be aware there might be an early settlement fee to pay.

National_Debtline

Hello there,

Experian have confirmed to us that they would remove the mark on your credit file should you withdraw from your loan within 14 days. I'm uncertain as to what the other credit reference agencies would do.

Hope this helps!

David @ National Debtline.