Can I Cancel a Credit Agreement on an Item of Jewelry?

honeybad36

I purchased an eternity ring at a well known outlet last Wednesday as a surprise anniversary gift for my wife.

The ring was £599.00 and I took advantage of a 0% credit agreement by paying a 10% deposit and then paying off the balance over a period of 9 months.

I picked the ring up from my local store on Saturday 2nd August, but unfortunately my wife is not very keen on the ring and would prefer to chose one herself (my surprise gone up in smoke!!). The ring is not personalised in anyway and is now back in the original box as I intend to return it to store.

Please could anyone advise whether (under the Consumer Credit Act) I have the right to cancel the agreement, as it will be within the first 14 days, due to the fact that the item is no longer wanted and I do not want to be paying for something that is not fit for purpose!

I am not interested in returning the item and then exchanging it for something of the same value either - I just want to cancel the whole thing.

[Deleted User]

It is fit for purpose - you just decided you (or your wife) didn't like it. You will have to check the terms and conditions of the shop you bought it from.

They may have a no quibble 28 day return policy or they may say tough, it's yours now. The credit agreement is completely separate from the ring itself. You could cancel the finance within the 14 days but you would still owe the money to the shop.

vuvuzela

anam600 wrote: »

Yes, you can cancel it.

Ignore this poster, they're building up posts to start spamming links.
You're not automatically entitled to a refund for items bought instore, unless the policies of the store say you can have one. What do the store say ?

societys_child

is not fit for purpose!

:huh: In what way?

InsideInsurance

vuvuzela wrote: »

Ignore this poster, they're building up posts to start spamming links.
You're not automatically entitled to a refund for items bought instore, unless the policies of the store say you can have one. What do the store say ?

But you can cancel the credit agreement as it has a statutory cooling off period, it just means that the debt becomes payable in full for the ring as your right to return that is a separate issue/ matter.

As its not actually the credit the OP wants to cancel but the sale this is a bit of a red herring but is the direct answer of the question asked.

You have no statutory rights to return an unwanted present and all rights are simply those of the stores returns policy. For a non-adjusted/ engraved ring you may be ok