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Cancelling within 14-day cooling off, affects?

Hi,

I was looking at buying the Lg G5 when it comes out with O2 and seen a offer on HotUkDeals about it.

I noticed in the comments that someone had said that cancelling a contract even within the 14-day cooling off period will damage your credit rating?

Is this true? Seems a bit unfair if the case

Thanks

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