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Cancelling loan impact on credit score

CrowCrow
CrowCrow Posts: 1,030 Forumite
in Loans
Does anyone know the impact, if any, of cancelling a loan within the cooling off period to your credit record?

Comments

  • BlueKiev
    BlueKiev Posts: 11 Forumite
    Do you mean within the first 14 days?


    Is it a unsecured personal loan ?
  • CrowCrow
    CrowCrow Posts: 1,030 Forumite
    BlueKiev wrote: »
    Do you mean within the first 14 days?


    Is it a unsecured personal loan ?

    Yes and yes.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The only "impact" is the search itself.
  • CrowCrow
    CrowCrow Posts: 1,030 Forumite
    YorkshireBoy wrote: »
    The only "impact" is the search itself.

    So as if you applied but no contract was formed?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    CrowCrow wrote: »
    So as if you applied but no contract was formed?
    Any future lenders may interpret the outcome as a decline, if they see a search but no subsequent account established, rather than you exercising your right not to proceed.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Won't it show as settled?

    (I don't know the answer merely asking?)
  • molerat
    molerat Posts: 36,494 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 7 August 2016 at 7:17PM
    CCA S66A states
    (7)Subject as follows, where the debtor withdraws from a regulated consumer credit agreement under this section—

    (a)the agreement shall be treated as if it had never been entered into, and
    so nothing to show as settled.

    Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.

    Being hated by idiots is the price you pay for not being one of them.

    Jean Cocteau 1889-1963

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