Cancelling loan impact on credit score

CrowCrow

Does anyone know the impact, if any, of cancelling a loan within the cooling off period to your credit record?

BlueKiev

Do you mean within the first 14 days?


Is it a unsecured personal loan ?

CrowCrow

BlueKiev wrote: »

Do you mean within the first 14 days?


Is it a unsecured personal loan ?

Yes and yes.

YorkshireBoy

The only "impact" is the search itself.

CrowCrow

YorkshireBoy wrote: »

The only "impact" is the search itself.

So as if you applied but no contract was formed?

YorkshireBoy

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

Won't it show as settled?

(I don't know the answer merely asking?)

molerat

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.