Cooling off period - HSBC

nawdrum

Hi folks,

Stupidly took out an HSBC lump sum loan last week to cover a few bits and bobs (they wouldn't let me just increase overdraft as i want). Now i've borrowed off parents instead, interest free! Does anyone know what the cooling off period is with HSBC loans so i can cancel it? The paper work hasn't come through yet but i don't wanna miss it and end up paying interest,

Thanks

nawdrum

Kez1

Hi

Normally there is a 14 day cancellation period from the draw down date (receipt of funds) However loan interest is normally calculated on a daily basis therefore after the 14 days there is nothing to say you cant pay back the funds plus and daily interest (which is normally a few pounds per day). If it is after the 14 days ring up and ask what your redemption figure is.

I hope this helps

Kez

nawdrum

Thanks Kez,

I put the cheque in from the bank of parents on monday, so i should be well within 14 days. Presumably they'll need the cancellation in writing - or is it normal to 'just pop in'?!

Kez1

Your welcome, just pop in to your local branch. Make sure you get it all in writing they usually do a print off.