Payday loan - money boat

kris80

Can I stop a loan company from flagging up on my credit file if I cancel it within 14 days?

twhitehousescat

good question , you have taken the loan , then decide to cancel it 

you have taken the loan ,

kris80

Yes but I get a 14 day cooling off period?

[Deleted User]

An application is an application, even it is withdrawn later. It will still show on your file. If you really need the loan what are you going to do to get the money instead? Payday loans are the last option for most people. 

kris80

camelot1971 said:

An application is an application, even it is withdrawn later. It will still show on your file. If you really need the loan what are you going to do to get the money instead? Payday loans are the last option for most people. 

Yeah last option. I know it was stupid and after I took it out I realised that and wasn’t satisfied  just like what I’d do if I bought something from a shop and wasn’t satisfied. My lender doesn’t credit score and has already done a hard search so hopefully I can rectify the issue. 

Grumpy_chap

Is the OP waiting to exchange on property purchase, or between exchange and completion?

kris80

Grumpy_chap said:

Is the OP waiting to exchange on property purchase, or between exchange and completion?

I am waiting for a completion date anytime soon. Contracts have been signed. There’s no exchange it’s my late dads home.

MovingForwards

You always have to exchange contracts on a purchase, even if it's at the same time as completing.

Signing contracts is just one step in the conveyancing process.

PixelPound

An application is an application and will show on your credit file, whether you kept the loan, cancelled within 14 days, or was rejected.

Mortgage companies can do a second check (not a hard search) prior to completion and can withdraw the offer. The mortgage offer you signed will also have stated you are supposed to inform them of change in circumstances.

Your mortgage company may not check and you are fine, even if you hadn't cancelled the loan, or they may and in the latter case may want some reassurance on affordability grounds that you have cancelled the loan and it was taken in error and that the mortgage is affordable.

cymruchris

You'll have to wait and see how it pans out - no point kicking you when you're down - but it was a bit of a daft mistake to make - it's all over the boards/internet/forums to not take further finance until your mortgage is done, dusted and the keys are in your hand.  Fingers crossed you'll get away with it. 

macman

You don't normally have to 'pay' your conveyancer as a separate transaction. They will take their fee from the balance on account and pay all the third parties, such as the estate agent-and themselves.