We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Fourteen day cooling off period
Options
Gothburg83
Posts: 1 Newbie
in Loans
Hi
i recently purchased And picked up a new car using an HP agreement from the bank. When I spoke to my dad he said he would have given me the loan interest free so I’m wondering if I can repay the finance without any interest charges as I’m still within the fourteen day period.
i recently purchased And picked up a new car using an HP agreement from the bank. When I spoke to my dad he said he would have given me the loan interest free so I’m wondering if I can repay the finance without any interest charges as I’m still within the fourteen day period.
0
Comments
-
You will still have to pay interest for the period of time since the start of the loan, but yes you just phone the lender within the 14 day limit and tell them you wish to exercise your "right of withdrawal" and they will tell you the amount you need to pay which you then need to pay them within 30 days.
You'll just have to pay the amount you borrowed plus a small amount of interest for the time you've had the loan.
NB Do not ask for a settlement figure - make it clear you are exercising your "right to withdraw"2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards