We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Loans 14 day cooling off period?
If so, do they charge interest for those days or do you just pay the amount they gave you back? How does this affect credit rating? Would it show as settled or wouldn't get reported only the credit search etc?
Comments
-
Yes you can cancel.You pay interest for the days the loan is outstanding.If you exercise your right to cancel the loan should be removed from your credit file but the credit search will remain.
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
1 -
I don’t believe that the loan would be completely removed/not appear on your credit file. Viewing credit profiles on a daily basis I do see credit products opened then closed after a few days, but then marked as settled. I would say that this is more likely to happen.I also remember one year taking out a loan in Apple for an iPhone a few years ago, but then returned the phone within the cooling off period, it was marked as settled but had stayed on my credit report only recently coming off after 6 years0
-
The CCA states that exercising the right to withdraw means the credit account should be treated as if it never existed so there should be no footprint of the actual account left on a credit file.
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
0 -
Did you explicitly contact Barclays, or whoever the finance house was at the time?mab3000 said:I don’t believe that the loan would be completely removed/not appear on your credit file. Viewing credit profiles on a daily basis I do see credit products opened then closed after a few days, but then marked as settled. I would say that this is more likely to happen.I also remember one year taking out a loan in Apple for an iPhone a few years ago, but then returned the phone within the cooling off period, it was marked as settled but had stayed on my credit report only recently coming off after 6 years
If not then it naturally makes sense that it remains showing as settled as you didn't cancel but paid it off instead. Cancelling is an explicit act.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.8K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards