cancelling a personal loan

adelemol

i applied for a loan from hsbc this mornig, online. it was far far too quick and easy and the funds were put straight into my bank account at the click of a mouse. i was expecting to have to go into a branch to sign prior to receiving any funds? it was a shock i can tell you!

anyhow, i have the money and ive actually decided i dont want it anymore...a spare of the moment decision that i wish i hadnt made.

i have 14 days to cancel and have already wrote and posted the letter. ive spoken the the bank and they say as long as i dont spend any of the money it will just be taken back, no penalties due to cancelling withtin the 14 day period.

what i would like to know is does anyone have experience of cancelling a personal loan within the cooling offperiod? does it go smoothly?

thanks

dbramley

Yes it will go fine but a credit search will still be left on your file though.

Scousebird_2

Yes-it will be cancelled and the funds that are in your current account will be used to pay off the existing loan and the loan will be closed accordingly-usually you are sent a letter confirming which account the direct debit repayments would of come out from but this should be over-ridden when the loan is paid off. Just keep an eye on your direct debit list online and this will show as HSBC PLC LOAN and there won't be an amount populated when you select it-but to be honest it shouldn't be on there at all-if it is then just cancel it when you return the funds to HSBC.

It is very straightforward so don't worry about it!

adelemol

thanks for the replies...i just wanted some reassurance because generally nothing ever goes smoothly for me! i sent the cancellation letter off special delivery yesterday so fingers crossed

the challenge now is for me to only spend what i had already and not the loan money...

adelemol

thanks for that advice about the direct debit set up, ive cancelled that, i still havent had any confirmation of my cancellation but im hoping for something next week!