Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • jamesmwalker
    • By jamesmwalker 12th Aug 19, 2:26 PM
    • 8Posts
    • 3Thanks
    jamesmwalker
    Withdrawing from credit agreement
    • #1
    • 12th Aug 19, 2:26 PM
    Withdrawing from credit agreement 12th Aug 19 at 2:26 PM
    I recently took out a high interest loan, then a few days later realised it was a mistake. I rang the lender and asked to withdraw from the credit agreement which they agreed to do. I made the loan payment back with the few days interest whilst I was on the call. Now, a couple of months later, this loan has appeared on my credit report. My question is, when I withdraw from a credit agreement should it appear on my credit report(s)?
Page 1
    • foxy-stoat
    • By foxy-stoat 12th Aug 19, 2:34 PM
    • 4,857 Posts
    • 2,883 Thanks
    foxy-stoat
    • #2
    • 12th Aug 19, 2:34 PM
    • #2
    • 12th Aug 19, 2:34 PM
    It will be on your record, should be marked as settled. Give it a month or 2.
    • Bermonia
    • By Bermonia 12th Aug 19, 2:36 PM
    • 857 Posts
    • 772 Thanks
    Bermonia
    • #3
    • 12th Aug 19, 2:36 PM
    • #3
    • 12th Aug 19, 2:36 PM
    Did you request the withdrawal within 14 days, and how much longer was it before you repaid the balance?
    • molerat
    • By molerat 12th Aug 19, 2:40 PM
    • 21,172 Posts
    • 15,404 Thanks
    molerat
    • #4
    • 12th Aug 19, 2:40 PM
    • #4
    • 12th Aug 19, 2:40 PM
    If you exercised your right to cancel within the cooling off period it should not be shown on your report. Any searches will be shown though.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • jamesmwalker
    • By jamesmwalker 12th Aug 19, 2:45 PM
    • 8 Posts
    • 3 Thanks
    jamesmwalker
    • #5
    • 12th Aug 19, 2:45 PM
    • #5
    • 12th Aug 19, 2:45 PM
    Did you request the withdrawal within 14 days, and how much longer was it before you repaid the balance?
    Originally posted by Bermonia
    Withdrawal was requested after 7 days and paid in full same day whilst on the same phone call. When I called I specifically said I want to withdraw from the agreement.

    If you exercised your right to cancel within the cooling off period it should not be shown on your report. Any searches will be shown though.
    Originally posted by molerat
    That's what I thought should happen. I shall be taking this up with them.
    • Bermonia
    • By Bermonia 12th Aug 19, 3:23 PM
    • 857 Posts
    • 772 Thanks
    Bermonia
    • #6
    • 12th Aug 19, 3:23 PM
    • #6
    • 12th Aug 19, 3:23 PM
    Just contact them and point this out, may also be an issue with credit agency they use as some agencies such as equifax require a manual dispute from customer before lender can ‘agree’ to the dispute.
    • jamesmwalker
    • By jamesmwalker 12th Aug 19, 5:46 PM
    • 8 Posts
    • 3 Thanks
    jamesmwalker
    • #7
    • 12th Aug 19, 5:46 PM
    • #7
    • 12th Aug 19, 5:46 PM
    I have spoke to them on the phone and they are not willing to budge and remove this from the credit report. I have sent them an email as a complaint quoting Section 66A of the Consumer Credit Act 1974 which states:

    (7)Subject as follows, where the debtor withdraws from a regulated consumer credit agreement under this sectionó
    (a)the agreement shall be treated as if it had never been entered into...
    I will keep this thread updated with the outcome if anyone is interested?
    • Bermonia
    • By Bermonia 12th Aug 19, 6:11 PM
    • 857 Posts
    • 772 Thanks
    Bermonia
    • #8
    • 12th Aug 19, 6:11 PM
    • #8
    • 12th Aug 19, 6:11 PM
    Once they give a final response you can go to FOS if it is not the outcome you were after
    • xlnc99
    • By xlnc99 12th Aug 19, 9:21 PM
    • 410 Posts
    • 45 Thanks
    xlnc99
    • #9
    • 12th Aug 19, 9:21 PM
    • #9
    • 12th Aug 19, 9:21 PM
    you paid interest after cancelling. I thought you didnt have to pay back any interest if you cancel within the 14 days.

    That sounds harsh
    • Bermonia
    • By Bermonia 12th Aug 19, 11:04 PM
    • 857 Posts
    • 772 Thanks
    Bermonia
    You still pay interest for the period you had the loan... otherwise people would simply use it as interest free borrowing lol
    • jamesmwalker
    • By jamesmwalker 15th Aug 19, 12:18 PM
    • 8 Posts
    • 3 Thanks
    jamesmwalker
    Received an email response today saying that they will remove the account from all CRAs. Now its just waiting to see if they actually do!
    • Bermonia
    • By Bermonia 16th Aug 19, 6:52 AM
    • 857 Posts
    • 772 Thanks
    Bermonia
    Keep in mind could still take around a month to reflect depending on when CRA update their records
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,880Posts Today

8,219Users online

Martin's Twitter