That is, you should check your credit information to see if the lender is reporting account information for the terminated account and, if so, that the data is correct. If the company refuses to have you cancelled or refuses to refund your deposit, write again and indicate that you have the legal right to cancel during the cooling-off period and recover at least some of your money. The credit agreement must contain in writing the following specific information for it to be legally binding and enforceable: If you take out a loan or receive a loan for goods or services, you can enter into a credit agreement. You have the right to terminate a credit agreement if it is covered by the Consumer Credit Act 1974. You can resign within 14 days, which is often referred to as „reflection time.“ You can also cancel and return something you pay for by rental purchase. If you want to keep the goods, you have to pay for them differently. If you have made a down payment or partial payment for goods or services that you have not yet received, you must get your entire money back if you cancel. Exceptions include goods or services with a value of less than or less than £42, insurance contracts, consumer credit agreements which must have their own cancellation clauses (see above), all other credit agreements regulated by the Consumer Credit Act after a requested visit and certain financial services. There is a right of termination under CONC 11.1.1 R if the lender has not complied with CONC 2.7.6 R (obligation to transmit the general terms and conditions, etc.), unless the distance contract is concluded except in CONC 2.7.12 R and the company has met the requirements of this rule. a credit agreement in which a creditor grants credit to a consumer and under which the consumer`s obligation to repay is secured by a legal hypothec on land; In addition, credit agreements for loans of £60,260 and loans secured by land are excluded from the right of termination within 14 days. If you wish to terminate a credit agreement, the first step is to contact the relevant lender to inform them. It is recommended to do this as soon as possible, so call the lender directly, but also be sure to continue to do so by written correspondence.

This ensures that there is a paper trail that you can track if you then need to refer to certain data and information. The company has the right to receive from the consumer all amounts or real estate that the consumer has received from the company without undue delay and at the latest within 30 calendar days. This period begins from the date on which the consumer sends the declaration of withdrawal. In such cases, you have a five-day cooling-off period starting from the date on which you receive the second copy of the contract (together with the withdrawal form). § 66A of the CSF (right of withdrawal) does not apply to a credit agreement of £ 60,260 (except residential renovation contract)2, a secured contract on land, a limited-use credit agreement to finance the purchase of land or a bridge credit agreement related to the purchase of land. § 67 CCA (resilient contracts) applies to regulated credit agreements (with the exception of secured contracts on land, limited-use credit agreements to finance the acquisition of immovable property or bridge credit agreements related to the purchase of land and contracts covered by Article 66A) and consumer leases (which are not applicable in this section) in the circumstances referred to in the section. .