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- Cooling Off Period - |
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Some people might be tempted to rush into getting a loan due to pressure or after bad advice, and change their minds soon after signing. Under the Consumer Credit Act, members of the public are entitled to a cooling-off period of five working days after signing for a loan or credit agreement if the deal was not done over the phone, the contract was signed away from the lender's place of work or if the amount is less than £25,000. During this cooling off period, the contract can be cancelled without any costs to the would-be borrower. Some lenders offer longer cooling off periods.
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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Licensed credit broker authorised by the Office of Fair Trading. Registered members of CFB, FISA, FSA, Data Protection Act 1984 |
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© 2007 LoanLine - Cooling off period |
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