Please note that the aforementioned right of withdrawal only applies to the credit agreement. It does not apply to goods or services that you have purchased with the credit agreement. This means that you must always find another way to pay for them or return them to the supplier (if your contract with the supplier allows it). They must keep all products safe until they are recovered. By exercising your right to terminate a credit agreement, you withdraw from the contract and the contract is terminated. There are exceptions to this rule, with credit agreements concluded in the following circumstances that are not covered by the right of withdrawal: Hello, I just bet a deposit of £1k on a new car, the agreement is to negotiate with my current car, which has reached the end of its 2-year financial activities, and to conclude another financing agreement for the new car! I changed my mind because I think the payments are too high. If you`ve terminated a joint credit agreement because you broke up with the other claimant, you certainly don`t want their creditworthiness to affect your own ability to borrow in the future, so it`s usually best to remove the combination from your credit information as soon as possible. However, if you see that the terminated account is displayed in your credit information, this should not be a reason to worry, provided that it has been properly reported. The status should be closed with a £0 credit in order to reflect the fact that it is not used and no refund is expected. The lender may use an “unknown” marker that is often used for cancelled accounts where no recorded payment history has been recorded – this marker also indicates that the account is not active. 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.
New accounts have a 14-day termination right. However, if you have debts related to this account (for example. B an overdraft), it must be fully refunded before closing. While you can terminate the credit agreement, the contract for the item or service itself is not affected. It is worth remembering that it is not necessary to specify the reason for terminating a credit agreement within the 14-day period – as long as there is no remaining balance on the credit facility or the item (purchased on financing) has not been used, this should be all they need to know…
