Cancelling consumer credit within 14 days
As a consumer, you have a statutory right to cancel consumer credit within 14 days without giving a reason. This guide explains how to cancel, what you need to pay back and how to avoid unnecessary costs.
You will need
- The credit agreement and the standard European consumer credit information form
- The lender’s withdrawal instructions
- Account details for the repayment
- Email or the lender’s online service
Steps
Work out the deadline
The withdrawal period is 14 days from when the agreement was made, or from when you received the contract terms if they arrived later. Make your decision in time.
Find the withdrawal instructions
Give notice in a way you can prove
Repay the credit amount
Pay interest only for the time you had the money
Check instalment purchases
Make sure the agreement has ended
The full guide with every step is for members. Try 7 days for €0.99.
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