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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11142
Experience:  30 years as a practising solicitor.
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Weatherseal 7days cooling off but on

Resolved Question:

Weatherseal 7days cooling off period but on Purchase agreement it states that If you have signed a credit agreement cancellation rights are not as specified but are specified in full in the terms and agreements on the credit agreement ie 14 days please help Mrs Wilma XXXXXXX

Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

You have a 14 day cooling off period in which to change your mind and cancel a credit agreement.

You have to repay the amount borrowed along with any interest that’s accrued up to the point at which you cancel.

The 14-day cooling-off period starts from the day the agreement is concluded or if later, from when you receive a copy of the agreement.

While the credit agreement can be cancelled, the contract for the item or service itself won't be affected so if you used credit to finance the purchase of a car you would need to find some other way to pay for it unless you have some other right to cancel that main contract for example if you signed off of trade premises in which case you can cancel completely.

If you sign a credit agreement off trade premises - so at a temporary marketing display stand, for instance - you have the right to cancel the agreement within your cooling off period.

In such an event a notice of your cancellation rights must be included within the copy of the credit agreement and must be sent by post or email within seven days.

You then have five clear days (not counting the date of receipt) in which to cancel.

The effect of cancellation under Section 67 of the Consumer Credit Act is that the agreement and any linked transaction is treated as if they had never been entered into. Consequently the loan company must repay all sums which you have paid and you must return any goods you've received.

I hope this helps. Please leave a positive response so that I am credited for my time.
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