HELP!!!! Can I cancel a "buy now pay later" credit agreement?

[ConsumerCockup]

Last night, I accepted a quote for building work on the house, and signed contracts with both the construction company and a "buy now pay later" loan shark credit provider. After the sales rep left, I did one final google and realised that the work I'd signed for would prevent anyone we ever sold the house to from getting a mortgage.

The contract with the builder says that we can cancel in full within 14 days - I get that, have emailed already to do so. But what about the credit agreement? Everything I have found online suggests that we can only get out of it by paying the full amount - is that really correct??

Isn't there a 14 day cooling off period with any finance agreement?

I'm sure you also have 14 days cooling off on credit agreements.

You should also have 14 days to get out of that one.

I thought so too. But the small print doesn't mention it.

Was this sold online? Or by a doer stop seller? The cooling off period only covers things purchased at ‘a distance’ ie online, mail order, over the phone or by a doorstop seller.

This isn't expert advice but if the work doesn't take place the face company wont ever have to pay the builder so wont it just become unnecessary? You aren't taking out a loan, is that right?

Is the finance company separate from the builder?

I had a builder round for a quote. The rep that came fixed up the third-party credit agreement with another company on the spot

Legally you have the right to cancel without any penalty if you do so within 14 days contact the loan company a cancel. If they argue remind them that the loan falls under the door step selling laws

Hi OP you have the right to cancel a consumer credit contract within 14 days.

www.citizensadvice.org.uk/debt-and-money/borrowing-money/cancelling-a-loan-or-credit-agreement/

@ConsumerCockup

I had a builder round for a quote. The rep that came fixed up the third-party credit agreement with another company on the spot

This is a classic sign of a dodgy company OP. Always say you'll think about it - come up with any delaying excuses you can think of - and never sign anything on the spot.

If you know the name of the credit provider, call and email as soon as you can. Some providers make it extremely difficult to cancel (only by post to our registered office etc) and don't provide this information upfront so the sooner you can action this the better.

Be tenacious about cancelling. If you can afford it, I would ask a solicitor to do it. Because I suspect they'll pretend they didn't receive it and keep badgering you.

Was the finance going into your account or direct to the builder? Really think about getting an expert to act on your behalf (accountant/solicitor/debt agency). It could be the best £300-500 you ever spend.