Credit Contracts and Consumer Finance Act 2003, ss 27, 28, 30, 31
If you’ve signed a consumer credit contract, the law then gives you a “cooling off” period – usually five working days – during which you can change your mind and cancel the contract.
The length of the cooling-off period depends on how the lender gave you the necessary information:
If the paperwork was handed to you directly, you have five working days.
If it was sent to you electronically (by email for example), you have seven working days.
If it was mailed to you, you have nine working days from the date it was posted.
Note: The cooling-off period starts once the lender has given you all the information that the law requires. If the lender hasn’t given you all the necessary information, you can cancel the contract at any time.