If you cancel a consumer credit contract, either during the cooling-off period or when the lender has failed to give you all the information the law requires, you’ll need to do different things depending on the type of credit arrangement it is.
If it’s a hire purchase (“credit sale”) for goods or services, your rights will depend on whether you’ve already received the goods or services before you cancel:
If you’ve already received the goods or services, you’ll only be able to cancel the credit part of the contract, so you’ll still have to pay the cash price of the goods or services. You’ll have 15 working days to do this after you cancel.
If you haven’t already received the goods or services, you can cancel the whole contract, and you won’t have to pay for the goods or services.
If it’s a loan, and you’ve already received money under the loan contract, you can cancel the whole contract by returning the money within the cooling-off period.