Question

I need advice on how to cancel a loan I took out. I needed the money to buy a car, so I took out a personal loan for £5,000, but I got financing at the dealership, so I no longer need the loan. How can I cancel the loan?

Cheers!

Dan

Answer

Dan,

There are a number of ways to cancel or get out of a loan.

The main questions are going to be, how long have you had the loan, the money, and what the lender’s policy is for cancelling a loan.

Most loans have a 14 day cooling off period. Which means within 14 days you can give the money back, and you no longer have the loan. After this cooling off period, things can get complicated.

If you can give me a few more details, I can look at this closer for you.

Regards,

Jon

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