Hello - I'm hoping someone can help as my situation feels unfair. Urgent as I need to reply to the companies email. I really hope this is the right part of the forum to ask, apologies if not.
I bought some speakers from an online dealer, using a finance deal (Pay4Later) arranged by them.
The Speakers didn't suit me, so using the '14 day cooling off period', I notified the company within the 14 days of my wish to return them. They confirmed. All fine. They arranged for the items to be picked up.
A few days outside the period, the speakers were picked up. (so already outside 14 days). 2 weeks later they have been evaluated and the return is allowed and is going to go through.
However the company say that although I can cancel the loan with nothing to pay, it is going to have the same negative effect on my credit rating as if I cancelled the loan, which doesn't seem fair!:
" Due to the fact that your order is a Pay4Later order I just wanted to clarify 100% what you wish to do. You can apply the credit to alternative products if you wish or cancel the Pay4later agreement, I do have to warn you that cancelling the agreement is in effect cancelling a personal loan and it may affect you likelihood of having another similar agreement authorised by money lenders."
Having now looked online, I can see the advice was to write to the finance company within the 14 days, which was obviously weeks ago now. As I notified that I wanted to return the product within 14 days to the company, assuming this was enough (and all was approved), it seems hugely unfair that my credit rating should take a hit?! Anything I can do?
Many thanks!
I bought some speakers from an online dealer, using a finance deal (Pay4Later) arranged by them.
The Speakers didn't suit me, so using the '14 day cooling off period', I notified the company within the 14 days of my wish to return them. They confirmed. All fine. They arranged for the items to be picked up.
A few days outside the period, the speakers were picked up. (so already outside 14 days). 2 weeks later they have been evaluated and the return is allowed and is going to go through.
However the company say that although I can cancel the loan with nothing to pay, it is going to have the same negative effect on my credit rating as if I cancelled the loan, which doesn't seem fair!:
" Due to the fact that your order is a Pay4Later order I just wanted to clarify 100% what you wish to do. You can apply the credit to alternative products if you wish or cancel the Pay4later agreement, I do have to warn you that cancelling the agreement is in effect cancelling a personal loan and it may affect you likelihood of having another similar agreement authorised by money lenders."
Having now looked online, I can see the advice was to write to the finance company within the 14 days, which was obviously weeks ago now. As I notified that I wanted to return the product within 14 days to the company, assuming this was enough (and all was approved), it seems hugely unfair that my credit rating should take a hit?! Anything I can do?
Many thanks!
