You will only benefit from a cooling off period if the credit agreement was made in one of the following ways: For agreements which fall under (1), you will have a cooling off period of 5 days, which begins from the time you receive the second copy of the agreement (containing the cancellation form).For contracts which fall under (2) and (3), you benefit from a 14 day cooling off period.
This is referred to as your cooling off period and the duration of this period depends on what you bought and the manner in which you bought it.
The following are situations in which the cooling off period applies The purchase of goods and services over the internet, by phone or by mail order generally is subject to the Distance Selling Regulations.
This includes renewals for insurance where the agreement has been sent by post.
This 14 day cooling off period also covers situations where you bought a financial product from an intermediary or a broker, even if it was discussed and signed face to face.
Unlike the cooling off period for goods bought under the Distance Selling Regulations (DSRs), the creditor may make a reasonable charge for any service (such as insurance cover) which was operating during this time.
There are specific guidelines on how you should cancel the contract, which must be notified to you by the creditor before or immediately after the contract is made.Any cancellation after this time will entitle you to a pro-rata refund.See our guide to extended warranties for more in depth information.But unless the goods are faulty, this is not an automatic right, and you must refer to the individual shop or supplier’s returns policy.Under certain circumstances, you are given the right to cancel over a specific period of time.With any contract or sale which is concluded away from the trader’s normal business premise, you must be sure you have been presented with clear written notice of your right to cancel, at or before the time the contract is made.