Withdrawing from a credit agreement

[Rick101]

Any credit brokers able to give me some quick advice?

I recently took a loan through Zopa. It was agreed on Monday and paid into my account Wednesday.
Because 'women' I have decided not to go ahead with the loan.
I was just going to pay it off in full. I think I can just do this through the website very easily.

I noticed a couple of other options and wondered if either of them were beneficial in any way.

Right to withdraw or right of cancellation

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If your Loan Contract is a regulated credit agreement, you will have a right to withdraw in accordance with the provisions on page 2 of that Loan Contract (Right to Withdraw). If your Loan Contract is not a regulated credit agreement, you will have a right of cancellation under this clause 12.

You must repay the whole loan amount (including interest charged, but not the Borrowing Fee

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Borrowing Fee £0.00
Interest charges (including the Loan Servicing Fee) £679.38
Total charge for credit £679.38
The Borrowing Rate (this is the total rate of interest you will pay), made up of 2.9% per annum (fixed)
Zopa Servicing Rate 0.8%
Lender Rate 2.1%


I'm unclear whether it's regulated. I would assume so.

Thanks

Edited by Rick101 on Friday 26th January 17:58

[Rick101]

Further reading on their site I think by cancelling withing 14 days I just pay back the loan amount and do not have to pay back the interest accrued over this last few days.