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.

[Butter Face]

Almost all personal lending is regulated, it should always be very clear to you when it is not.

With Zopa you have 30 days to return the money with no fees or interest so just notify them and do that . Sorted.