Cooling Off Period
As dictated by the Consumer Credit Act, amongst other pieces of legislation which govern the finance industry, if you have been offered and accepted a financial product involving credit or a loan, you are granted (under certain conditions) a cooling-off period in which to change your mind. The cooling-off period was introduced to allow customers to make sure they were absolutely clear about what they had signed up for. When you sign up to receive a loan or credit you should be sent a letter which tells you the length of the cooling off period and the date which this commences to be active. During this time you can walk away from the agreement for any reason with no penalty.
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