Money matters: cancelling contracts
If you are unwell, you may not be able to make decisions for yourself. This is called ‘lacking capacity’. This section explains what happens if a lender tries to lend to you when you lack capacity. It also has information about your right to cancel unwanted items you buy online, over the phone or by post.
- If you can’t make a decision for yourself, you ‘lack capacity’.
- If a lender knows that you lack capacity to borrow from them, they are not allowed to lend you money.
- Lenders can refuse to lend to you if they have a good reason to think you lack capacity to borrow money.
- There are guidelines that could help you to show when a lender has been irresponsible.
- You can make a complaint if you are not happy with the way a lender has treated you.
- There are options for dealing with debts you cannot pay.
- You have a 14 day ‘cooling off’ period to cancel items you buy online, over the phone or by mail order.
These pages are created by Rethink Mental Illness' Advice and Information Service. Last reviewed in October 2015. Next review September 2017.
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