Cancelling an HP agreement within 14 days is a legal right that all customers have. This right, known as the cooling-off period, is a standard feature of several financial contracts, including HP agreements.

HP agreements are a popular way of financing electronic purchases. They allow customers to buy a product from a store and pay for it in instalments. However, sometimes unforeseen circumstances prevent customers from meeting the payment obligations, and they might want to cancel the agreement.

If you are in such a situation, the first thing you should be aware of is that you have 14 days from the date of signing the agreement to cancel it. According to the Consumer Rights Act 2015, you can cancel your HP agreement within this cooling-off period without having to provide any reason.

To cancel your HP agreement within 14 days, you must tell your lender in writing. You can do this via email or letter, or by using a cancellation form provided by the lender. The lender will then confirm the cancellation in writing or by email and give you instructions on how to return the goods.

The lender may charge a fee for cancelling the agreement within 14 days, but this should not be more than the cost of interest accrued during this period. If you have already made a payment, the lender must refund you within 14 days of the cancellation date.

However, if you have used the goods, or damaged or altered them, you might not be able to cancel the agreement within the cooling-off period. The lender can charge you for any loss of value of the goods caused by your use of them, and this amount could be deducted from your refund.

In conclusion, cancelling an HP agreement within 14 days is a legal right that all customers have. To do so, you need to inform your lender in writing, who will then confirm the cancellation and provide instructions on how to return the goods. Be aware of any fees or deductions that might apply, and remember that you can only cancel the agreement if you have not used or damaged the goods.