Key points of this subject
- If you are unwell and 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.
- In Scotland, if there is evidence that you lacked capacity to enter into a contract when the contract was made then it is void
- 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.
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