The Credit Cancellation Letter is a crucial document used when an individual or entity wishes to formally terminate a credit facility in England and Wales. It serves as official notification to the credit provider and must comply with strict regulatory requirements under the Consumer Credit Act 1974 and FCA guidelines. The letter should include specific account details, clear cancellation instructions, and appropriate statutory references. It's particularly important when exercising cooling-off rights or when circumstances require the termination of ongoing credit arrangements. The Credit Cancellation Letter provides legal documentation of the cancellation request and protects both parties' interests during the termination process.
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1. Recipient Details: Full name and address of the credit provider
2. Account Information: Credit account number and any other relevant reference numbers
3. Clear Cancellation Statement: Explicit statement of intention to cancel the credit agreement
4. Agreement Details: Date of original agreement and product type
5. Statutory References: Reference to relevant cancellation rights under applicable law
1. Reason for Cancellation: Optional explanation of why the credit is being cancelled, used when relevant to the circumstances
2. Settlement Details: Information about any outstanding balance or settlement requirements, if applicable
3. Alternative Arrangements: Proposed alternative payment arrangements, if relevant
1. Copy of Original Agreement: Copy of the credit agreement being cancelled
2. Proof of Identity: If required by the credit provider for verification
3. Supporting Documentation: Any relevant evidence supporting the cancellation request
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