cancellation of loan agreement

[scotty]

I have just ordered a bed and some furniture from a high street shop and opted for the buy now pay later scheme, where we have the bed and furniture delivered and have 12 months to pay for it; I have not paid any money yet ,i.e no deposit. I ordered it on thursday and signed the forms but have now decided to cancel as I can get the same mattress online for over half the price !! I do however still want the furniture. The shop has told me that if I cancel then they will charge me 20% of the cost of the bed which is around �180 . Is this legal ? I thought that there had to be some sort of cooloing off period with any form of credit agreement. Can any one advise me please. Many thanks.

[Ethel]

The cooling off period only applies to credit agreements signed away from the business premises, such as in your own home,

If you signed in the shop, you have no cooling off period and the store is acting within the law:

http://www.bbc.co.uk/consumer/your_rights/cred it.shtml

The terms and conditions were there in the small print for you to read before you signed. You obviiously chose not to read them.