The Cancel Loan After Approval Letter is a crucial document used in the Irish banking and financial services sector when a borrower decides not to proceed with a loan after receiving formal approval. This document becomes necessary in various situations, such as when a borrower finds alternative financing, when circumstances change making the loan unnecessary or unaffordable, or during the statutory cooling-off period provided under Irish consumer protection laws. The letter must comply with Irish banking regulations, the Consumer Credit Act 1995, and the Central Bank Consumer Protection Code 2012. It serves as a formal record of the borrower's decision and helps protect both the borrower's and lender's interests by clearly documenting the cancellation of the approved loan facility.
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1. Recipient Details: Full name and address of the lending institution, including relevant department and any reference numbers
2. Date: Date of the cancellation letter
3. Loan Reference Information: Details of the approved loan being cancelled, including approval date, loan reference number, and approved amount
4. Clear Statement of Cancellation: Explicit declaration of intent to cancel the loan approval
5. Borrower Details: Full name, address, and contact information of the borrower(s)
6. Acknowledgment Request: Request for written confirmation of the cancellation
7. Signature Block: Space for borrower(s) signature(s) and date
1. Reason for Cancellation: Optional explanation for the cancellation - include when maintaining good relationships with the lender is important or when required by specific bank policies
2. Fee Acknowledgment: Include when there are any fees or charges associated with the cancellation that the borrower needs to acknowledge
3. Return of Documents: Include when original loan documents need to be returned to the lender
4. Disbursement Status: Include when partial disbursements have been made and need to be addressed
5. Joint Borrower Declaration: Include when the loan approval was for multiple borrowers
1. Copy of Loan Approval Letter: Attach a copy of the original loan approval letter being cancelled
2. Identification Documents: Copies of identification documents if required by the lender for verification purposes
3. Fee Schedule: If applicable, schedule of any cancellation fees or charges that apply
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Risk Assessment Officer
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