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Borrowing more on a loan and then cancelling within the 14 days

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Borrowing more on a loan and then cancelling within the 14 days

If I were to borrow more on an exisiting loan, say from £5k to £10k you would take out a new loan for the £10k and pay off the £5k, but the paperwork says you can still decide to cancel under your 14 day cooling off period. How does this work? 

3 REPLIES 3
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Re: Borrowing more on a loan and then cancelling within the 14 days

Hi @AJohns, the full amount would need to be applied for and a new application carried out should you require a loan.

 

Note: Updated answer due to out of date information.  

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Re: Borrowing more on a loan and then cancelling within the 14 days

Hi @RossM so it would be effectively reinstating the old loan as it was, despite the terms saying you can't reinstate the old loan after a top-up?
So if I tired to top up and the interest rate was too high I could cancel and it would just go back to repaying at the same rate exactly as I was before?
Your Community Expert

Re: Borrowing more on a loan and then cancelling within the 14 days

Sorry, @AJohns, I've been informed that isn't actually now possible. I've update the above post to avoid confusion. The full amount would need to be returned and a new loan applied for.