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?
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?