top up loan question

dings

Hi all

Quick question.

I took out a loan less than 12 months ago with Egg. While on their site the other day, I notice that you can get a top-up on your loan. I do need to do this, so almost certain to go ahead.

My question is, given it's less than 12 months since I took out the original one, am I more likely to be turned down for the top-up. I've made all my payments on time, my salary is slightly more than then, affordability is no problem, and i have no credit rating problems. I could just do with tidying things up basically.

I only ask as I had some minor money problems some years ago, and sometimes still get nervous about these things, and don't want to risk being turned down and getting a refused loan app on my record.

Any help welcome.

Dings

dings

Anyone any ideas?

glasgowchick

When I worked for a bank, not Egg, You had to wait at least 9 months for a top up. I don't know if this is common policy, Hope this helps,

Laurenbelle

The bank i work for you just need to make your first payment to your loan. The way we top up is by consolidating your existing loan and apply for a new one (settlement figure + top up) Hope that helps!

jules68

My other half has just topped up our loan again with Egg, they are really friendly and helpful

dings

Thanks Lauren, jules and glasgow...

Jules - bit cheeky I know, but can I ask roughly the amount of top-up, amount of original and time periods between the 2?

No need for exacts, but a rough idea would be most useful.

Thanks

dings

Just moving this up for anyone in this evening.

Any advice welcome.

jules68

our last loan was nearly 2 years ago for 17k last xmas we took a 3 month payment break. OH has just topped it up for another 2k ( boiler knackered)But i am sure you will be able to top up as they are the friendliest i have known with loans.Dont get talked into the PPi they will go on and on about it prob much the same as any other
Good luck

chani1

the bank i work for takes you sett fig+ new amount then pays off your old one and starts fresh, we do top ups after only one months pymt however the apr may go up slightly up. if you havn't applied for any other credit in the last 3/6 months this will work in your favour and will help you to retain a low apr. HTH

dings

Just bringing this back up having not been around for a few days.

My original loan was £12k about 7 months ago. Looking to top it up by £9-£10k this time.

No worries about my credit score as no other applications in that time. When I asked a general question of them on this they said there is no minimum period after an initial loan before you can top up. My concern is the amounts, and that they are so close. Reason for it is similar to Jules - new boiler, plus a couple of other big expenses.

Affordability doesn't come into it - comfortably afford a repayment on the amounts.

Any further advice welcome.

Dings

kerryallc71

do you have the egg money manager ?
if you do you can email egg through there secure ( email part ) they will respond in 24 hours or within that time , you can ask them how much its all gonna cost before you go through with the top - up over the phone , you can actually top - up over the egg website , just through the loans application bit , you have to give them a few of your details , it will give you a balance on there for how much it will cost extra each month.

hope this helps .

i have not topped up for a while with egg , so im not quite sure if it still works in the same way over website loan top - ups but you can give it a go if you like.

but i can say this egg are very helpful and we have had no problems with them we have been with egg since 2002.

see you from kerry.