Right To Withdraw

wmat983

Hi guys anyone have any idea how this would work on a "loan top up"?

For example if you had a £600 left to pay and they offered you an additional £500, this would settle existing loan and you would receive £500 and new balance would be £1100 etc.

You have 14 days to withdraw from agreement and must then pay any funds back within 30 days.

My question is if I cancelled the new agreement would I just had to pay the new £500 back (plus interest) or have to pay the whole £1100 back due to them settling previous agreement with this top up offer?

I'm guessing the latter but though I would ask to see if anyone knows for certain?

MattMattMattUK

welshmatt983 said:

Hi guys anyone have any idea how this would work on a "loan top up"?

For example if you had a £600 left to pay and they offered you an additional £500, this would settle existing loan and you would receive £500 and new balance would be £1100 etc.

You have 14 days to withdraw from agreement and must then pay any funds back within 30 days.

My question is if I cancelled the new agreement would I just had to pay the new £500 back (plus interest) or have to pay the whole £1100 back due to them settling previous agreement with this top up offer?

I'm guessing the latter but though I would ask to see if anyone knows for certain?

It depends on the lender's terms and conditions and will vary by lender, so you will need to read them to be sure. 

wmat983

MattMattMattUK said:

welshmatt983 said:

Hi guys anyone have any idea how this would work on a "loan top up"?

For example if you had a £600 left to pay and they offered you an additional £500, this would settle existing loan and you would receive £500 and new balance would be £1100 etc.

You have 14 days to withdraw from agreement and must then pay any funds back within 30 days.

My question is if I cancelled the new agreement would I just had to pay the new £500 back (plus interest) or have to pay the whole £1100 back due to them settling previous agreement with this top up offer?

I'm guessing the latter but though I would ask to see if anyone knows for certain?

It depends on the lender's terms and conditions and will vary by lender, so you will need to read them to be sure. 

I had a look through but couldn't find anything other the the right to withdraw terms mentioned above.

MattMattMattUK

welshmatt983 said:

MattMattMattUK said:

welshmatt983 said:

Hi guys anyone have any idea how this would work on a "loan top up"?

For example if you had a £600 left to pay and they offered you an additional £500, this would settle existing loan and you would receive £500 and new balance would be £1100 etc.

You have 14 days to withdraw from agreement and must then pay any funds back within 30 days.

My question is if I cancelled the new agreement would I just had to pay the new £500 back (plus interest) or have to pay the whole £1100 back due to them settling previous agreement with this top up offer?

I'm guessing the latter but though I would ask to see if anyone knows for certain?

It depends on the lender's terms and conditions and will vary by lender, so you will need to read them to be sure. 

I had a look through but couldn't find anything other the the right to withdraw terms mentioned above.

It might be listed under cancellation rather than withdrawal. Outside of that you need to establish if it is a new loan for a larger amount, part of which is used pay off the existing loan, or if they are separate loan products, they can be either. If it is the former then you would would near to pay the original £600 back at the point you also returned the additional £500, if it was the latter then you would just need to return the £500.