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    • Bexmcd
    • By Bexmcd 3rd Jan 18, 7:41 PM
    • 1Posts
    • 0Thanks
    Canelling an approved loan
    • #1
    • 3rd Jan 18, 7:41 PM
    Canelling an approved loan 3rd Jan 18 at 7:41 PM
    I have been approved a low interest loan which will allow me to consolidate all debts. Stupidly I mis-calculated and now need to add money on to the loan and increase repayment time by a year.
    As I have just completed application online, I phoned to make arrangements before they send paperwork, I have been told that they can not amend application. My only choice would be to either put in another application for the remaining amount I require or cancel my loan when I receive paper work and Start again.
    Obviously I do not want to put in application for remaining amount BUT if I cancel the Loan (haven't signed anything yet), Will it affect my credit rating??
    Thank you for your help.
Page 1
    • zx81
    • By zx81 3rd Jan 18, 7:58 PM
    • 17,288 Posts
    • 18,403 Thanks
    • #2
    • 3rd Jan 18, 7:58 PM
    • #2
    • 3rd Jan 18, 7:58 PM
    It will show as a search, regardless of whether you accept it.

    Lenders will take their own view on it. You have no universal credit rating.
    • marty2be2000
    • By marty2be2000 6th Jan 18, 2:11 PM
    • 202 Posts
    • 111 Thanks
    • #3
    • 6th Jan 18, 2:11 PM
    • #3
    • 6th Jan 18, 2:11 PM
    As mentioned it will show as a search.

    There is no guarantee that you will get the replacement loan either, so you could cancel the one you have been approved for and end up with nothing.
    • forgotmyname
    • By forgotmyname 6th Jan 18, 3:26 PM
    • 27,231 Posts
    • 10,970 Thanks
    • #4
    • 6th Jan 18, 3:26 PM
    • #4
    • 6th Jan 18, 3:26 PM
    Are you sure consolidation is the best option? Often its a big mistake.

    Especially as you need to increase the amount of the loan and also extend its period. I think you need to post up on the debt free board and post your SOA before you decide on anything.

    You may cancel the loan and apply for another and get rejected and then further applications may make you look needy.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
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