Can I top up or extend my existing loan?

Two questions we hear regularly:

• “I would like to borrow a bit more — can I add it to my current loan?”
• “Can I spread my current repayments over a longer period to make them smaller?”

Both are new credit decisions, not changes you can make automatically online. UK consumer-credit rules are clear that any new borrowing has to be assessed for affordability on its own merits, and that any extension to the term that increases the total cost of credit has to be disclosed properly and re-agreed.

How a top-up works

If you want to borrow more on top of your existing loan, please tell us using the General Support Enquiry form on our Forms & Requests page and we will explain the next steps. The team will look at your overall position — income, essential outgoings, your existing balance with us and any other credit you hold — and decide whether further lending is appropriate.

If a top-up is appropriate, we will issue fresh pre-contract information showing the new amount, the new APR, the new monthly payment and the new total payable. Nothing changes on your account until you sign the new agreement.

How a term extension works

Extending the term spreads the repayment over more months. That reduces each monthly payment but, by leaving the balance in place for longer, increases the total interest you pay across the life of the loan. We will show both figures clearly before any change is made.

If your reason for asking is that the current schedule has become unaffordable, please be sure to look at the alternatives in our struggling-to-pay article first — particularly a Hardship Variation or a Payment Arrangement. These are designed for exactly that situation and may produce a better outcome than a long-term extension.

Things we cannot do

• We cannot consolidate other lenders’ debts into your Credicorp loan as part of a top-up.
• We cannot extend the term beyond the limits of the original product.
• We cannot agree a new amount or a new term over the phone without going through the proper assessment and disclosure.

Whatever you are weighing up, free, independent advice is available from Citizens Advice, MoneyHelper and StepChange — see our article on free debt advice in the UK.