Cancellation of your contract with the education provider will be subject to the education provider's cancellation policy. If you do want to cancel your course and ask for a refund, you can either contact your education provider directly, or you can contact us and we will let your education provider know (we will aim to do this within 5 business days of you telling us).
If you notify us that you want to cancel your contract with the education provider, or that you have contacted your education provider directly to request to cancel your contract with them, we will suspend any further repayments [and interest] that are due under the agreement (and we will also not apply any additional fees or charges to your account) until the education provider has confirmed whether or not your contract with them has been cancelled.
We will then process any refund provided to us by the education provider against your outstanding balance (if applicable). If the refund pays off your entire outstanding balance then your agreement with us will come to an end. If the refund does not repay your outstanding balance in full you will still need to make monthly payments to us to pay off the remainder of your outstanding balance (i.e. that has not been fully paid off by the amount of the refund you received from the education provider). Those monthly payments could potentially be lower depending on your personal payment preferences (because some of your balance has been paid off by the refund). We will tell you know what those amended monthly payments will be at the time.
If the refund is more than your entire outstanding balance we will pay off your outstanding balance and then pay any additional amount (i.e. that would be a credit balance on your account) back to you and your agreement with us will then end.
If you wish to cancel your course and loan, please contact Knoma at 0800 037 0289 or emailing us (Knoma) at [email protected]