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Any advice please?
jinty271
Posts: 1,542 Forumite
Apologies if this is a bit vague, looking for some advice for a friend, so dont have exact details.
She is a self employed driving instructor. She has a perfect credit rating,and has banked with RBS for many years, She has savings and investments with them. She has recently (amicably_ seperated from her hubby and is trying to buy him out of their house, which they own outright with no mortgage. They also co own his parents house, again with no mortgage.. The marital home is worth approx £120k. They way they have worked it is, she signs over her half of his parents house, to him, and then she owes him 25k to buy out his share of the marital home.
The problem is, the car, which is for the business , ( she works alone) is on finance, and in her name personally ,not through the business.
She submitted her accounts to the bank, and they have the car down as an outgoing, on both her personal and business sheet ( in effective, deducting it twice) , and the bank now have refused the 25k as she cant afford it!! She has argued long n weary but they wont budge.
She has banked with them for over 20 years, and for a £80 a month payment, she cant believe she has been refused.
Thanks in advance for any advice, I should also add she knows I am posting this
She is a self employed driving instructor. She has a perfect credit rating,and has banked with RBS for many years, She has savings and investments with them. She has recently (amicably_ seperated from her hubby and is trying to buy him out of their house, which they own outright with no mortgage. They also co own his parents house, again with no mortgage.. The marital home is worth approx £120k. They way they have worked it is, she signs over her half of his parents house, to him, and then she owes him 25k to buy out his share of the marital home.
The problem is, the car, which is for the business , ( she works alone) is on finance, and in her name personally ,not through the business.
She submitted her accounts to the bank, and they have the car down as an outgoing, on both her personal and business sheet ( in effective, deducting it twice) , and the bank now have refused the 25k as she cant afford it!! She has argued long n weary but they wont budge.
She has banked with them for over 20 years, and for a £80 a month payment, she cant believe she has been refused.
Thanks in advance for any advice, I should also add she knows I am posting this
I don't know much, but I know I love you ....<3
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Comments
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Can she not use her savings?0
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I think they are tied up, and the investments have devalued a lot so not worth cashing in.I don't know much, but I know I love you ....<30
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Is she trying to get a Mortgage or Loan?
25k is a very small morgage. Speak to a mortgage adviser makng sure the acconts are in order.
Maybe get a bigger mortgage and over pay.0 -
Her Accountant can confirm the car is a business expense.
Otherwise try another lender. As you will no doubt be aware from the media, RBS have taken massive losses on the American sub prime front so they are pretty cautious now.
She might want to look as C & G, Northern Rock (yes N Rock), Woolwich and Nationwide.
There is an awful lot more detail to know before more definitive information could be given though. For all I know your freind is 89.0 -
Can she borrow from any relatives or friends then perhaps pay them back slowly?0
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