My Credit History was never released...

alm721

Yes because legally the loan is your parents regardless of whether they give the money to you or you pay the bank. If there is any default it will belong to your parents. What they will not do is allow your parents to take out the loan whilst allowing you to be responsible for it.

adam678_2

CLAPTON wrote: »

your parents can, subject to credit rating and income, legally take out a loan from any institution willing to lend to them

they can legally give any amount of money to you

or they can lend the money to you at a rate of interest
or they can 'invest' in your enterprise for a profit share

the lattter two may have tax implications for both them and you

HSBC have no reason to know let alone agree

Can I get a contract drawn up by a solicitor detailing the terms of the offer and pay them 10% of the net profit without having to worry about interest rates and tax implications?

EDIT: Actually, my parents bought a restaurant which went into liquidation during 2005. They also owe £18,000 in capital gains. Would this affect them getting a loan?

CLAPTON

reread my post

adam678_2

CLAPTON wrote: »

reread my post

Sorry, I read it as though the last two options where conditions for just giving me the money.

But what about the liquidation thing and the capital gains bill, is that going to affect them getting a loan?

CLAPTON

what do your parents credit files say about them ?

if they show defaults or bankruptcy or unsatisfied debts then it's unlikely that anyone will lend to them.