can tax credit be used to get a loan??

clairewop

my tax credit and child benefit were taken into account for my loan too

jonesMUFCforever

kp3 wrote: »

I have to disagree with the fact that tax credits can't be taken into accoutn when applying for a loan - most banks will take it into account as regular income along with child benefit for loans and mortgages -

Can you prove this?
Could it be that your income and the way you run your account might just have a bearing on their decision to lend to you?

ged1980

jonesMUFCforever wrote: »

In a word no.
It could be taken from you at a moment's notice.

so could your income be taken from you if you lose your job ?

jonesMUFCforever

ged1980 wrote: »

so could your income be taken from you if you lose your job ?

Yes it's called either redundancy or getting the sack. You can insure against redundnancy and illness if you are working at the loan application date.

kp3

when I applied for a loan and a mortgage they asked for any income other than my earnings they took into account my child benefit child maintenance and tax credits much to my surprise I have to say i did question it at the time and they confirmed that it is taken into account. i work for the DWP too so was doubly surprised when the bank said it was all classed as income when cosidering mortgage applications and loans. Maybe it depends on the bank .... This was the Royal Bank of Scotland and Bank of Scotland

leveller2911

I gotta give up working 60hrs a week(self emplyed),go part time, say 25 hrs a week, claim tax credits and buy a house......Jeez we really are "going to hell in a handcart".................

Something very wrong with taking "benefits" into consideration when dishing out loans and mortgages... as Jonesmufc says they can be taken away at a days notice.
Its also my belief that the government will cut tax credits in the very near future to save money.......

If benefits can be used to get a mortgage ,then its a smack in the mouth to anyone who doesn't receive WFTC ,like single people and couples with no children and can't afford a property.

kp3

leveller2911 wrote: »

I gotta give up working 60hrs a week(self emplyed),go part time, say 25 hrs a week, claim tax credits and buy a house......Jeez we really are "going to hell in a handcart".................

Something very wrong with taking "benefits" into consideration when dishing out loans and mortgages... as Jonesmufc says they can be taken away at a days notice.
Its also my belief that the government will cut tax credits in the very near future to save money.......

If benefits can be used to get a mortgage ,then its a smack in the mouth to anyone who doesn't receive WFTC ,like single people and couples with no children and can't afford a property.

Well as single people also qualify for tax credits and not only single parents then thats your choice. Check out tax credits web site you never know you might qualify like thousnads of other single people on lower income. Its not only single parents !!!!!!!!!

kp3

Single people, couples without children and single parents on low income may qualify for tax credits so i don't see where the smack in the mouth comes from.. I don't work part time i work full time - although i did enquire about a mortgage i don't own my own home. Couples who earn up to £50-£55k per annum may qualify for tax credits even if they have no children single people with no children i think its about £22k. And as for Tax crdits being cut in the future ?? can't people lose their employed earnings at a days notice these days so whats the difference??????

leveller2911

kp3 wrote: »

Single people, couples without children and single parents on low income may qualify for tax credits so i don't see where the smack in the mouth comes from.. I don't work part time i work full time - although i did enquire about a mortgage i don't own my own home. Couples who earn up to £50-£55k per annum may qualify for tax credits even if they have no children single people with no children i think its about £22k. And as for Tax crdits being cut in the future ?? can't people lose their employed earnings at a days notice these days so whats the difference??????

My point is "benefits" are there as a safety net, the whole point of them is to give everyone a basic income to use on everyday needs,ie food,heating,clothing .
What WFTC should NOT be used for is to basically buy someone a house.

If you live in an area of the country where housing is relatively cheap to buy it is possible for someone to actually buy a house at the tax payers expense.

People are expecting far too much from the system.

For your information my household income for last year was £32k, married with 2 children. We were "awarded"(the term in itself makes me laugh) £400..............(which tbh I don't think we need,in fact 3 out of last 4 years we didnt claim at all)

Now like I said, If I cut my hours (self employed) and say worked 3 days a week I would be "awarded " a good deal more. There is no incentive for people to better themselves.

I can't find the thread that was posted about 5 months ago,it was a single mum, who worked part time and along with child benefit was getting £1k benefits a MONTH (excluding any council tax relief or housing benefit)she too was asking about whether or not she could get a mortgage using "benefits" as income........

The system is there for the needy and not the greedy........

If people want to buy a house then work hard and save for one like most people do..........:rolleyes: It seems like its a free for all....

jennihen

roysmissus wrote: »

It was facet joint injections 3 of them :cool: Iv suffered with back for 6 years now had 2 lots of physio acupuncture an the fella that cracks your back:eek: and im no better now than i was 6 yrs ago, but i will try anything once if theres a chance it will ease it off a bit. My thinking is if it like this now what will it be like when im in my 60;s lol. Hope she is feeling better soon i'll keep my fingers crossed that she finds something that works for her.

Have you considered Bowen Technique? Might be worth a chat with your GP. I've been hearing some encouraging results and its been availalable at our surgery for a couple of years now. Its far less invasive than 'bone cracking'!!!