Loan being transferred into 'my' account instead of his....

Lish_2

Hiya,
I wondered if anyone could offer some advice....

My other half has applied for a loan for our wedding next year and to help 'do' up our new house. He is self employed and uses his current account as his business account so he asked if he can transfer the money (£10k) into my savings account so he doesnt get it all 'mixed up' with his business money etc etc.

I agreed and handed over my bank details but now I am wondering if this is actually allowed? I have no financial knowledge at all and dont want to get in trouble for doing this. I would really appreciate some advise please!

It may be worth noting- he is the one taking out the loan (I have no debts so dont need any telling off for borrowing money! Secondly, we have been together 5 years- this is not a random dodgy guy I have only known for 2 weeks lol).

Many thanks in advance,
Lish.

Mikeyorks

He can give you any money he wishes ... no tax or other consideration due on it. So long as he realises he is effectively 'gifting' it to you. Just in case you like lots of shoes and bags!

All our cash is in my wife's name ..... she doesn't pay tax so the interest is more ... 'interesting'. I trust her implicitly :rolleyes:

.......... so I handle all the Bank accounts apart from her housekeeping account, which she abuses to her heart's content!

Lish_2

Thanks Mikeyorks- hmmm.... interesting. Shoes.... Bags..... some new boobs...JOKE!

Thats put my mind at rest now. Thanks )

Mikeyorks

Ooh ... don't joke about nice things like that:p

With an extra £10k in it ..... make sure you're maximising the interest? Probably needs to be easy access? If so the best rate is 3.3% at the moment with this :-

http://www.moneysupermarket.com/savings/productdetails.aspx?tierid=10026009&providerid=262&enquiryid=21132218&tabid=1&sk=AER&sd=Descending&prodtype=Easy+Access&pos=NL&row=01

...... but anything around the 3% mark is OK.