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DofC rule
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
someone elsewhere asked me a question and i wasnt sure how to answer,maybe someone here could advise.
If someone was to take out a new loan(a 2nd mortgage)in oder to pay off 2 existing loans would this be counted as D OF C (deprivation of capital),there would be a few days(less than a week)that would overlap,eg they receive a cheque for £7000 one day then send a cheque out the same day which would clear 4 days later from their account.
so basically can they pay off a loan even though they dont have to using a new loan,and would they be allowed to exceed the £6k saving limit for just a few days?
hope thats clear?
If someone was to take out a new loan(a 2nd mortgage)in oder to pay off 2 existing loans would this be counted as D OF C (deprivation of capital),there would be a few days(less than a week)that would overlap,eg they receive a cheque for £7000 one day then send a cheque out the same day which would clear 4 days later from their account.
so basically can they pay off a loan even though they dont have to using a new loan,and would they be allowed to exceed the £6k saving limit for just a few days?
hope thats clear?
0
Comments
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I'd be interested to hear who was giving them a large consolidation loan when they have too little income to service their own needs.0
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Wee_Willy_Harris wrote: »I'd be interested to hear who was giving them a large consolidation loan when they have too little income to service their own needs.
tbh i have no idea,it was a question raised on an epilepsy forum,i usually try and help with benefit issues but this one stumped me.
I`m hoping to be able to pass on some sort of answer and not a lecture in finance.0 -
just bumping this up in case anyone can help tomorrow0
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