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Getting loan with tax free income
Hi All,
My first post here.
My wife and I (both in our forties) have an incomes from investments which pay just enough each year to use up our tax allowances, as we are both currently unemployed. Further to that we have cash ISA's which we could draw extra from if we wanted and even have premium bonds, which we could cash in.
I just found myself in a situation where if it would be handy to have £5k cash to spare. Clearly I can just cash in some of my investments but I thought why not also enquire about a loan at the bank.
Not sure if I had an ill informed young advisor at my branch, but he basically told me that as I have no proof of income as I pay no tax, they could not lend me any money. I just thought this seemed odd, If I got a menial job for 3 months and had payslips I was told that would likely be fine, else sorry.
Does this sound correct?
PatBat
My first post here.
My wife and I (both in our forties) have an incomes from investments which pay just enough each year to use up our tax allowances, as we are both currently unemployed. Further to that we have cash ISA's which we could draw extra from if we wanted and even have premium bonds, which we could cash in.
I just found myself in a situation where if it would be handy to have £5k cash to spare. Clearly I can just cash in some of my investments but I thought why not also enquire about a loan at the bank.
Not sure if I had an ill informed young advisor at my branch, but he basically told me that as I have no proof of income as I pay no tax, they could not lend me any money. I just thought this seemed odd, If I got a menial job for 3 months and had payslips I was told that would likely be fine, else sorry.
Does this sound correct?
PatBat
0
Comments
-
Hi
Sounds entirely correct to me - why on earth would you want to borrow money in any case? Do you have a specific use for this money or will it just be emergency money (in which case you already have this in savings, so why pay interest on the loan)? You sound as if you have very limited income from your investments so how would you pay the loan (and interest) back?0 -
Insulting to bank staff IMO0
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