Grant Application & Credit Search

bigstu22

I am in the process of appying for a grant for my disabled son. However, I face a dilemma. The application asks about savings. Technically, I have savings-but in real terms I don't. Let me explain...

I have an offset mortgage with a sizeable overdraft facility. Because my mortgage interest rate is miniscule, I've maxed this facilty out and transferred the money into an ISA and a high interest account. Whilst the money isn't mine, it makes me a well needed £500 per year in interest.

But that's just it-it's not mine!! However, if they see my account balances they'll think it is and throw out the application. I considered speaking to the grants company to explain but I'm worried they'll just thing I'm an Arthur Daley type even though there is nothing wrong with what I'm doing.

I checked my experian credit report and there is no mention of my ISA or high interest account. Is there any other way such an agency can check these?

Actually, I just closed the ISA and transferred back to my mortgage account to lessen the overdraft. Unfortunately, the high int account is going to take a lot longer to close.

Advice please!

Experian_company_representative

Your credit report is just that - a report on your credit. It does not include savings or other investments. As to your quandry, I suspect honesty will be the best policy here.

James Jones

[Deleted User]

bigstu22 wrote: »

I am in the process of appying for a grant for my disabled son. However, I face a dilemma. The application asks about savings. Technically, I have savings-but in real terms I don't. Let me explain...

I have an offset mortgage with a sizeable overdraft facility. Because my mortgage interest rate is miniscule, I've maxed this facilty out and transferred the money into an ISA and a high interest account. Whilst the money isn't mine, it makes me a well needed £500 per year in interest.

But that's just it-it's not mine!! However, if they see my account balances they'll think it is and throw out the application. I considered speaking to the grants company to explain but I'm worried they'll just thing I'm an Arthur Daley type even though there is nothing wrong with what I'm doing.

I checked my experian credit report and there is no mention of my ISA or high interest account. Is there any other way such an agency can check these?

Actually, I just closed the ISA and transferred back to my mortgage account to lessen the overdraft. Unfortunately, the high int account is going to take a lot longer to close.

Advice please!

is the grant means tested in anyway?
if it is then you really shouldnt be trying to"hide"any savings you have,same goes for means tested benefits