securing a loan against an incomming inheritance.

fyc90

hi guys,

sorry if this is thread that has been talked about before. Im going to save the rubbish and get straight to it......found out i was getting a hefty inheritence kinda got abit silly with credit and blew my credit rating a bit, now i want to know if it would be possible to get a loan secured against the basis that i will be receiving my inheritence soon? (the loan is to consolidate the credit i exhausted). I do have the will, the letter from the lawyers confirming they have received confirmation(probate) and also a balance sheet of the estate. Any information would be greatly appreciated.

cheers guys

*sorry for any spelling mistakes.....im knackered!:A

Queenriderbrekke

Might be better posting this here on the loans forum, where you are more likely to get a informed answer:

http://forums.moneysavingexpert.com/forumdisplay.php?f=12

ponymad_3

Agreee its the wrong place to post, but will try to answer for you. It is unlikely your bank will be able to assist you as very few will now offer secured borrowing. Still worth a try. if probate has indeed been granted do you have an estimated time for settlement. Is there a property to be sold which could of course take ages... or is the money you re looking to release in bank accounts. this would make a difference. You have nt explained much about your position... How much we re talking etc . To blow your credit rating things take a fairly long time to lead through ... has this been going on for a while now.

lorweld

MOVING THREADS FOR BETTER RESPONSES


Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email forumteam@moneysavingexpert.com.

Apples2

Any lender is going to assess you on your ability to repay this loan now.

From the little info you give it sounds like you are unlikely to repay anything until this inheritance comes good.
Sounds like you would fail any kind of credit check so a new loan will be unlikely.

Why not just weather the storm until you have it in your hand?

AMILLIONDOLLARS

At this late stage why give away unnecessary interest to the banks, that's not very moneysaving:money:. Seems to me you will not have learnt your lesson of being in debt. Waiting a couple of weeks will give you time to plan for a brighter future of being Debt Free, don't waste this opportunity.

AMD

geoffky

Learn your lesson before you spunk the lot....why not just wait...what's the rush?

RichGold

Why would a bank loan to you? You've proved you're irresponsible with credit and more importantly, wills can be changed.

CH27

fyc90 wrote: »

hi guys,

sorry if this is thread that has been talked about before. Im going to save the rubbish and get straight to it......found out i was getting a hefty inheritence kinda got abit silly with credit and blew my credit rating a bit, now i want to know if it would be possible to get a loan secured against the basis that i will be receiving my inheritence soon? (the loan is to consolidate the credit i exhausted). I do have the will, the letter from the lawyers confirming they have received confirmation(probate) and also a balance sheet of the estate. Any information would be greatly appreciated.

cheers guys

*sorry for any spelling mistakes.....im knackered!:A

What do you mean by blew your credit rating?