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Loan whilst on maternity leave

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leon103
leon103 Posts: 732 Forumite
My wife and I are looking at changing our car and she is looking for a loan in her name. She is currently on maternity leave until November. Up until this month her wages have been 100% but now just standard maternity pay. Would she have any issues because we was on maternity leave?
:p
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Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Yes - how would she repay the loan and continue to live with present costs?
    Is there a reason the loan needs to be in her name and not a joint loan or one in your name?
  • leon103
    leon103 Posts: 732 Forumite
    Payment would be out of the joint account. Not sure why she wanted it in her name, just thought I would check. Haven't filled in a loan application fr a number of years, would she disclose she is on maternity leave on a form?
    :p
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    leon103 wrote: »
    Payment would be out of the joint account. Not sure why she wanted it in her name, just thought I would check. Haven't filled in a loan application fr a number of years, would she disclose she is on maternity leave on a form?

    Yes she would - anything else would be fraudelent would it not?
    With a reduced salary - the bank would make a full affordability check and I don't see it coming back as a YES do you?
  • leon103
    leon103 Posts: 732 Forumite
    I don't know that's why I ask. I thought they would ask for salary which the last 3 months payslips show full pay.
    :p
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    ...........But you know that this will not be the case in future - so please tell me how the repayments would be made on statutory sick pay?
    The fact the repayments would come out of a joint account is irrelevent unless it was a joint application.
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    leon103 wrote: »
    I don't know that's why I ask. I thought they would ask for salary which the last 3 months payslips show full pay.

    You'd probably get away with it, but it's deceitful to hide things like that from a lender.

    Whichever way you look at it, you will have less disposable household income from now on.
  • leon103 wrote: »
    My wife and I are looking at changing our car and she is looking for a loan in her name. She is currently on maternity leave until November. Up until this month her wages have been 100% but now just standard maternity pay. Would she have any issues because we was on maternity leave?

    Why not just ask the loan provider? Or do you already think you know the answer?
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • leon103
    leon103 Posts: 732 Forumite
    WOW. You lot are friendly bunch aren't you


    I know I have been away from the board for sometime but I didn't realise it has been overrun by rude idiots. I was only asking a simple question.


    OK I guess I should have worded the question better. When applying for a loan online is there a function for declaring maternity pay?


    It wasn't a question about affordability.


    Never mind. I think I will find out the information elsewhere.
    :p
  • Money_maker
    Money_maker Posts: 5,471 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I think the consensus on this board is to steer those away from loans, particularly if there was a question over affordability. All adds up to good money sense.
    Please do not quote spam as this enables it to 'live on' once the spam post is removed. ;)

    If you quote me, don't forget the capital 'M'

    Declutterers of the world - unite! :rotfl::rotfl:
  • leon103
    leon103 Posts: 732 Forumite
    I agree.


    I guess most on here have !!!!ed up financially before and think loans are evil.


    Getting this smallish loan now actually means I could make money. Bit of a long story to explain though.
    :p
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