We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Loan usage different to application
Hi. Just got a loan for home improvements, the money arrived in my account but the work that we got the loan for is on hold so we used the money to pay off credit cards. Once you have the money are you free to use it any way you wish or there any possibility that you’ll get called up on the fact that on your application the reason for the loan was for home improvements not to pay off credit cards???
0
Comments
-
As long as you make the monthly payments each month, I wouldnt worry....obviously you wont be able to apply for another home improvement loan with the same company for a few years.0
-
Not to say we won’t do the work at all btw but just maybe not until the new year now. Surely as long as I make the monthly repayments there’s no issue right? They make money on the interest and everyone is happy right?:money:0
-
Not to say we won’t do the work at all btw but just maybe not until the new year now. Surely as long as I make the monthly repayments there’s no issue right? They make money on the interest and everyone is happy right?:money:
Right, but if you ticked debt consolidation then you may of got charged more interest but no point in sending the money back and applying again as you already have the money.0 -
If you repay the loan as agreed, then there won't be any problems.
If you don't, the loan provider may be a bit miffed that you used the money for something else that you declared. It is technically fraud."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Like I say we will do the work but it’s just delayed a bit, also will obviously use the credit card to pay for it which actually i think gives us a bit more protection if there are any issues.0
-
It's also so they can record reasons for responsible lending. Really they don't care what you spend it on as long as you pay them. Recording the reason for the loan is just to protect them you if decide to cry in 1 year you should never of been lent it as you have X problem. They can say well you told us it was for home improvements not for X.
It's just to cover their backs really and for marketing data etc.Save £12k in 2019 -0 -
Like I say we will do the work but it’s just delayed a bit, also will obviously use the credit card to pay for it which actually i think gives us a bit more protection if there are any issues.
So you’ e saved yourself the interest for y number of months. Truly moneysaving, and as long as everyone get paid, there will be no problem.💙💛 💔0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards