Unexpected cash gift

Lorian

Presumably you trust your friend, and believe they are just being altruistic, and that the source of their funds is legitimate and will be paid from a UK bank.

You need and she need to be prepared to answer any money laundering questions.

System

exponential wrote: »

Wow!

What a wonderful story! That lifts your heart doesn't it.
It's great when people can help each other and it doesn't impact a friendship!
When I told my wife what was said, my wife initially refused it.
She didn't want this to have an impact on our friendship....
Our good friend rang my wife a few hours ago to reassure her that it's what she wants to do....

It's an amazing thing.... We never get any luck..... Until today..

I am sure it will work out as well for you as it did for us as long as you don't rely on friendship and trust alone. As I was in a position to help my friend at that time, it was lovely to do something for someone else that made both of us happy.

As an aside, my best friend and I celebrated 50 years of friendship last September.

Wishing you all the best for your future.

exponential

eskbanker wrote: »

I don't see how a loan between private individuals could come anywhere near the FCA's remit, where did you hear this?

I'm not sure to be honest, it was a while back.

I'm clearly looking far too much into all this for a simple loan between friends....

You know what it's like when you're unsure, it can fester and you end up twice as confused as when you started out! :eek:

exponential

Lorian wrote: »

Presumably you trust your friend, and believe they are just being altruistic, and that the source of their funds is legitimate and will be paid from a UK bank.

You need and she need to be prepared to answer any money laundering questions.

Definitely happy to answer any questions fired at me but I'm quite certain it won't come to that...

exponential

Mrs_Arthur_Crown wrote: »

I am sure it will work out as well for you as it did for us as long as you don't rely on friendship and trust alone. As I was in a position to help my friend at that time, it was lovely to do something for someone else that made both of us happy.

As an aside, my best friend and I celebrated 50 years of friendship last September.

Wishing you all the best for your future.

Congratulations!

Thank you for your kind words. I think this will bring us closer together to be honest...

Take care.

I'll post back when all is settled...

exponential

Hi.

I've just checked my loan amount and got a settlement figure.
It clearly states that if I'm paying it off, the funds have to come from an account in my name with the same address as my home address.

The idea of her just paying the loan for us won't work.

The credit cards can be done that way though....

xylophone

Can't you and the friend see her solicitor in order to arrange the formal loan agreement?

The solicitor might agree to take the loan from the friend into his clients' account and transfer the whole sum to your personal bank account.

This should avoid any "money laundering" questions for both you and the friend?

Otherwise, you set up the formal loan agreement, both you and the friend show it to your respective banks, she arranges to transfer the money to your bank?

exponential

xylophone wrote: »

Can't you and the friend see her solicitor in order to arrange the formal loan agreement?

The solicitor might agree to take the loan from the friend into his clients' account and transfer the whole sum to your personal bank account.

This should avoid any "money laundering" questions for both you and the friend?

Otherwise, you set up the formal loan agreement, both you and the friend show it to your respective banks, she arranges to transfer the money to your bank?

Hi.

She doesn't have a solicitor but I guess that could be organised....

I rang a solicitors earlier and they essentially told me that it's her money to do with as she pleases and if questions are asked, she explains the situation and shows the loan agreement that we are going to type up.

Should be quite straightforward..... Fingers crossed. :eek:

Clive_Woody

We were gifted a similar sum from family (although not a loan) and there was never any question from either bank about money laundering. This was several years ago and unless PC Plod is about to come knocking on my door it seems to have gone unnoticed.

As advised I would tell you friend to tell her bank the truth if questioned, but ultimately it's her money to send where she wishes. I would advise against spending money on a solicitor unless you both feel strongly this is needed, throw all spare money at repaying the debt and live your life.

exponential

Clive_Woody wrote: »

We were gifted a similar sum from family (although not a loan) and there was never any question from either bank about money laundering. This was several years ago and unless PC Plod is about to come knocking on my door it seems to have gone unnoticed.

As advised I would tell you friend to tell her bank the truth if questioned, but ultimately it's her money to send where she wishes. I would advise against spending money on a solicitor unless you both feel strongly this is needed, throw all spare money at repaying the debt and live your life.

Thank you for your encouraging comment!

We really just want to put or debt worries behind us as it keeps me up at night.
I work away from home doing long hours to earn enough to keep our heads above water and it really has been affecting my mental health.

There is finally light at the end of the tunnel from an unexpected source and I couldn't be happier..

One of the solicitors I rang earlier wanted £500 up front to even discuss the matter so your comment regarding paying solicitors strikes a chord.
The money is better spent elsewhere....

Thanks again....