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Impact of husbands business loan on me

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Impact of husbands business loan on me

edited 30 November -1 at 12:00AM in Credit File & Ratings
4 replies 402 views
seoliver45seoliver45 Forumite
3 posts
edited 30 November -1 at 12:00AM in Credit File & Ratings
Hi,

I’m looking for some help by those in the know. My husband has just applied and been accepted for a business loan. This is for a big piece of equipment. He has submitted a business case and has some income from another side of the business which is unrelated to this and very small scale.

Separately to this, we are both employed by other organisations. He applied for he loan on behalf of the business not personally and I was assured the loan would only be tied to the business.

This morning an alert came up on his credit report to say a hard search had been done. I am concerned about the impact of this on his personal finance record but have read this can be the case. I have now been advised that for ‘‘money laundering’ purposes I need to provide my proof of address and ID. This business is nothing to do with me but my husband has been told it is because we have a joint mortgage although I have in writing it is an unsecured loan and there is no charge on the house.

I don’t want to provide any details, I don’t want anything on my credit file related to this particularly as we are due to remortgage shortly.

Can anyone advise me if this is standard practice for money laundering and what impact this will have on my own records? Currently I’m standing in the way of my husband’s hopes and dreams!

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