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Lending advice please
I am trying to raise funding quickly to pay a Trustee in Bankruptcy to release my husband and remain in our family home. I just wondered with finance applications, will lenders accept the reason I am asking for the funding, ie. will the application likely be successful? Thank you.
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You will probably have to say debt consolidation as the nearest non-fraud reason....I dont think lenders will like gifting money to others as a reason for the loan.
If you have credit cards with money transfer option that may be a way.
Will the official receiver allow the use of spouses money in this way?1 -
I honestly don't know. All they have said is I have to basically take on my husband's beneficial interest by raising the funds they are looking for (£22k) to avoid a potential order for sale.0
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https://forums.moneysavingexpert.com/discussion/6216311/lending-advice-please#latest
A broker answered on your duplicate thread.Mortgage started 2020, aiming to clear it in 2026.2 -
Should really just 1 thread OP and not post multiple threads.0
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foxy-stoat said:You will probably have to say debt consolidation as the nearest non-fraud reason....I dont think lenders will like gifting money to others as a reason for the loan.
If you have credit cards with money transfer option that may be a way.
Will the official receiver allow the use of spouses money in this way?0 -
MEM62 said:foxy-stoat said:You will probably have to say debt consolidation as the nearest non-fraud reason....I dont think lenders will like gifting money to others as a reason for the loan.
If you have credit cards with money transfer option that may be a way.
Will the official receiver allow the use of spouses money in this way?
The OP isn't "buying out" as the money will go to the lender and not the bankrupt husband as if that were the case it would go straight to the OR.0 -
Hi, yes I am trying to raise funds (£22k) to pay to a Trustee for my husband's beneficial interest as my husband was forced bankrupt due to a historic debt on a liquidated business, otherwise our family home is under threat. I am in touch with an adverse broker and been totally honest about the intention for the loan.0
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