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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.

Comments

  • 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?
  • 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. 
  • Mortgage started 2020, aiming to clear it in 2026.
  • DCFC79
    DCFC79 Posts: 40,614 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Should really just 1 thread OP and not post multiple threads.
  • MEM62
    MEM62 Posts: 5,124 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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?
    This is not debt consolidation.  Neither is it gifting money to others.  I believe that the OP is trying to buy out her husband's beneficial interest in their joint property as he has declared bankruptcy.  What the OP does with her own finances is non of the OR's business.     
  • MEM62 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?
    This is not debt consolidation.  Neither is it gifting money to others.  I believe that the OP is trying to buy out her husband's beneficial interest in their joint property as he has declared bankruptcy.  What the OP does with her own finances is non of the OR's business.     
    Depends how the BR was set up surely as it may of taken into account the spouses financial situation as well...as in the other thread.

    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.
  • 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.
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