Parent took out a loan for home improvements but changed their mind
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My mother took out a loan to help me out with debt. The reason stated on the loan application was 'home improvements'. She was considering getting home improvements but decided to help me instead and we will sort out home improvements over time. Can she or I get into trouble for this?
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I would give it back to them and let them use it for home improvements.
Then get yourself on the debt free wannabe page and post an soa to get yourself out of debt without dragging others into it
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance -£65,553.80
2. the actual reason on the form is one of those trivial things, like telling them whether you rent furnished or unfurnished. might have had some value a while back, but it's not really one not to sleep over
3. the bank couldn't care less about your loan. approved means they checked everything there is to check and what you do with that money, frankly, is entirely your business. there might be something in their contract saying you can't use it for x, but that doesn't trump your free will .
4. the word "fraud" in one of the comments above makes it sound a lot more serious, significant and scary than it is. a typo in a form is not a fraud, a wrong click is not fraud, changing your mind is not fraud so simply go about your life and everything will be fine!
From your mother's perspective the bigger risk is you not paying it back and her being lumbered.