Should I let bank know I'm receiving funds

Compliance

I have roughly 12.5k debt my friend is lending me money until end of January when I get my inheritance. Should I explain to the bank and ask them how long they will hold the funds for inspection.

I will pay paying him back straight away when I receive it. 

Or should I say nothing. I have the loan agreement and creditor final valuations to pay off the loans and cards as evidence if needed.

GrumpyDil

It's far more likely that the funds will be held by your friend's bank. I wouldn't worry about it.

Compliance

GrumpyDil said:

It's far more likely that the funds will be held by your friend's bank. I wouldn't worry about it.

So you mean they won't allow the transaction to go through?

Brie

I've made a number of transactions between my bank accounts at different banks (in the UK and from outside the UK) and there's never been an issue.  

Wouldn't it be easier to tell your creditor to wait til your inheritance comes in?  Much more straight forward.

dinosaur66

i have always told the bank in advance when i am selling a house or have a large amount due to be deposited

 

i would let them know just to stop any problems / might think you are a money mule

if you explain to them they will most probably put a note on your accout to expect it / or maybe they will not be bothered / for the sake of a branch visit i would.

Hoenir

Compliance said:

Or should I say nothing. I have the loan agreement and creditor final valuations to pay off the loans and cards as evidence if needed.

The source of the funds might be questioned rather than how they are utilised. Be prepared to deal with the issue if it arises. 

Compliance

Brie said:

I've made a number of transactions between my bank accounts at different banks (in the UK and from outside the UK) and there's never been an issue.  

Wouldn't it be easier to tell your creditor to wait til your inheritance comes in?  Much more straight forward.

Never thought that is an option thank you i will look into this.

lr1277

The next point to consider is do you tell your bank about the inheritance? Depending on its value and the way you receive it, I would be inclined to tell the bank. If it will be a bank transfer, I would warn the bank. If it will be paid by cheque, assuming you are paying in at a branch counter, I would tell them then.

Grumpy_chap

Compliance said:

I have roughly 12.5k debt my friend is lending me money until end of January when I get my inheritance. Should I explain to the bank and ask them how long they will hold the funds for inspection.

I will pay paying him back straight away when I receive it. 

Or should I say nothing. I have the loan agreement and creditor final valuations to pay off the loans and cards as evidence if needed.

It might be simpler to just wait until the inheritance is received to resolve the debts.  Is the Executor in a position to make an early distribution form the Estate?
If the creditor is pushing for debts to be cleared, many will tolerate waiting if there is clear evidence of a short-term resolution rather than pursue recovery actions.
Loans from friends rarely seem to end well for the friendship.

th081

I don't think they will be fussed with 12.5k coming to your account from another UK account.