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Should I let bank know I'm receiving funds

Compliance
Posts: 10 Forumite

in Loans
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.
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.
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Comments
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It's far more likely that the funds will be held by your friend's bank. I wouldn't worry about it.
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GrumpyDil said:It's far more likely that the funds will be held by your friend's bank. I wouldn't worry about it.0
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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.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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i have always told the bank in advance when i am selling a house or have a large amount due to be depositedi would let them know just to stop any problems / might think you are a money muleif 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.0
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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.0 -
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.0 -
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.0
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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.
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.0 -
I don't think they will be fussed with 12.5k coming to your account from another UK account.0
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