Nationwide mortgage... Guarantor??

homer_j_3

You implied that they person could get away with not repaying the loan which was in an around about way saying that they could go against the offer and conditions.

Whether that was what you meant may be a different thing. The real world can often be different to the MSE world and we try and bridge that but somethings you cannot say or do on here lol.

rdsmortgageman

Fair point. I was only reiterating what a Nationwide employee had told me over the phone for a specific case.

Will you be my friend now? lol

homer_j_3

Seeing as you asked nicely

Going back to the very original point. I can see why a loan should be deemed as to be repaid but I cannot see why lenders treat credit cards this way. Afterall, its revolving credit and you can pay it off and increase the debt again without any further application for credit.

Real world again that - even for the lenders.

rdsmortgageman

homer_j wrote: »

Seeing as you asked nicely

Going back to the very original point. I can see why a loan should be deemed as to be repaid but I cannot see why lenders treat credit cards this way. Afterall, its revolving credit and you can pay it off and increase the debt again without any further application for credit.

Real world again that - even for the lenders.[/quot

payless

Ian , you have mentioned the cashback being taxable a few times- all I can find from HMRC is

In general, ordinary retail customers purchasing goods, investments or services at arm's length will not be liable to income or capital gains tax in respect of any commission, discounts or cashbacks received by them

further information is found under SP4/97.. there's pages of it

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Have you some sources that contradict this?

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There were exclusions surrounding comm from pensions +
more recently the bits about avoidance early encashed invement bonds, and rebates via employers

Ian_Griffiths_Halifax

payless wrote: »

Ian , you have mentioned the cashback being taxable a few times- all I can find from HMRC is



further information is found under SP4/97.. there's pages of it

----
Have you some sources that contradict this?

---

There were exclusions surrounding comm from pensions +
more recently the bits about avoidance early encashed invement bonds, and rebates via employers

Thanks payless, but as I've said in any reference, it's being disputed. Some accountants say one thing, some say another and it appears that even Tax Offices don't know.

There was a long dispute going on for a number of years when Cashback deals were introduced and I think this may be what the above is relating to to some degree.

payless

http://www.hmrc.gov.uk/practitioners/sop.pdf page 171-175

Ian_Griffiths_Halifax

That makes things much clearer. I'm going to keep a copy of that for future reference.