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  • FIRST POST
    • seoliver45
    • By seoliver45 15th Jan 20, 1:10 PM
    • 3Posts
    • 0Thanks
    seoliver45
    Impact of husbands business loan on me
    • #1
    • 15th Jan 20, 1:10 PM
    Impact of husbands business loan on me 15th Jan 20 at 1:10 PM
    Hi,

    Iím looking for some help by those in the know. My husband has just applied and been accepted for a business loan. This is for a big piece of equipment. He has submitted a business case and has some income from another side of the business which is unrelated to this and very small scale.

    Separately to this, we are both employed by other organisations. He applied for he loan on behalf of the business not personally and I was assured the loan would only be tied to the business.

    This morning an alert came up on his credit report to say a hard search had been done. I am concerned about the impact of this on his personal finance record but have read this can be the case. I have now been advised that for ĎĎmoney launderingí purposes I need to provide my proof of address and ID. This business is nothing to do with me but my husband has been told it is because we have a joint mortgage although I have in writing it is an unsecured loan and there is no charge on the house.

    I donít want to provide any details, I donít want anything on my credit file related to this particularly as we are due to remortgage shortly.

    Can anyone advise me if this is standard practice for money laundering and what impact this will have on my own records? Currently Iím standing in the way of my husbandís hopes and dreams!
Page 1
    • zx81
    • By zx81 15th Jan 20, 1:16 PM
    • 24,826 Posts
    • 27,720 Thanks
    zx81
    • #2
    • 15th Jan 20, 1:16 PM
    • #2
    • 15th Jan 20, 1:16 PM
    I would step out of his way in that case and provide the details.

    Nothing of significance will appear on your credit files, an AML check at most.
    • seoliver45
    • By seoliver45 15th Jan 20, 1:18 PM
    • 3 Posts
    • 0 Thanks
    seoliver45
    • #3
    • 15th Jan 20, 1:18 PM
    • #3
    • 15th Jan 20, 1:18 PM
    Thanks zx81. Can you explain why they need my details at all though?
    • zx81
    • By zx81 15th Jan 20, 1:24 PM
    • 24,826 Posts
    • 27,720 Thanks
    zx81
    • #4
    • 15th Jan 20, 1:24 PM
    • #4
    • 15th Jan 20, 1:24 PM
    Fraud can be very expensive on business loans due to the values, so more stringent checks are made.
    • DCFC79
    • By DCFC79 15th Jan 20, 3:08 PM
    • 35,643 Posts
    • 22,496 Thanks
    DCFC79
    • #5
    • 15th Jan 20, 3:08 PM
    • #5
    • 15th Jan 20, 3:08 PM
    Already posted


    https://forums.moneysavingexpert.com/showthread.php?p=76725502#post76725502
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