It was left in a wil,I won't get it till my step grandfather passes away, Just wondered if you could borrow some cash against it?
2007-07-31 23:32:34 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
No. At least I am 98% sure.
In order to lend against cash a bank will need to see it placed in a special account, where neither of you can get at it. This will not be sufficent.
Indeed, think of it from the banks point of view. If you default on payments they can hardly go and kill your step grandfather to get their money back!
To be 100% sure check with a bank, but I am quite confident it won't be possible (sorry).
2007-07-31 23:47:05 · answer #1 · answered by simplesimon 5 · 0⤊ 0⤋
Probably not.
You should ask your solicitor for advice and you'll probably need your Step-Grandfather's 'ok' on this as well... It's not really your money _until_ he passes...
If it was possible, you could be paying a lot of interest should your Step-grandfather live for many more years.
2007-07-31 23:43:37 · answer #2 · answered by Rob K 6 · 0⤊ 0⤋
Try asking the Trustee(s) if it is for something definite and not just spending money, they may help you to get a release of some of the funds. worth a try and no loan interest to pay.
2007-08-01 02:50:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Check the terms of the will .. it's quite possible all you will get is what your step-father doesn't manage to spend before he dies :-)
2007-08-01 01:13:37 · answer #4 · answered by Steve B 7 · 0⤊ 0⤋