Flr loan questions

[littlebuns]

Hi, I bought a item last year worth £4500 with a 24 month interest free repayment plan, every month they take out £200 from my bank account, how should I declare this in my application? or should I just pay off the remaining amount now to simplify things?

Thanks

[seagul]

If you are meeting the financial requirement by working instead savings than HO won't have any concern with your loan or loan repayments.

[littlebuns]

I am doing this through the Cash savings route. I am planning to pay off that amount tomorrow and explain this situation in the declaration.

[seagul]

You must have required savings under your and/or partner control and both/either of you possessing it from at least 6 months. Borrowed money most likely won't qualify.

[littlebuns]

I have had 77000 in my bank account since the beginning of those 6 months, after repayment of that loan there will still be 74000 left. Will that be ok?? The required amount is 62500

[seagul]

If you have your own savings of £62500 then it should be fine. But to avoid confusion you must clarify to HO that how much is your own saving.