Loan splits - tax issues? Bank's don't listen

Discussion in 'Accounting & Tax' started by mikey7, 16th Sep, 2016.

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  1. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Or they might refuse to settle until the letter was withdrawn.

    This problem has nothing to do with anyone on the front line. Not broker, not branches, not mobile lenders. The problem occurs in the back office, which is often a solicitors as this is outsourced by the banks. I don't see the problem changing any time soon.
     
  2. dabbler

    dabbler Well-Known Member

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    If you have the money, I assume all has been signed and sealed, delivered.

    But I think your right, and all you can do is demonstrate that you tried if you are questioned. What else to do if this is the normal mode from many lenders.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I tried that verbally, but they insisted unable to reverse.

    I asked what would happen if someone transferred money into a stranger's account by mistake. They said the same think - they would take it out but could not reverse it. I doubt this is the case.