Loan application

J

Josvill2010

Registered User
Messages
87
Hi,

An employee has requested a Salary cert for a bank loan. One of the lines says 'So far as you are able to tell, will he/she continue in your service?

The problem is that the employee needs the form urgently but we dont know if he is fit for work as he had a medical review this month and he has a back problem. The doctor form has not been received so we dont know if he is going to have to take disability allowance and might not be able to repay the loan- thought I dont think that would be our problem. He is a full time employee for the last 10 years

We would like to add a line statying pending doctor assesment as a disclaimer. However, the bank might decline the loan request and open a can of worms

Any other sugguestions?
 
Who prepared the salary cert template - If it is a broker one I'd suggest providing your own one and just drop this line
 
You answer honestly, the mortgage will be declined.
You fudge, the mortgage may go through but your employee might not be able to pay it and end up in all sorts of trouble.

Is your employee aware that he may be let go?
If he is aware, he may drop the mortgage application.
Can you speak to employee and explain your predicament?
 
Well then he will "continue in your service".

Question answered.

The moral question is then whether you should help him get into a lot of debt when he may just have disability allowance to cover the repayments.
 
Yep that's right but might not be able to face the loan repayments if he is in disability.
He might try to beat the system now and incur in penalties after.
 
You must log in or register to reply here.
Back
Top