SEARCH, INDEX, UPDATES, CONTENTS, IDEAS, BORROWING
CREDIT REFERENCE AGENCIES
Most lending involves a check of your credit rating. There are three major credit reference agencies in the UK to which most lenders refer.
These agencies do not make the lending decision but provide details which may affect your creditworthiness.
You can find out what is on your own file at both these agencies under Section 158(1) of the Consumer Credit Act 1974 at a cost of £2, but both the Equifax and Experian websites also offer more expensive reports including credit opinions. Callcredit is a consumer credit information bureau established by the Skipton Building Society and D&B in 2001.
TAX RELIEF
Some interest payments attract tax relief, others do not.
Can you organise your finances to borrow money for a purpose which attracts tax relief?
You need to be sure this is not tax evasion. The Inland Revenue have published their interpretation (RI 2, Tax Bulletin November 1991) and the case of Silk v Fletcher [1999] STC (SCD) 220 adds to our understanding.
Contact us if you would like to discuss your personal circumstances.
For sources of borrowing see also Interest and Other Rates, Factoring and Islamic Mortgages.
Reminder - disclaimer applies. Please feedback your comments. This page was last modified 1 August 2004.