Can you get a loan repaid in one lump sum later?

[HangryBrickShark]

I've been out of work since March when I got laid off. I've recently signed on but have been living off my savings until this point. I only have about 2.5k left in savings and my monthly direct debits and outgoings come to about £1100 per month. I'm constantly looking for work but I'm too over qualified for a lot of jobs which I'd be happy to do (they look at my cv and assume I'll upsticks as soon as anything better financially comes along).

I'm waiting for probate to be finalised, as I'm sole beneficiary, the Solicitor originally estimated May (we cut our cloth accordingly) but now for some reason I've just received notification that the Grant is likely to be at least another 3 months.

I'm fortunate that I own a mortgage free home bequeathed to me which my partner and I live in, so have no mortgage but I can't get equity against it until its in my name, and this can't be done until after probate is finalised when it will be transferred into my name. I really don't want to resort to this anyway.

MY QUESTION IS: I'm considering getting a loan but I'm not able to make monthly repayments if I'm not working, and I'm already paying off a 0% credit card at £93 a month. Is there such a thing as getting a loan which you could repay in one go, say in 12 months time or do all loans necessitate a monthly payment schedule?

I'm really starting to panic. I've always had savings to fall against but I've been eating them up at an alarming rate. I've cancelled all direct debits that I can cancel for non essential things. Help.

For casual work, you probably don’t need to be entirely honest on your CV…

Better just not mention the previous IT career or whatever, those roles are used to quite temporary staff anyway.

Who is going to give you a loan when you have no income?

What money is your partner bringing in?

As has already been mentioned, you probably won't get a loan when you have no income.

£1100 monthly outgoings are quite high when you don't have a motgage, is your partner contributing? Is there really nothing you could cut back further even if only for a short time?

That's why I'm asking if you can repay a loan in one go in 6 or 12 months. By which time I'll have £150k inheritance and I only want to borrow say £10k.

My outgoings are high because I have a horse so £700 a month basically goes on him for insurance, hay, feed, shoes and rent for stable/grazing, the rest is food for the house, diesel, car insurance and tax, credit card.

I don't want to sell my horse, he's part of the family and when I was in work as I have been for decades I always had the salary to afford my own. I'd noticed bought one if I couldn't afford to keep it. I've never been out of work this long and have always had savings to fallback on as my role is freelance, so I am out of work in between new contracts. But never for this long.

Partner works two days a week semi retired and pays most of the bills as he has a good pension.

Unfortunately I think most reputable lenders will want you to have an income now, as inheritance is never guaranteed until you actually receive it.

Horses are very expensive but I completely understand why you want to keep him!

Can your partner up their hours whilst you are out of a job to cover the shortfall?

I think as someone else has suggested I’d update your CV to show less experience for the lower paid more entry level jobs. Don’t lie but don’t offer so much information if that makes sense.

Can your partner afford to loan you the money instead? Without a job I am not sure a bank would loan to you.

There’s such things as bridge loans for use when buying a house, so I wonder if there’s an inheritance bridge loan.

Dont forget you can also repay your loan early once inheritance comes in

Could you put your horse on loan for a short while? Do you know anyone who might be interested in that?

Also what type of stables is it? Would they do grass livery over the summer?

Can you go back to the solicitor and ask if they can make an interim payment. It is possible, but takes a bit more effort.

Take out a loan big enough to also cover three months repayments? Will you be able to get a loan while unemployed on the expected inheritance? You might be able to get a loan where the repayments don't start for a few months. What you are looking for is a bullet loan, but not sure if they are available and might be very expensive.

There are probate loans specifically for the situation where you need some of the money (often to pay inheritance tax) before probate is settled.

Yes my DH got an interim payment from the funds collected from Building Societies, etc.

Have you explained your situation to the solicitor dealing with the probate and asked if there is any chance of an advance on your inheritance? Not sure of that’s possible but I’d make the phone call and ask before I took out a loan.

It doesn’t matter if you can or not, without an income you won’t find a lender.

As others have said, you can get probate loans which are repaid once you receive the inheritance. A family member used one when we were going through a long probate process

Yes I will do that as priority. And then use purely if I require a vet going forward so I won't need to renew my horse insurance at £185 a month!

Thanks for that but there was no IHT because both parents nil rate band covered it. It's a nightmare. I think it's taking time because it's a trust so that takes a lot more time to wrap up. It's just a big difference to being told it would be settled May and now potentially August/Sept.

Jesus Christ.

Get rid of the horse.

Yes it's certainly an option. He's sold his house but most of it's tied up in bonds/ISA's. He wants to retire later this year, he works 2 days a week.

Thanks for your comments.

Loaning my horse isn't an option unfortunately. He has very specialised needs, is very green and quite an anxious sort bless him and isn't the type you could loan out with any degree of risk associated.

I'm going to try and redouble my efforts in respect of work next week.