Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Canadians naive about how long they’ll be in debt

Cecil Terwilliger · 09-28-2012, 04:23 PM

Regarding H&L's down payment.

Typically you'll sign a gift document (if you told them the money was a gift, duh) stating that the money doesn't have to be repaid and something about the 3rd party stuff but unless the FI made you sign a document specifically saying that you didn't borrow for the downpayment then you're fine.

They would only be concerned if you lied and hid the fact that you had a line of credit in the first place. You likely signed some sort of document that listed all of your assets and liabilities. Failure to disclose a $100k LOC would be a big deal.

Although any FI that can't put two and two together and realize that you have a maxed out $100k LOC and 2 days later $100k magically appeared doesn't sound like a very good FI in the first place.

AFAIK it isn't illegal but I'm not 100%. Also I'm assuming that this is from an unsecured line of credit. If it was from an equity take out from another asset that's a different story.

09-28-2012, 04:23 PM	#160
Cecil Terwilliger That Crazy Guy at the Bus Stop Join Date: Jun 2010 Location: Springfield Penitentiary Exp:	Regarding H&L's down payment. Typically you'll sign a gift document (if you told them the money was a gift, duh) stating that the money doesn't have to be repaid and something about the 3rd party stuff but unless the FI made you sign a document specifically saying that you didn't borrow for the downpayment then you're fine. They would only be concerned if you lied and hid the fact that you had a line of credit in the first place. You likely signed some sort of document that listed all of your assets and liabilities. Failure to disclose a $100k LOC would be a big deal. Although any FI that can't put two and two together and realize that you have a maxed out $100k LOC and 2 days later $100k magically appeared doesn't sound like a very good FI in the first place. AFAIK it isn't illegal but I'm not 100%. Also I'm assuming that this is from an unsecured line of credit. If it was from an equity take out from another asset that's a different story. Last edited by Cecil Terwilliger; 09-28-2012 at 04:34 PM.