Loan problem, faking wages,going bankrupt??

james88_2

Hi,
I took out a loan 6-8months ago to consolidate my debts, trouble is i got the loan (£10,000) with "replica" wage slips. I did not have a job at the time but was certain employment wouldnt be far away, thats no excuse i know, fraud is fraud however you dress it.

Now that my debt has escalated to around £20,000 and i havnt had a job for 8-10months, things have got to absolute breaking point.

I dont know of any option other than to go bankrupt because my current income is less than my outgoings even without paying debts.

I understand that it is highly likley the circumstances surrounding the loan will be shown if i go bankrupt.

Does anyone have any suggestions for what i should do or any idea what sort of punnishment i might expect.

*please DO NOT post messages saying, ur stupid, your a criminal, you need to bite the bullet, go down to your local police station and see what they say etc etc... i know what i have done is inexcusable*

Extant

Well, someone stole £500 from me recently (stole my wallet and used my debit card in a non Chip & PIN Barclays branch) and got 120 days custodial sentence.

Obviously that is slightly different, but he was charged with fraud for signing the slips.

So... £10,000/£500 = 20. 20 x 120 = 2,400. 2,400/365 = 6.6 years or there abouts. I doubt you'd get that though.

cyril82

BarclaysManager wrote: »

Well, someone stole £500 from me recently (stole my wallet and used my debit card in a non Chip & PIN Barclays branch) and got 120 days custodial sentence.

Obviously that is slightly different, but he was charged with fraud for signing the slips.

So... £10,000/£500 = 20. 20 x 120 = 2,400. 2,400/365 = 6.6 years or there abouts. I doubt you'd get that though.

lol...not sure thats quite how sentances are calculated, but an intersting theory.

But OP, seriously, you're screwed, i'd contact the bank and beg for lower payments and go and sign up with any agency i could, i don't care if you have to clean toilets to pay back the money, your only other option is owning up, but your bank could push for a charge of obtaining money by deception, which can carry a fair old sentance.

theartfullodger

Dear James:

I am sorry to hear your story: didn't realise people who did things like that would then publicise their actions...

Anyway my views are that ur stupid, your a criminal, you need to bite the bullet, go down to your local police station and see what they say, you know what you have done is inexcusable.

Cheers!

Lodger

PS A bit radical I know but you could always get a job..

~Brock~

I'm sure you could find some Claims Management Company or Solicitor who could turn this around and blame the lender for not checking your payslips thoroughly enough and were therefore lending irresponsibly.

Hell you could even get the loan declared unenforceable and claim compensation as well. Result! :beer:

Aytoun27

I will get shot down in flames for saying this, but why is everyone so harsh? It costs nothing to be kind, to understand that people make mistakes.

You won't be the first person or the last to do something like this and it's usually done in desperate head-buried-sand-mode, rather than out of greed or with criminal intent.

If you decide to go bankrupt it will almost certainly come to light. You may get away with a bankruptcy restriction order or they might decide to press charges. I suggest that you have a look at the Insolvancy website to see how other people have been dealt with.

LinasPilibaitisisbatman

Aytoun27 wrote: »

I will get shot down in flames for saying this, but why is everyone so harsh? It costs nothing to be kind, to understand that people make mistakes.

You won't be the first person or the last to do something like this and it's usually done in desperate head-buried-sand-mode, rather than out of greed or with criminal intent.

If you decide to go bankrupt it will almost certainly come to light. You may get away with a bankruptcy restriction order or they might decide to press charges. I suggest that you have a look at the Insolvancy website to see how other people have been dealt with.

Well this isnt a mistake

This is a major fraud. I hope 88 isnt his year of birth otherwise we have a 20/21 year old with little employment history and debts of 10k plus committing deliberate fraud to double that debt and no assets to cover it.

A custodial almost certainly will happen, although the OP's solution will probably be to rob some OAP's

james88_2

LinasPilibaitisisbatman wrote: »

Well this isnt a mistake

This is a major fraud. I hope 88 isnt his year of birth otherwise we have a 20/21 year old with little employment history and debts of 10k plus committing deliberate fraud to double that debt and no assets to cover it.

A custodial almost certainly will happen, although the OP's solution will probably be to rob some OAP's

I am 20, been employed for 4 years, have worked as a business development manager for a commercial mortgage lender and a senior consultant for an overseas investment company (amonge other things). Was earning £32-38kpa 12months ago.
Just incase you where wondering.. x

StuTheDon

James,

Two option as far as I can see:

1) Own up to the bank and possibly face criminal action
2) Get a job (anything at all) and pay it off. If you can pay it off then the issue might not come to light.

Is there anything you can sell/trade to raise some cash?

I think your best option is to do everything you possibly can to pay this off and learn the lesson for the future.

If you declare bankruptcy then it will come to light.

cooki2222

james88 wrote: »

I am 20, been employed for 4 years, have worked as a business development manager for a commercial mortgage lender and a senior consultant for an overseas investment company (amonge other things). Was earning £32-38kpa 12months ago.
Just incase you where wondering.. x

why dont you go work in mcdonalds? im sure you could earn at least 600 a month in there and use 400 of it to pay of your loan each month, dont understand how you got yourself into so much debt when you were on 32k a year???

Do you have a fancy sports car? or a car? If you do sell it

Can your parents help ya out at all?

tegai1

James, get yourself a job ANY JOB and the worst will not happen!! High debt & low income won't allow you to live the way you want to live - but it will allow you to keep your secrets hidden!!