Loan problem, faking wages,going bankrupt??

LinasPilibaitisisbatman

dmg24

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

The phrase 'should have known better' springs to mind. But then again, so does the phrase 'I don't believe you'.

peachyprice

OK, some facts.

If you go bankrupt you will have to provide the official receiver with a copy of the loan agreement, if you don't have it they will get it from the loan company.

You will also have to fill in a statement of affairs, signed under oath, stating how you got into unmanageable debt. You will have to say from when you were unemployed.

The official receiver will go through your SoA, and ask you lots of questions to ascertain when you became insolvent. It will be very clear you took out a loan while unemployed with no reasonable expections to repay it.

The official receiver will write to all your creditors with all these details. It will be clear to the loan company that you took out the loan fraudently, who may then pursue you for fraud.

On top of that you will get a bankruptcy restriction order up to 15 years.

Rafter

James,

Best thing is to get a job and then tell loan company you have had to take a big drop in income and can't afford repayments.

Amazed you got that loan in the first place but it seems that declaring your fraud up front might land you in more trouble than trying to pay as much of the loan off as you can - by working - and then hoping you secure a better paid job soon. 20 y/o with commercial mortgage experience just don't walk into 30k+ jobs in 2009 though.

R.

Enfieldian

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

James, at 20 years old you were not a "senior" anything.

Pretty job titles do not detract from the fact that you have lived beyond your means and abilities and even worse, you forged the documents to do this.

The fact that you had to provide "replica" payslips indicates that your income was not at the level necessary for this amount, regardless of what your OTE may have been at the time.

This will be an expensive lesson for you and could screw your credit file until you are nearly 30.

To be declared bankrupt within 3 years of being able to obtain credit is an absolute joke.

You need to grow up.

theartfullodger

James stated he was

a senior consultant for an overseas investment company

In my 'umble experience this normally means flogging dodgy stuff (shares, villas, timeshares, tax-dodges, get-rich-quick schemes) to innocent punters who get ripped off...

I could of course be wrong.

James dear lad could you please kindly re-assure me that the "overseas investment company" was legit by posting their name here??

Cheers!

Lodger

GlennyNat

james88 wrote: »

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*

How much are all your debt payments each month?

Best thing i think is to take any job you can which should give you £700 a month at min wage if your doing 40 odd hours. Tell your parents the situation and ask if you could move back in with them if you don't already. Finally sell anything of any value.

james88_2

GlennyNat wrote: »

How much are all your debt payments each month?

Best thing i think is to take any job you can which should give you £700 a month at min wage if your doing 40 odd hours. Tell your parents the situation and ask if you could move back in with them if you don't already. Finally sell anything of any value.

My total debt payments, including phone etc.. are around £550-650pm i have already sold everything i own except this laptop, and clothing. I think given the constructive criticism that i have received on here, i shal swallow my pride and take a minimum wage job. The only solution that works for both parties is for me to repay what i have borrowed (wrongly or rightly).

Thank you guys.

jonesMUFCforever

I think OP is a troll the first post may have been plausible but the one about his income etc clinched it for me.

cyril82

OP Here is a little picture book illustration of what is likely to happen to you!