Personal Loan worry

ILW

cmart021 wrote: »

Yeah it was partly pointed at you. Thanks for merely pointing that out, solves the problem I had.

Where can I put your name down for the perfect citizen award?

Not having a go just a word of warning that if this comes out when you apply for other finance it is very likely a fraud marker will be placed on your credit file. This will cause problems for years. In your position I would get the loan paid off before applying for any more finance rather than take the risk. You have a lot to lose.

moneymouth77

Seconded ILW, better safe than sorry. You don't want to get yourself in a situation where what you're doing is an offence, in life or financially.

cmart021

Thanks I do get what you are saying. We will not be applying for any finance for a while. Ill just concentrate get that loan paid off. Appreciate the help.

[Deleted User]

cmart021 wrote: »

I have spending under control and the loan is not substantial would just now like an extra car as my wife is expecting and to clear up an overdraft on a previous student bank account

I don't want to kick someone when they're down, but are you not able to read this back and recognise what you're doing wrong here?

'Would just now like an extra car'

You don't NEED an extra car!

'...clear up an overdraft on a previous student bank account'

And again, student bank account overdrafts are largley low/no interest, so why?

Please don't think I'm being harsh, but it amazes me how people ask for help but then flippantly include comments that indicate they have little to no grasp of credit and why it's (generally) a menace. You don't need those things you've said - and if you want to clear the loan you should have already cleared, you'd be better offer saving that money and paying off the loan instead!

Buster_the_Dog

I don't know if this is the right forum, but I am wondering if anyone can please help. I have got myself into a mess with regard to two loans and have been told I may have commited fraud. It is quite complicated and I know it is my own stupid fault. But I would really appreciate some advice.

Last year, when I had a regular job, I took out a loan of £1,000. It was a high interest one, as I had a poor credit rating due to a past debt problem in 2006. My credit rating is low as a result.

Then, early December last year, I suddenly lost my job. I had only been there a year, so there was no big redundancy pay-out.

My partner had a loan out with the same company of £500. We had been paying them off okay till then.

By some great misfortune, however, he too was laid off just two weeks later (just before Christmas 2008). Again, no redundancy payment - he even had to fight to get his last month's wage.

I told the loan company and they agreed to a reduced payment plan, which we were both able to keep to at first.

However, neither of us was able to find stable employment for six months; we were in and out of 'temping' jobs and the rent fell into arrears. I was on the verge of cracking up, to be honest.

Finally, last month, we both got another job, but both on minimum wage - and mine is always 'in the balance' because it is selling and if I don't hit target, I am out.

Anyway, we have debts galore run up while not working and our landlord suddenly said he was not happy with our paying the rent arrears in instalments, as we had been. He wanted a payment of £800 in two weeks, or he was starting eviction proceedings. This came as a complete bolt from the blue. He gave us an official notice intimating this.

My partner and I both had to take out another 'doorstep-collected', high interest loan from a different company to pay this sum - otherwise we would have had no way of raising that amount of money so quickly. My partner provided proof of income and it was paid out. But we also had to put in every spare penny we had to also pay June's rent instalment too.

As a result, I fell behind with other regular payments - including the first loan, which was already on a reduced payment plan. I had been told if I broke this reduced payment plan, court action and possibly bailiffs was the next step.

Sure enough, I got a letter from the first loan company's head office advising of the possibility of court action because of breaking the plan.

This is when I did something really stupid. I wrote a reply telling the truth in one respect - that we had both been in and out of 'temping' jobs and had faced eviction. But I deliberately omitted to mention that we had both just started new jobs.

I asked if I could remain on a low payment plan for a further six weeks, until it was due to be reviewed again.

I thought this would give us time to get back on our feet rent-wise again.

I had not had a reply from this company (this was about five days ago).

Yesterday, a bolt from the blue. The second loan company, with whom we took out the loan only one-and-a-half weeks ago to pay the rent arrear, told me I had possibly commited fraud. It was actually our agent who told me ''off the record''.

She would not say any more, but was decidedly upset about it and just said it related to a letter I had written to the first loan company saying my partner and I were jobless.

By the time I found out, it was after 5pm and the head office was closed, so I could not get to the bottom of it.

I am unsure if the first loan company believes I have commited fraud by claiming not to be working when I have just got a job ... or whether the second loan company thinks I don't have a job and that I have lied to get a loan from them. (They only asked to see my partner's proof of income and not mine. I don't actually have a payslip yet, as I have only just started and am on monthly pay, a month in hand).

My agent said she simply could not say any more and advised me to "have a long, hard think" and contact the office ASAP.

What has puzzled me is the fact that these two companies - which I thought were completely separate entities - had discussed our separate loans. The agent from company two even knew the exact details of the letter I had written to company one - including various personal details and information that I would not have wanted her to know. I felt a bit miffed about this. I thought the Data Protection Act covered this and that information like this should not be shared?

But I'm more worried that I am being looked into for loan fraud. I know it was a stupid thing to do - I should've said we had literally just started new jobs this week; that we would be hard up for the next month or so and that we needed to remain on low payments till the money started flowing again. But thinking I was being clever, yes, I lied and pretended we were still unemployed. I know I shouldn't have, but with the threat of eviction hanging over me, I could not face the thought of court action and bailiffs too.

I am unsure whether I should write to loan company one again immediately and admit we have just started jobs (without saying I had been told there was an investigation being launched) - or whether I should wait till I get official word from them that I am actually being investigated. I cannot say I know the situation, as my loan agent from company two told me "off the record" - so I would get her into trouble if I contacted the first company and said I knew.

I am now worried sick. Any advice, please?