Naughty with Credit Card debt but it had to be done

cavework

Npoweruser
You did £7,500 worth of improvements paid by CC to the bungalow.
Can I ask what the difference in the value is now compared to when you bought?
Also how did you inflate your self employed earnings for the mortgage?

chattychappy

immoral_angeluk wrote: »

You realise that could constitute fraud right? Not a very clever idea posting it in black and white on an internet forum.

I suspect the police don't have the time on their hands to plough through forums, dealing with ISPs etc just to locate people who might have lied to get credit.

PROLIANT

chattychappy wrote: »

I suspect the police don't have the time on their hands to plough through forums, dealing with ISPs etc just to locate people who might have lied to get credit.

At worst the OP will receive a CIFAS marker for a couple of years.

immoral_angeluk

chattychappy wrote: »

I suspect the police don't have the time on their hands to plough through forums, dealing with ISPs etc just to locate people who might have lied to get credit.

No granted, but considering how easy it is to get personal details and from other posters who've been found on here by employers etc I'd imagine it'd only take one person to twig who the OP was and who they bank with to report it to the creditor at the very least. I'm sure the bank wouldn't be too impressed.

immoral_angeluk

NPowerUser wrote: »

Perhaps not. I would have happily gone to prison if it meant moving away, lets hope as long as we keep the mortgage payments up, everyone is happy.

Why didn't you just rent instead of lying to your mortgage company and basically defrauding them?

immoral_angeluk

In fact, I'm leaving this thread to it. Don't want to come across as harsh or judgemental.

cavework

immoral_angeluk wrote: »

In fact, I'm leaving this thread to it. Don't want to come across as harsh or judgemental.

Me too .....

NPowerUser

immoral_angeluk wrote: »

Why didn't you just rent instead of lying to your mortgage company and basically defrauding them?

Yes, I would have been happy to rent but my OH views renting as dead money.

I wont keep responding to current posts but I will come back to this thread in 6 and 12 months time and update you. As I said, I will pay it back but it will take years

Not clever but if the system allows me to take advantage then perhaps the system needs plugging.

I can appreciate why APR's on credit cards are high, I am part of that reason but worse case they stick something as an attachment to my home, best case they let me pay it off over 10 years or whatever.

I am not proud but it got me a move away and hopefully some happiness.

To be updated in 6 months time........

dmg24

NPowerUser wrote: »

To be updated in 6 months time........

I take it you are not still intending to be debtfree by the end of this month, as you were in this thread?

NPowerUser wrote: »

This thread is my personal journey with the help of my wife, to try and save £15,000 and become totally debt free in the process.
Not very much I hear you say but considering my net income is about £14,000 and my wifes income is £8,000 its not that easy.
I want to also be totally debt free in the process and not have to borrow any more money.
We would like to use the money to help fund a mortgage free move.
Anyway 19 months to the big day, sooner if we can make it. Wish us luck.

The good news
Mortgage free having paid off mortgage in 2006
Council Tax Paid off to end of March 2009
Savings of approximately £2,000 incase of emergencies

The bad news
Credit Card Debt self - £2,000, wife - £1,700 (Apr's 17.9%)
Loan to fund Central Heating £2,750 (Apr approx 16%)

Direct Debits
Gym membership £33.00 a month
Gas and Electricity £57.00 a month
Charity £10.00 a month
Life Insurance £6.00 a month (cover reduces each month)
Central Heating Loan £48.75 (2.5 years to run)

Where I do a lot of sitting down with my job, the gym membership is the way I get any exercise. I did think about reducing our savings but I am worried if anything happened to either my wife or I.

The central heating loan only allows us to pay one additional payment of £48.75 a month with GE Money Ltd on top of normal DD payment. Our plan is to get a settlement figure in 7-9 months time when we have paid off our credit cards, assuming we have £2,000+ saved up.

We would love to move again but I thought that the credit cruch will probably mean house prices falling for another 19 months at least and/or expensive borrowing.

No doubt sudden bills will come out the woodwork but anyway this is my personal diary of our attempt to be debt free and move house without getting another mortgage.

I will update this thread on a fortnightly basis, feel free to join in or add your own comments.

What happened to the fortnightly updates ... and the £14,000 income that halved in a later thread?

Methinks this guy makes it up as he goes along! :rotfl:

NPowerUser

dmg24 wrote: »

I take it you are not still intending to be debtfree by the end of this month, as you were in this thread?

What happened to the fortnightly updates ... and the £14,000 income that halved in a later thread?

Methinks this guy makes it up as he goes along! :rotfl:

Yes I was pretty much debt free at my old address.

Mortgage paid off at my old address but my self employed income, which was hard to verify, was a stumbling block to getting the mortgage and home we wanted.

Sad to get back into debt but I would have done anything to get a move away.

The new mortgage stretches me to the limit. If I could service my credit card debt any other way I would but why would I make this thread up my friend as I would have nothing to gain from it?