Could I Be Prosecuted For Fraud

up_the_creek_5

Hello

I am about to contact one of the advice charities to get the ball rolling to sort out my large un-secured debt.

However, in the past i stupidly lied to some of the lenders. I have that many creditors i cannot remember which one's i specifically lied to but i was desperate to get the money, to keep this whole circle going robbing Peter to pay Paul.

What i used to do on some of the applications was:

* Inflate my salary by up to 50%.

* Said i owned my own house outright when i actually live
with my mother.

* Stated my position in my job was higher than it actually
is.

I am worried sick that the Police will be involved, if this happened i would probably lose my job. Could i go to prison?

However, all my repayments are currently up-to -date & none have been missed. Although i cannot sustain this much longer. The most recently approved credit i lied to get was off my bank which was nine months ago. This was topping up an existing personal loan.

Any advice would be appreciated. However, i have been amazed at how lenders (especially my own bank who have my salary details) do not properly check applications.

Thanks

lil'H

Hey, don't now much about all this, but don't panic, as you say the lenders didn't check your applications properly, i'm sure you wouldn't get sent to prison over it. Good luck, keep us informed i'll be interested to see what someone more knowledgable on this has to say.

lil'H

angelsam1984

hmm may be wrong that you lied
but you could just notify everyone of a change of situation and put the record straight i suppose

With the house thing was it just a tick in the box? or was it fully written?
If it was just ticking of a box with no decleration of house worth you maybe ok as a 'clerical' error

I would think about confirming and updating your situation with the creditors though, situations DO change, wages change and positions become unavailable.

I am no expert this is just my opinion

Sam

HazelEyes_3

Just my opinion but I think the main factor is whether or not you intended to defraud the CC companies and banks. If you have every intention of paying it all back - including the interest you knew you would have to pay - then it can't be too serious.
However if you have to default on any of your loans it could be a different matter.
As I said this is just my opinion and perhaps you could get some qualified advice from CAB?

Bambywamby

I would inform the companies that you have been demoted to your current job and cash status...so can "you" both together come up more reasonable payments.
That way you are getting out of your untruths and you will get some more time to pay your debts up.

HOWEVER don't worry about going to prison for fraud - the companies are more interested in getting their money back so whatever you decide to keep up with your payments or speak to each lender directly about your changed financial circumstanes so you can come to a better arrangement.

Good luck Bams x.x.

BT_man

This is fraud.
This is also part of the reason I get a crap return on my saving's.
But hey, banks are faceless businesses and nobody loses out, right?
Just another bankrupt who's probably had a great standard of living compared to us honest folk, and will probably get away with it...
You should go to prison IMO.
<<<<BIG HUGS>>>>
BT-man

looby75

nowt like kicking someone when they are down

skylight

Yes its fraud. Especially if you have deliberately lied to obtain money with no intention of paying it back. This though, I believe is not the case here.

It is highly unlikely that the companies involved will take any further action. (Not impossible though!) If they ever did, then it probably wont get far and you will not end up in prison - even the courts accept people do daft things in desperate situations and you have not actually harmed anyone.

The creditors are only interested in getting their money back, so its important to come to a good arrangement with them.

I would stress that it is important to come clean to the advice company about it though. They can give much better and reasurring advice.


And we have all lied over something at some stage.

libitina_2

charlotte664 wrote:

Yes its fraud. Especially if you have deliberately lied to obtain money with no intention of paying it back. This though, I believe is not the case here.

It is highly unlikely that the companies involved will take any further action. (Not impossible though!) If they ever did, then it probably wont get far and you will not end up in prison - even the courts accept people do daft things in desperate situations and you have not actually harmed anyone.

The creditors are only interested in getting their money back, so its important to come to a good arrangement with them.

I would stress that it is important to come clean to the advice company about it though. They can give much better and reasurring advice.


And we have all lied over something at some stage.

Pressed thanks instead of quote, but I'll leave it as a thanks for the first part of your reply.
As to 'And we have all lied over something at some stage', actually, no, I don't believe I have (if I have it was only along the lines of 'no your bum doesn't look big in that', certainly not along the lines of fraud)

skylight

I meant that we have all lied at some point - not all lied over fraudulent transactions!

Everyone lies - bigger than others - but we all lie.

Iwantahouse_2

yes you could be prosecute for "gaining a percuniary advantage"