Urgent advice needed re Credit Card

critchley999

I need to borrow £1000 urgently and quickly. I can't get a loan as I'm a pensioner but my partner is working so I have my pension to myself and can afford the repayments.

I don't want to pay the "cash" rate to borrow it on my credit card but a friend who owns a shop has offered to put it through as a "purchase" transaction and give me the money.

I've got doubts about whether this is going to cause a problem for him? and is it illegal? I don't want to get him into trouble.

Also I don't want my partner to know. Would the credit card company phone up about such an unusually large purchase?

withabix

What the shop is offering to do is a bit dodgy, but might be legal (or not?)**, as it is upto the shop owner what he does with his money.

He is effectively selling you a 'nothing' and charging you £1000 for it.

He is doing you a BIG favour though, because that 'nothing' cost him £0, so it is all profit and therefore he will be paying taxes and VAT on the whole £1000 value of that 'nothing' he sold you.



**could be construed as Deception or Fraud, but the credit card company wouldn't find out.

stephane_2

He is simply going to charge your card for a purchase which was not made in his shop, he'll still get his money & you get your cash....it is possible but as being legal, I doubt it....will he get into trouble, I don't think so

critchley999

Oh, thankyou. I've been worried sick about this and you've put my mind at rest xx

CLAPTON

critchley999 wrote: »

Oh, thankyou. I've been worried sick about this and you've put my mind at rest xx

why are you worried sick?
you can avoid being worried sick simply by obeying the rules

bengal-stripe

withabix wrote: »

He is doing you a BIG favour though, because that 'nothing' cost him £0, so it is all profit and therefore he will be paying taxes and VAT on the whole £1000 value of that 'nothing' he sold you.

He will also have to pay the merchant fees to the CC - something like 3% or so.

Fruit_and_Nut_Case

critchley999 wrote: »

I can't get a loan as I'm a pensioner [...]

Does this necessarily follow? I'm a pensioner and I've had interest-free loans granted since I retired.

BLT_2

CLAPTON wrote: »

why are you worried sick?
you can avoid being worried sick simply by obeying the rules

And you could avoid being a sanctomonious a**hole and making pointless comments just for the sake of it. but lets face it, its not going to happen.

critchley999

Fruit_and_Nut_Case wrote: »

Does this necessarily follow? I'm a pensioner and I've had interest-free loans granted since I retired.

Oh, right - I didn't think they would lend if you weren't employed. Thanks for the info, hopefully I won't find myself in this position again but if I do I will bear that in mind.

This was a case of speed and secrecy as I didn't want my other half to know about it but I told him in the end and he went ballistic first off and then offered to lend it himself - lol.

gordikin

critchley999 wrote: »

Oh, right - I didn't think they would lend if you weren't employed. Thanks for the info, hopefully I won't find myself in this position again but if I do I will bear that in mind.

This was a case of speed and secrecy as I didn't want my other half to know about it but I told him in the end and he went ballistic first off and then offered to lend it himself - lol.

I find myself thinking why you didn't you ask him in the first place? I'm unemployed at the moment and my other half would be the first person to know if I needed a loan. Is there other issues at play here?