Debt implications?

Tiggy10

I found out a little while ago that someone i know has taken two credit cards out in my name and they have defaulted. (roughly 500 pounds outstanding)

ive aked for advice from here before but ive been told to report the person, they may have done wrong but they are a family member and i dont wish to do this.

I have however reported the cards as fraud to both companies vanquish and capital one. however the companies are not bieng particularly helpful.

I cannot afford to pay the outstanding debt and 6 years after the default will be up in less than 2 years.

What are the implications for ignoring this and i dont get contacted before the 6 years are up? i understand getting credit will be near impossible for now but will i be able to build it back up in time?

Grateful for any help!

PNPSUKNET

police or pay really, the lender will just think your trying to get out of paying.

CH27

I'd go to the police.
Why should your credit file be screwed up by someone else?

Jinx

Have the credit card companies asked you to sign a sworn statement that it was fraud? If not then you need to get in touch with them again and they may ask you to prove it wasnt you....

There is no point reporting the person to the police anyway as it is not you that has been the victim of fraud, technically its the credit card company. (have been through this myself)

Once the credit card companies accept it isnt your debt they will update the credit records and it shouldnt tarnish your credit rating.

If its your address on the cards, you WILL get contacted about payment and you will get defaulted for non-payment. You really should pursue the fraud angle, ignoring this situation could just cause a lot of stress and strife!

Tiggy10

Jinx wrote: »

Have the credit card companies asked you to sign a sworn statement that it was fraud? If not then you need to get in touch with them again and they may ask you to prove it wasnt you....

There is no point reporting the person to the police anyway as it is not you that has been the victim of fraud, technically its the credit card company. (have been through this myself)

Once the credit card companies accept it isnt your debt they will update the credit records and it shouldnt tarnish your credit rating.

If its your address on the cards, you WILL get contacted about payment and you will get defaulted for non-payment. You really should pursue the fraud angle, ignoring this situation could just cause a lot of stress and strife!

I rang them and said its not me, and they both said they would investigate and get bak to me with details of the person whos bank the previous payments came from before they stopped (although i know who this is). This will be proof enough it isnt me but will then give them the details of the person who did do it.

ideally i would love to get it wiped as apart from that the only credit i have had is a vodaphone internet and tmobile phone contract all paid on time every month.

but would there really be no implications for my family member who did this? Thanks for your help!

Jinx

Tiggy10 wrote: »

but would there really be no implications for my family member who did this? Thanks for your help!

If they can prove who, then I imagine they would get done for fraud....

What I said was if the company know its fraud there are no implications for YOU not the person committing the fraud.

DVardysShadow

Tiggy10 wrote: »

... ideally i would love to get it wiped as apart from that the only credit i have had is a vodaphone internet and tmobile phone contract all paid on time every month.

You need to get the matter reported in writing and keep copies. At the end of the day, if you take this on yourself rather than [rightly] denying the debt, it will do you many times more damage than the money involved - your freedom to move phone contracts or whatever will be curtailed and you could have great difficulty renting property over the next 6 years if you don't either pay up or do whatever you have to to protect your credit reputation.

Tiggy10

Thanks for your help so far everyone, its such a difficult moral dilemma to be involved with.

DVardysShadow wrote: »

your freedom to move phone contracts or whatever will be curtailed and you could have great difficulty renting property over the next 6 years if you don't either pay up or do whatever you have to to protect your credit reputation.

i understand my own personal difficulty to obtian credit for the next 6 years (well 3 and a half as its been 2 and a half since the defalt) i can live with this easier than the guild of causing my family member although their own fault a criminal record.

after 6 years since the default even if there is money still outstanding can i start to repair my credit from here?

pmf63

Tiggy10, I understand you trying to protect a family member, my wife spent years protecting her brother from everything you can imagine, but ask yourself this question. Does this person, who obviously has no respect for you, deserve this level of respect and protection? What is to stop them doing it again next week? I don't believe they will never do it again. I've heard that far too many times.

Up to you, but just think about it. You could be saving them from a life of crime that will only get worse.

katsu

Are you sure they will not do this again or have not done it since? You are terribly vulnerable to them doing this to you again I fear.

Tiggy10

As much as i am still in denial that this particular member of my family could even do it to someone, im pretty sure they would have no reason to do it again. as naieve as that may sound. but even if they do, they wont get me again as ive set up security protection with CFAS i think its called. i will have to verify if someone trys to obtain credit using my details with a passcode. however not that that will be possible as my credit rating is ruined at the moment.

I know i am doing the wrong thing as far as the law is concerned but moraly to me not reporting them is the right thing to do.

where can i go from here.... is there any such way maybe to get the person to admit to the debt and take it over without trouble from the law?

if not then what can i do to help improve future chances of credit?

thanks again all for your help!