Credit rating depression

BugsyBrowne

sharpy2010 wrote: »

If someone wants to help someone else get credit, apart from the fact its a bad idea, as long as it gets paid I can't see how it is fraudulent.

I'm not saying it isn't, but I don't see why it should be?

:rotfl::rotfl::rotfl:

sharpy2010

star-fire wrote: »

:rotfl::rotfl::rotfl:

OK then smart a55, as an example lets say Mrs. Jones gets credit for a car for her daughter because her daughter can't get credit. Mrs. Jones daughter pays back Mrs. Jones in full, and Mrs. Jones pays back the credit company in full.

Who exactly has been harmed here? Why would/should it be fraudulent?

p.s. Answering by posting some silly smiley faces is not an acceptable answer.

BugsyBrowne

sharpy2010 wrote: »

OK then smart a55, as an example lets say Mrs. Jones gets credit for a car for her daughter because her daughter can't get credit. Mrs. Jones daughter pays back Mrs. Jones in full, and Mrs. Jones pays back the credit company in full.

Who exactly has been harmed here? Why would/should it be fraudulent?

p.s. Answering by posting some silly smiley faces is not an acceptable answer.

:spam:.........

Atom

:rotfl::rotfl::rotfl::rotfl:

ladyinneed

If the car is on finance, in his name but for you, this could be fraud and maybe run in to trouble should anything happen and you have to make a claim wih the insureance company....and they are funny !!!!!!s who will try anything to get out of paying.
If it just a loan taken out elsewhere then used to buy a car then that's just a very generous brother.
Perhaps there is some confusion going on somewhere.

There is a company floating around at the moment that sell ex-mobility cars, you lease them for three years and at the end of the term you own the car....you just have to pay for the registration admin which they charge around £800 for. They don't credit check but if you miss a payment they come and collect the car. Really nice cars and affordable monthly payments. Google the info above and you should find them.
I haven't heard any press about them so this is not a recommendation...it's just something I've seen that may help.

WellKnownSid

sharpy2010 wrote: »

as an example lets say

Do you mean let's - as in let us rather than allows?

jon_boy75

it's not fraud if there's an agreement between the two parties, how can it be?

I got a small loan for my brother years ago with Lloyds. The payments came out of my account until paid off. My brother paid me every month. Even if my brother failed to pay me, it wouldn't be fraud...unless someone can point us to the legislation that says otherwise?

Or just add some more smiley faces to add weight to the discussion

smj43

My brother got an old Rover 200 for £750. When he got it, it had over 80K on the clock. It's still running 3 years later at over 110K. Never broken down.

Hax

ladyinneed wrote: »

If the car is on finance, in his name but for you, this could be fraud and maybe run in to trouble should anything happen and you have to make a claim wih the insureance company....and they are funny !!!!!!s who will try anything to get out of paying.

As far as the insurance company are concerned, there shouldn't be a problem - you just declare who the legal owner of the car is. This is different to the registered keeper and if the car is bought on finance, it should be declared as being legally owned by the finance company until the finance is cleared.

If the car is bought on finance, the finance company may well stipulate that the person taking out the car finance is also the registered keeper of the car and the main driver. This is where things may well get a little more "tricky" to justify the OP being the main user of a car for which they are not the registered keeper or owner.

Of course, this may not be the case - I am sure there are lots of parents out there that buy cars on finance for their children - in which case, the children are the main drivers and quite likely the registered keeper of the vehicle.

If the OPs brother has just taken out a bog-standard, unsecured loan, then there shouldn't be any problems as it is (usually) up to the OP to decide what they want to do with the money. As far as the lender is concerned, the brother may buy a car with the loan and then gift the car to the brother. What do they care?

So long as the OP and their brother are honest during the application process and read the small print of the contract before signing on the dotted line, then I don't see why there should be a problem.

sharpy2010

WellKnownSid wrote: »

Do you mean let's - as in let us rather than allows?

Congratulations, you're right.

But so what?