Punishment for lying on applications.....?

RebeccaBurns

Hi,

My debts are approx. 50k of unsecured credit, most of which I obtained through lying on applications about my work and salary....some of which even though I was initially turned down I wrote appeal letters again confirming my 'exagerated work and salary' details.

Whilst at the time I had every intention of paying the money back, the debts have just got out of control like a cancer by paying each one....and bad investments trying to get the money bac..... and now BR seems to be one of the only options I have left.

I'm wanting to know what sort of punishment is likely to be given for this. Whilst I know it's not major fraud (as in obtaining credit in other peoples name.....or taking the money and running) i know it's still slight fraud for lying in the 1st place.

I have been in prison before and I'm wondering if it will come to prison again.....and if so.....how long a sentence it's likely to be??

Any advice on this will be much appreciated.

It's also worth saying that I have never missed a payment, and because the debts are with so many banks, none of them will even know anything is wrong as I have about 6k with each one.....so to each establishment as far as they're concerned I only have 6k debt and pay the minimum payment without problem each month.

Thank you in advance for any advice.

BoGoF

Fraud is fraud....no major or slight.....obtaining money by deception is fraud plain and simple.

Unfortunately (fortunately for you) the chances of the lender finding out are pretty slim.

debtinfo

What were you previously in prison for, was it a financial matter then. What period of time were the applications made over

RebeccaBurns

nothing financial.

the applications were made over 18 month period. 2 or 3 cards though I've had for years and just never used them.

Thanks

MuffinTops

I would have thought that any income checks they were going to do on you would have been done when you applied. Any time I've been seriously late on payments and they've given me a new form to fill in for what I earn now (apparently trusting that I'd be honest again). So, I think you'll probably be ok in that they won't know you originally lied. With the economy the way it is I doubt they'd think twice at seeing your earnings are "now" less than you first mentioned.

I know you are aware of you incomings and outgoings better than anyone, but adding an SOA on here can often help you get a fresh look at your finances and if there is any way you can avoid bankruptcy. Reading on here it sounds like a lot of people are having to take that route, so maybe some establishments would be happier to talk to you and work out a longer term with reduced monthly payments?

Good luck with whatever you decide. I understand how stressful your situation is.

CKhalvashi

It may be worth filling an SoA and sending this back to the creditors, as this will dictate your circumstances now, not in the past.

debtinfo

How long has it been since the fraudulent applications and what has substantially changed in your income and expenditute since then. Also what did you use the money from the credit for

antrobus

RebeccaBurns wrote: »

....

I'm wanting to know what sort of punishment is likely to be given for this. Whilst I know it's not major fraud (as in obtaining credit in other peoples name.....or taking the money and running) i know it's still slight fraud for lying in the 1st place.

I have been in prison before and I'm wondering if it will come to prison again.....and if so.....how long a sentence it's likely to be??

...

Have a look at the CPS guidelines. They might give you some sort of indication.

http://www.cps.gov.uk/legal/s_to_u/sentencing_manual/fraud_by_false_representation/

RebeccaBurns

Thank you antrobus for posting the guidelines...

Am I right in reading it that worst case scenario (if they threw the book at me) would be a couple of years?

Thanks

RebeccaBurns

debtinfo wrote: »

How long has it been since the fraudulent applications and what has substantially changed in your income and expenditute since then. Also what did you use the money from the credit for

i trade futures...... i was using the credit facilities to open large positions on the FTSE.... the debt got bigger tying to chase back the losses....... i now haven't got any more funds to cover the margin payments to trade