Loan for Holiday??????

adindas

hugheskevi wrote: »

That was financed from a combination of inheritance and saving rather than borrowing but the end result is rather similar - ultimately one ends up working a few more years at the end of a career than would otherwise have been worked.
.

Well, this is the main difference between you and the OP.
I fully believe your sweet memory from a nice holiday will turn to become a nightmare when the debt collector start hunting you.

Lolla83

Ok, for starters, I didn't think this forum was for personal insults - to the person who called me an idiot, take a look in the mirror. How dare you insult me when you do not know the full story!!!!

When I originally posted, it was a very quick post, not realising I had to go into so much personal detail to get a simple question answered. I genuinely do not know if banks assess their loan applications on the reason for spending - hence why I asked what I thought was a reasonable question. I was of the mind that loans were assessed on whether you could afford repayments - when I was told in passing that I might want to give a more important reason than a trip, it threw me. I know, I thought, I'll ask on MSE...how I regret that now.

SO, lets take this from a different angle - my question was, SHOULD I use a different reason other than "holiday" when applying for the loan? Acceptable and polite answers would have been "No, it doesn't matter what you put"...."No, don't do that as it's committing fraud"....or even, "Yes, they accept loans for traveling" etc etc. Not, getting personal and giving your opinion on whether my going away is a stupid idea or whatever, that's not what I asked.

Given that you all want so much personal information to answer, what is essentially a Yes or No question, I shall elaborate.

- I have been graduated for 4 years now, graduate loans can be applied for up to 5 yrs after graduating.
- It's not a simple holiday (in hindsight, using the word 'Holiday' was clearly a mistake as you all automatically assumed it was a sit-off beach holiday just for me!?), it's a 7 week 'trip' involving 4 family members going to various locations in Asia and Australia.
- I have a well paid job and so YES my partner and I can afford the repayments - over 8 years would be just under £200 a month which is less than I have paid in the past and managed just fine. I do not mind repaying over 8 years, however given my past track records, I have paid off loans early so it's unlikely it'll go to 8 years. I don't feel I need to go into more detail on how the finances for this will work, as it's not relevant to the question.
- I will not be leaving anyone with debt (????!!!! where did I ever suggest I had a terminal illness?!?!!?!?) It's a family member with a degenerative condition that, is fine to go away now, but come another couple of years, might not even be able to get out of bed. Which is why we are cramming everything into one trip.
- The last comment about the debt collector made me laugh...I'm pretty sure I will not have a debt collector "hunting" me! There's a difference here with some fresh-out-of-uni/jobless young graduate grabbing a loan for a bit of a fun trip...and me, knowing I have a regular income to come back to thus certain of the ability to repay my debts. For the record, I went to Uni as a mature student so lets say I have a bit of life experience under my belt.

Anything I've missed? But really, filtering out all the rudeness, I've gathered that NO it's not a good idea to give an alternative reason as it's fraudulent. All I wanted to know. Thanks guys.

Gaz83

Lolla83 wrote: »

Ok, for starters, I didn't think this forum was for personal insults - to the person who called me an idiot, take a look in the mirror. How dare you insult me when you do not know the full story!!!!

I called you an idiot because you posted a half-baked thread to begin with then got all uppity because folk gave you sound advice explaining how daft the idea of borrowing £15k for a holiday was.

It was only then that all the information came out. Perhaps if you'd posted all the information to begin with you'd have had more sympathetic replies.

That's why you're an idiot. I did not "know the full story" because you were too idiotic to post it.

lynz68

To be fair your original post had very little detail and people would assume you had just graduated so the advice so far has been spot on.


Now it turns out you actually graduated 4 yrs ago and are employed, a totally different scenario. Most people would not be aware you could get a graduate loan so long after graduating.

So to answer your question no you should tell the truth on your loan application.

BillJones

OP, it's no use you trying to take the moral high ground over other people's tone, when in your opening post you asked whether it was advisable to commit fraud.

Anyone who'll come on to a public forum and ask such a ridiculous question deserves a far lower tone of response than the helpful replies that you were given. You may come from a family who care nothing for the law or morality, but don't try to take the high ground when you encounter others who would never dream of obtaining money by deception.

katejo

Lolla83 wrote: »

Ok, for starters, I didn't think this forum was for personal insults - to the person who called me an idiot, take a look in the mirror. How dare you insult me when you do not know the full story!!!!

When I originally posted, it was a very quick post, not realising I had to go into so much personal detail to get a simple question answered. I genuinely do not know if banks assess their loan applications on the reason for spending - hence why I asked what I thought was a reasonable question. I was of the mind that loans were assessed on whether you could afford repayments - when I was told in passing that I might want to give a more important reason than a trip, it threw me. I know, I thought, I'll ask on MSE...how I regret that now.

SO, lets take this from a different angle - my question was, SHOULD I use a different reason other than "holiday" when applying for the loan? Acceptable and polite answers would have been "No, it doesn't matter what you put"...."No, don't do that as it's committing fraud"....or even, "Yes, they accept loans for traveling" etc etc. Not, getting personal and giving your opinion on whether my going away is a stupid idea or whatever, that's not what I asked.

Given that you all want so much personal information to answer, what is essentially a Yes or No question, I shall elaborate.

- I have been graduated for 4 years now, graduate loans can be applied for up to 5 yrs after graduating.
- It's not a simple holiday (in hindsight, using the word 'Holiday' was clearly a mistake as you all automatically assumed it was a sit-off beach holiday just for me!?), it's a 7 week 'trip' involving 4 family members going to various locations in Asia and Australia.
- I have a well paid job and so YES my partner and I can afford the repayments - over 8 years would be just under £200 a month which is less than I have paid in the past and managed just fine. I do not mind repaying over 8 years, however given my past track records, I have paid off loans early so it's unlikely it'll go to 8 years. I don't feel I need to go into more detail on how the finances for this will work, as it's not relevant to the question.
- I will not be leaving anyone with debt (????!!!! where did I ever suggest I had a terminal illness?!?!!?!?) It's a family member with a degenerative condition that, is fine to go away now, but come another couple of years, might not even be able to get out of bed. Which is why we are cramming everything into one trip.
- The last comment about the debt collector made me laugh...I'm pretty sure I will not have a debt collector "hunting" me! There's a difference here with some fresh-out-of-uni/jobless young graduate grabbing a loan for a bit of a fun trip...and me, knowing I have a regular income to come back to thus certain of the ability to repay my debts. For the record, I went to Uni as a mature student so lets say I have a bit of life experience under my belt.

Anything I've missed? But really, filtering out all the rudeness, I've gathered that NO it's not a good idea to give an alternative reason as it's fraudulent. All I wanted to know. Thanks guys.

Even then I would still not borrow money for a holiday. I always save for holidays absolutely without any exception. The idea of having the pleasure first followed by the depressing process of clearing a debt is not for me.

tonyh66

7 weeks, 4 people = £3750pp which is quite cheap for a 7 week holiday to Asia and Australia considering the price of flights.

[Deleted User]

jaylee3 wrote: »

Is borrowing it for a holiday, any more stupid than borrowing it for a wedding?

Personally, I think borrowing any amount of money, for either, is stupid.

tomtontom

Bedsit_Bob wrote: »

Personally, I think borrowing any amount of money, for either, is stupid.

Got to agree - anything you're paying off eight years later should still be providing benefit then. Yes, the trip will provide memories, but they can be created at a far lower cost!

[Deleted User]

Just a thought OP.

Have you check that you will be able to get Travel Insurance, for the person with the condition?