Is this fraud?

RealityStar

Really it is the bank which should be prosecuted for lending money recklessly.

And this after the banking crisis.

It is shocking if this could happen and it is the bankers who are at fault and should
be dealt with.

fatbelly

lookingforadviceguys wrote: »

Hey all,

I have a friend who's in a sticky situation and I was hoping some advice. He recently took out a couple of loans totaling some £50,000 ...

When people who gamble say they have 'a couple of debts' that usually means 6 - 10. That's the way I've understood the question.

gfplux

Does your "friend" know exactly how much he owes?

National_Debtline

Hi OP


I suspect there is more to your friend's predicament than he has disclosed so far. One is not going to be able to borrow on anything near that scale simply by filling in an application form creatively. For me, the bigger issue is whatever gambling habit has got him into this situation - the debts are merely symptoms and a remedy like bankruptcy will not address the cause. I would encourage him to seek (professional) support on that level as a priority.


Dennis
@natdebtline

lookingforadviceguys

Thank you again for the advice. To answer a few points -

He has two debts - one totaling £35k and the other £10k. They were both provided on an unsecured loan basis and all he did was sign his name and return the documents. He never had to prove employment or any wage slips.

If he chooses to go bankrupt then would he likely be prosecuted for fraud as he did lie about on the forms to gain the money to then spend it on gambling?

andyfromotley

fatbelly wrote: »

When people who gamble say they have 'a couple of debts' that usually means 6 - 10. That's the way I've understood the question.

Or 20!! and when they say £50k they usually mean £100k!!

gfplux

lookingforadviceguys wrote: »

Thank you again for the advice. To answer a few points -

He has two debts - one totaling £35k and the other £10k. They were both provided on an unsecured loan basis and all he did was sign his name and return the documents. He never had to prove employment or any wage slips.

If he chooses to go bankrupt then would he likely be prosecuted for fraud as he did lie about on the forms to gain the money to then spend it on gambling?

What he borrowed the money for is totally irrelevant.

Perhaps you could ask on the Motley fool site. They have a legal thread with many posters who are in the legal profession.