Impossible Situation

xlnc99

Im not encouraging the OP to lie. Im giving all the options out there. If the OP is adamant that his/her son did fraud then there is nothing they can do. But i am just making the OP that mistakes on application forms can happen and to explore all possibilities before making a decision.

Have a word with your son and find out exactly what happened incase there are details you missed

RidiculousSituation

Would BR be the first point here though? I really don’t think it’s fair to try and wiggle out by pointing the finger at irresponsible lending though, whilst it was obvious this is the case, they acted in good faith.

I do appreciate so much all the input everyone has contributed so far, thank you.

xlnc99

First point here is to try and clear debts. If the irresponsible lending is not a route you want to go down then contact all lenders explain your son cant afford it. No need to tell them about the application, just say he is currently unemployed. Workout a plan, even the most basic monthly payments. It may take forever to clear but that is option 1.

If you are not prepared to do this and go through it for the long haul in clearing the debts then BR is only option.

These two are your only options here im afraid

RidiculousSituation

Okay, we’re going to start digging in to BR tomorrow, if nothing else it’s going to be a valuable lesson to him.

Willing2Learn

RidiculousSituation wrote: »

Okay, we’re going to start digging in to BR tomorrow, if nothing else it’s going to be a valuable lesson to him.

Your son might find it beneficial to start a Debt-Free Diary. Maybe, having a diary to chart his no-gambling debt-busting journey would be inspiring to him. Keeping him motivated toward change.

Sometimes gambling is an unhelpful coping strategy to manage the day-to-day stresses of life. It is for this reason that Cognitive Behavioural Therapy (CBT) is known as a successful tool to address the psychological reasons behind problem gambling. CBT can usually be accessed via a GP using the Improving Access to Psychological Therapies (IAPT) programme.

RidiculousSituation

Thank you very much W2L I will certainly make both those recommendations to him.

I really hope he can keep on the right track, it makes me feel physically sick for him how much he’s lost, what people could do with that amount of money!

TheStoozeFather

xlnc99 wrote: »

how is it possible to get 70k credit ....

granted i know he lied on his application form and said he was working but even still. They would have checked his credit file and for him to get 70k of credit is insane! What salary did he put on the forms!

im not buying this at all

It is possible so I would be inclined to believe the OP. I borrowed over £80k with a combination of balance transfer and money transfer CCs (for stoozing) towards the back end of 2018. Applications were all timed within a short period though.

SnowTiger

RidiculousSituation wrote: »

He was employed over two years ago.

RidiculousSituation wrote: »

He has no set income, but living at home and has no outgoings.

He has £40,000 in loans and £30,000 in credit card debt.

RidiculousSituation wrote: »

He used to take home in sales up-to £3000 a month but that was a long time ago.

It appears son hasn't worked for over two years.

Son has debts of £70,000.

Son was taking home £3,000 a month at the peak of his career. That's £36,000 a year. I guess that includes bonuses.

Son appears to have no income. JSA is £73.10 a week if he clams that.

All of that along with the gambling makes me wonder if son is suffering depression too. If he is he should seek treatment.

The debt does seem like an insurmountable mountain. I don't think posting a SOA will throw up any answers.

Bankruptcy seems the best way out to me.

boo_star

xlnc99 wrote: »

I realise the salary is not reported on the credit file but my point is to get 70k worth of credit - any sane or legitmate company would have seen his file and seen all his debts (unless he got the 70k worth of credit all at the same time), plus the fact the lenders would have seen is searches for all these loans. The fact he put his salary at 60k and got credit for 70k doesnt make sense

Im not buying this story, doesnt make any sense. Also he got one loan for 13k and one for 12k - Who would offer that these days without doing some sort of checks, unless its with your bank who have access to your statements and can see your income.

Too many question marks here

Most lenders lend based on the assumption that what you put in your application is correct.

Other than mortgages I've never been asked to "prove" what I say is truthful.

Both the FSA and FCA appear to be fine with this.

And National Hunter will only flag up anomalies. If you can lie consistently you're probably going to fly below their radar.

Bum2018

sourcrates wrote: »

If the OR suspects fraud, then he may get a BRO (bankrupcy restrictions order) for a period of time over and above the initial 12 months, in reality I doubt that will happen, fraud isn`t always easy to prove, and credit taken out in this way can normally be attributed to the OP`s gambling addiction, it will depend how far the OR wishes to go with this, normally bankrupcy is more of a box ticking excercise than an all out essay of your life.

His options, as set out above, are either to let this hang as it is, the creditors cannot do anything, even going through the courts he has no money with which to pay, so its a pointless excercise, after 6 years all will become statute barred, problem with this is the creditors will still chase him, debts will be farmed out to collection agencies, they won`t be aware of his situation, so its going to be constant letter tennis with them.

Bankrupcy would at least remove the creditor contact, write off the debt, and allow him to start again with a clean, but tarnished slate.
He won`t have a hope in hell of repaying 70k any other way, especially with the interest that must be accruing on the cards and OD`s.

The cost is £680, once paid, the wheels turn pretty quickly, its all done online, by post, and involves a phone call from the OR, they will be fair and frank with him, your money is best kept in your bank account, if your feeling generous, you could lend him the £680 quid bankrupcy fee, more important is to stop him from doing this again, he must get help with the gambling.

What does this OR stand for ?



Thanks