In need of a loan but unemployed until Sept 2020

nyoung11

I am a teacher but have been travelling for the past 9 months.  Current climate resulted in me coming home with some debt.
I have a new job lined up, however, I am not officially employed or have an income until Septemeber.
Can I get away with saying on the loan application that I am employed as I could do with paying of my overdraft and credit card!
Thoughts please,
Thanks

[Deleted User]

No.  That would be a fraudulent application which would have a much greater impact on you than simply not getting the loan. 

DrEskimo

Consolidation is rarely cheap or a good idea either. Getting more debt doesn't help improve your current debt, as unfortunately you are not 'paying off' anything. Simply moving it around and freeing up your existing lines of credit, which runs the risk of increasing your debt, not decreasing it.

Go over your spending, cut your costs as much as possible and pay the debts smallest to largest as fast as possible.

Grumpy_chap

Prepare your SoA (statement of affairs) and review for opportunities to reduce costs.  If nothing good comes to you, then share the SoA in the DFW forum.

You only need to get through a relatively short time period before you will have a regular (and secure) income and can use that to get things restructured and back into the type of order you would like.

DCFC79

nyoung11 said:

I am a teacher but have been travelling for the past 9 months.  Current climate resulted in me coming home with some debt.
I have a new job lined up, however, I am not officially employed or have an income until Septemeber.
Can I get away with saying on the loan application that I am employed as I could do with paying of my overdraft and credit card!
Thoughts please,
Thanks

Here's a question, how would you meet the loan payment for June, July and August ?

TadleyBaggie

DCFC79 said

Here's a question, how would you meet the loan payment for June, July and August ?

And possibly September too, if they are going to be paid in arrears. I expect the answer will be by using some  of the money they were lent, i.e. borrowing more than they actually need to consolidate their existing debt. A dangerous strategy in my eyes.

Grumpy_chap

Instead of a loan, can the OP get an interest-free credit card to see them to the first pay-check and then clear that card down quickly.  Live like a hobbit to clear the debts.

Fighter1986

nyoung11 said:

I am a teacher but have been travelling for the past 9 months.  Current climate resulted in me coming home with some debt.
I have a new job lined up, however, I am not officially employed or have an income until Septemeber.
Can I get away with saying on the loan application that I am employed as I could do with paying of my overdraft and credit card!
Thoughts please,
Thanks

No. That would be fraud, and a Cifas Cat 4 marker would be held with the fraud prevention agency for six years, and could result in your existing bank account being closed.

Don't commit fraud. Pay what you can towards your debt and apply without lying when you're back in work. 

macman

And a fraud marker might not do your teaching career a whole lot of good either...

DCFC79

TadleyBaggie said:

DCFC79 said

Here's a question, how would you meet the loan payment for June, July and August ?

And possibly September too, if they are going to be paid in arrears. I expect the answer will be by using some  of the money they were lent, i.e. borrowing more than they actually need to consolidate their existing debt. A dangerous strategy in my eyes.

Yes September too.

MinuteNoodles

My thoughts are to go to employment agencies doing factory, production and warehouse distribution work and sign up for one of those to cover you until September. Also farmers have been complaining about not being able to get staff for harvesting so there's an opportunity to look at.