Hi all - I am wondering about how deep the checks are by loan companies

blurm

Hi all, like the forum and am hoping you can help me...

I am going to try and extend my current A+L loan as it had a good rate. I will be taking the amount due back to the £5000 I originally borrowed (I think I have paid back £3000 so far approx).

However, I plan to tell them I am currently in full time employment even though (while remaining able to pay back the payments without problem) I am not.

Is this going to be a problem? I understand it's an outright lie and is less than morally astute - the fact that I want and can pay back the loan strikes me an overlying personal judgement of 'why the hell not - it benefits us both'.

So yes, my question would be - do they have strict and rigorous tests that might obscure my quest for finance?

Many thanks in advance....:beer:

jonesMUFCforever

You will be committing fraud.
Even a brief look at your accounts will show no wages going in - what will you say if asked?

You will then kiss goodbye to any new lending and a CIFAS marker on your account will scare away anybody else that you want to borrow from.

blurm

jonesMUFCforever wrote: »

You will be committing fraud.
Even a brief look at your accounts will show no wages going in - what will you say if asked?

You will then kiss goodbye to any new lending and a CIFAS marker on your account will scare away anybody else that you want to borrow from.

If they can look at my bank account then quite clearly I'd be quite stupid to attempt such an act.

Regardless, how are loan companies on part time employment? Say permanent work paying £400 a month after tax on a loan that is around £100 a month? No other major outgoings....

Thanks again :A

jonesMUFCforever

You tell them the truth - they make the decision based on this information.

blurm

jonesMUFCforever wrote: »

You tell them the truth - they make the decision based on this information.

Yeah, I mean - I am working part time Just wondering if I had a chance, I thought if you applied and they told you no it counted against you is all ....

jonesMUFCforever

blurm wrote: »

Yeah, I mean - I am working part time Just wondering if I had a chance, I thought if you applied and they told you no it counted against you is all ....

Sorry don't understand your point at all.

thebaroness

Don't lie on a credit application, simple as that. As jonesmyfcforever mentioned, this is fraud and it could cause a lot of problems. When applying for a loan, tell the company how many hours a week and ask them whether they class that as full time or part time. I work for a finance house and we consider anything over 16hours a week to be full time.

dannynixon

blurm wrote: »

Yeah, I mean - I am working part time Just wondering if I had a chance, I thought if you applied and they told you no it counted against you is all ....

If you apply and you are knocked back, it will still go on your credit file as a credit check