Question about fraud

budget_budd

Snooze wrote: »

Depends how much they've got coming in to their account every month. You don't need assets to get loans (although it does help).

If you've got a fairly spotless credit file, can prove you've been in your job for a good length of time, are on the Electoral Roll and have at least 3 years of history then the banks would be lapping up his business.

Rob

True, I was thinking that someone who doesn't appear to be too bright may not have the income required for this sort of loan (hey Im probably wrong)

Banks are getting a bit fussier about who they lend to.

Im just imagining the "what are you going to do with the money?" question

leedsfan_3

Lol no it's not me although to put it into clearer terms because I have good credit, I was able to get a loan for 10k with a salary of just over 17k a few months ago. Whereas he is on 24k also with a good credit rating, therefore I don't anticipate he will have too many problems with getting that kind of loan.

budget_budd

Why would someone earning a decent wage want to do this?

leedsfan_3

Well I think basically he is fed up with his job and is looking at leaving the country permanently, or at least semi permanently but is not good with saving money, especially his own.

budget_budd

Introduce him to this website, it will sort out taking care of the money.

Tell him to look for a new job abroad. (or one that involves travel)

real1314

He'll find it hard to get a decent job again after running off with £20k. How long does he think it will last him?

I'd guess he's fairly young? Under 25?

Ok, so 25-30, go abroad, live off £20k - but erm, that's just £4k a year over 5 yrs.
30 - come back - where does he start again - hard to get a job, bad history of work and credit.
Even when the 6 years of bankruptcy have passed he'll struggle to get credit.

Absolute madness for £20k or so.

If he could get £500k well... ... but then the moral issues kick in.

Snooze

real1314 wrote: »

He'll find it hard to get a decent job again after running off with £20k. How long does he think it will last him?

I'd guess he's fairly young? Under 25?

Ok, so 25-30, go abroad, live off £20k - but erm, that's just £4k a year over 5 yrs.
30 - come back - where does he start again - hard to get a job, bad history of work and credit.
Even when the 6 years of bankruptcy have passed he'll struggle to get credit.

Absolute madness for £20k or so.

If he could get £500k well... ... but then the moral issues kick in.

What has getting a job got to do with anything? Where does leedslad say he works for a bank or financial institution? Umm, it doesn't.

In all the jobs I've had over the years not one of them has done a credit check or police check on me (and the majority of those have been on the £25-30k bracket) so I don't see why being bankrupt would affect getting another one. Thousands of people on the bankruptcy forum don't seem to have any such problems.

Rob

dannynixon

I am reading this and I just can't quite get it. Why on earth is your friend doing this because he is bored? Madness.

If you want to dissuade him, take him for a pint and tell him how much of an idiot he is. If he doesn't listen then let him. The downside is that you will have to watch his quality of life fall drastically when his mmeasly 20k runs out

PROLIANT

If he wants to bump somebody say to go abroad on holiday etc, at least bump the provy, they are not regulated by the FSA nor do they/can't report to CRA's therefore it wouldn't harm his credit rating, only joking, what he is proposing is stupid, come on why though? He could get a part time job in addition to his "alright by today’s standards, half decent paid" fulltime job, he could make £6,000 per year for a few hours in a bar or as a cleaner, whatever, don’t spend it and just bank it in a high interest account for a year or so, then while saving and working look for a job abroad, simple. I don’t agree with what he is proposing, he would damage his credit worthiness for at least 6 years and he would never be able to approach the financial institution he bumped in the first place again, stop him any way you can, threaten to end your friendship with him if you have to, anything.

uktyler

The other problem is he will have to take cash or travellers cheques with him, as he won't have a bank account. The risks of being mugged with 20k is high, then he comes back with nothing after a few months. How long does he think he can stay away for?
Many countries only allow to to stay for a set period of time on a tourist visa.