Hitachi finance.

Leeroy123

Leeroy123

Leeroy123

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29 May 2009
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Ok lads. quick question, one of my mates has just asked me about the hitachi finance on overclockers uk. Now i know all about the apr and stuff. All we need to know is. My friend has an IVA and therefore is unable to gain any credit for 4 more years, therefore obviously he would get rejected straight off. Is it possible for him to try and get credit under my name, but using his credit card details? i said i think they would check not only the card details but also the addresses. But i might be wrong.
 
Leeroy123 said:
Ok lads. quick question, one of my mates has just asked me about the hitachi finance on overclockers uk. Now i know all about the apr and stuff. All we need to know is. My friend has an IVA and therefore is unable to gain any credit for 4 more years, therefore obviously he would get rejected straight off. Is it possible for him to try and get credit under my name, but using his credit card details? i said i think they would check not only the card details but also the addresses. But i might be wrong.
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You'd take out a credit agreement for someone with an IVA? Are you off your head? Also, how does he still have a credit card (or is it one of them ***** PAYG jobs)?
 
Is it possible for him to try and get credit under my name, but using his credit card details
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Doubt it. The finance company would check the name and address of the credit card holder and those wouldn't match with your name and address. You're also sailing very close to fraud so that's something you'd need to watch out for.
 
hes a very good friend mate , when i say credit card, i mean bank card. even though you have an iva you can still have a bank card with any banks that you where not owing credit to.
 
Why is your friend trying to get credit when he has an IVA? Has he not learned his lesson? Tell him if he wants shiny new things he has to save up and buy them.
 
pcAnywhere said:
Doubt it. The finance company would check the name and address of the credit card holder and those wouldn't match with your name and address. You're also sailing very close to fraud so that's something you'd need to watch out for.
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Fraud. really? but wouldnt the debt be in my name for him
 
Obviously you could take the loan out yourself, using your own credit history - but you'd be liable for the debt. Some credit companies formalise this with a "guarantor" agreement.
 
Leeroy123 said:
hes a very good friend mate , when i say credit card, i mean bank card. even though you have an iva you can still have a bank card with any banks that you where not owing credit to.
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At the end of the day, he's got an IVA because he can't manage money.

Whatever happens, you will be solely responsible for the repayments, they will need to come from your bank account each month and chances are the credit or debit card will need to be in your name so you might as well do it all in your name and get him to set up a standing order to your account for the repayments each month.
 
You could always just loan him the money yourself if you have it spare now. Would cost him less (and would reduce the liability to yourself).

Although we don't know the exact situation, it does sound a bit dodgy though. I assume the amount isn't too much?
 
yes thats what i mean pcAnywhere mate, i take out the loan agreement but payment are made from his card. The amount isnt really that much, looks like around 600 pound. Hes actually in quite a bit of debt, hes 25 and his iva has come in place to take over a 45k debt. He really went mad before that with money. Hes had the iva 2 years so far and hes better off, hes defo learnt his lesson. This is the first time hes wanted to even consider getting something.

Anyways guys thanks for your advice, i have to shoot off to work. appreciate the help.
 
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pcAnywhere said:
+1

I know he's a good mate but you're not really helping him by continuing this cycle of debt / repayment.
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Indeed. I speak from experience, he needs to stop the cycle. It's much more satisfying saving up and paying for things outright anyway :cool:
 
Individual Voluntary Arrangement.
"Unlike Bankruptcy, an IVA does not statutorily restrict a debtor from obtaining credit, although the proposal may do so. In bankruptcy however one legally can obtain credit of up to £500 without disclosing one's status as a bankrupt" according to Wikipedia...
 
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