When you apply for catalouges like this they will sent you up a line of credit also much like a credit card. How do you know that the bike is the only item he has purchased from the catalogue. You normally have to pay a minimum payment but you might find that you owe for more than the bike. I would just report this as fraud and get it all off your record. They might as why you have not reported it but I would just tell them the truth.
Need advice regarding a loan
- Thread starter just Scott
- Start date
Soldato
You have 3 options and sadly you have to pick one of them, ignoring it and hoping it goes away will default your choice to option 1.
1. Accept that your credit rating is going to plummet, your going to have a CCJ over your head and you will, for the next several years be refused credit on all manner of things such as mortgage applications, loans, mobile phone contracts, credit cards etc etc.
2. Pay the £300 that is in arrears.
3. Tell your friend he has 24 hours to give you the £300 to pay or you will have no choice but to inform the loan company that you have been the victim of a fraudulent loan application and to start what every procedures are required, this may well involve the police.
Choice is yours, pick one.
1. Accept that your credit rating is going to plummet, your going to have a CCJ over your head and you will, for the next several years be refused credit on all manner of things such as mortgage applications, loans, mobile phone contracts, credit cards etc etc.
2. Pay the £300 that is in arrears.
3. Tell your friend he has 24 hours to give you the £300 to pay or you will have no choice but to inform the loan company that you have been the victim of a fraudulent loan application and to start what every procedures are required, this may well involve the police.
Choice is yours, pick one.
Will be credit rating still plummet if I pay the £250 today? (they offered 85% of the loan if I pay in lump sum today)
Nope. It may have already been negatively effected but if you clear it now then it'll be the end of the story.
Soldato
As it sounds like this has been going on for a while, it's likely your credit rating has already taken a hit - the only way to really do something about this is to report it as fraud.
To clarify - it may have been affected, but if you pay it off now it wont get any worse
To clarify - it may have been affected, but if you pay it off now it wont get any worse
Soldato
- Joined
- 20 Oct 2005
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Why are you going to pay it?
Thought you couldnt afford it?
Run a credit check to see if there is any mention of this on it.
Thought you couldnt afford it?
Run a credit check to see if there is any mention of this on it.
I was chased by a company when i cancelled a phone contract through my bank a week too early causing a payment not to be taken. This was £50 and I still had a letter from a debt collection company so I'm sure they will chase £300.
I can understand that paying the money means the issue goes away and solves everything, however you will still be £300 out of pocket while this 'friend' gets away with everything scott free. As harsh as it is, this guy has done you absolutely no favours, has lied to you etc. Report it as fraud and save yourself from having so many issues in your future life!
I can understand that paying the money means the issue goes away and solves everything, however you will still be £300 out of pocket while this 'friend' gets away with everything scott free. As harsh as it is, this guy has done you absolutely no favours, has lied to you etc. Report it as fraud and save yourself from having so many issues in your future life!
As it sounds like this has been going on for a while, it's likely your credit rating has already taken a hit - the only way to really do something about this is to report it as fraud.
To clarify - it may have been affected, but if you pay it off now it wont get any worse
Quite.
Is the guy still living with you? It sounds like that bike is now yours!
Just seems like the easiest way. I could maybe ask my mum to pay it, then I'll have all the time in the world to pressure my friend for the money. He's not going anywhere unless he doesn't want to see his son.
No, him and my sister broke up. Their 2 year old son lives here though with his mum.
Because the credit has already gone into default, this will already affect your credit scoring as it would be classed as missed payments.
whether you done it as a friendly gesture or not, the credit is in your name.
The onus will be upon you to either pay the outstanding ammount, or request an application in court to set judgement aside as the bike isn't owned by yourself, however i fear the court wont see kindly to this as it's your responsibility to make sure he pays.
whether you done it as a friendly gesture or not, the credit is in your name.
The onus will be upon you to either pay the outstanding ammount, or request an application in court to set judgement aside as the bike isn't owned by yourself, however i fear the court wont see kindly to this as it's your responsibility to make sure he pays.
Sell the son?
That is unfortunate, im pretty scared now as im currently going through shared ownership with my wife, and we got an AIP from santander for £66k but i have missed 1 - 2 payments last year. with them being stricker on FTB i don't want us to be declined. also the building association Sentinel has checked our affordability and we passed, the last hurdle is mortgage where most people fall
Soldato
Your problem is that the goods were delivered to your house. Even if you say you did not take out the loan, you will have a hell of a job proving that you did not, especially as you have been ignoring their letters. Anyone who had been a genuine victim of fraud would have been straight onto them and said it was and they would have probably let it go. As far as it goes legally you have to look at it how a judge would look at it based upon the evidence which I have listed above. These are the only facts and unfortunately I doubt you will get out of this.
I can only suggest you obtain some form of credit and pay it off as if you do not, you could decimate your credit rating further and screw yourself over for years. You already have a default. Do not make it a CCJ.
Live and learn.
I can only suggest you obtain some form of credit and pay it off as if you do not, you could decimate your credit rating further and screw yourself over for years. You already have a default. Do not make it a CCJ.
Live and learn.
they cant do anything mate..i get these letters al the time..my sister and her husband always pull stunts like this..they dont even live with us...my 1st bit of advice is get hold of a base ball bat and let you sisters boy friend know the true meaning of life...the only way i can see you from stop reciveing these letter ssince they are in your name is get one of your loyal friends or your sisters boyfriend and to fone the baliff company..tell them "not you" your friend that they person whose name is on the letter no longer lives in this resident..then what will happen is someone will come over and ask for the other person to show proof.just provide a passport or whatever ID and the douche bags will go away....
Soldato
- Joined
- 23 Oct 2002
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too late, jacko is dead now. maybe try madonna?
Soldato
OP said he cannot afford to pay it. A CCJ is worse than a default. £300 is hardly a lot of money to borrow to avoid this surely?
Soldato
He's not your friend if he is willing to use your name for credit and then abuse it. FIle for fraud and let him get cavity searched by his cell mate Bubba Ray Jnr after he gets convicted TBH.