Need advice regarding a loan

[mk1_salami]

I think you're a prime candiate for Judge Judy.

 

[Gackt]

How does taking out more credit to pay off an amount you have defaulted on become good advice?

Seeing as it wasn't technically his incompetence (other than trusting an idiot and not actually doing anything about it) that lead to the missed payments, then as long as he moves forward, he'll be fine. If he can find something with a low/no-interest rate, he'll have them off his back, and he can pay back the money possibly repairing some of the damage this has done to his credit rating.

A lesson learned.

Still don't know why he doesn't go after the **** who took the money. Either that or trash the bike. Or report it stolen, as he technically paid for it.

 

[Destination]

You do realise, this has probably messed up your credit rating a fair amount, thus removing any chance of you having any sort of finance in a good few years to come?

You are just finished uni.
You have no employment.
Now this m8 is going to muck up your credit rating for a very long time.
You are protecting a fraudster, who commited fraud against you.
Muppet.

 

[J-FRO]

Why don't you want to get him done for fraud?

If he's letting you take the fall for this he's hardly a friend, so tell him to pay it or face the consequences.

I'm glad it only took post number 8 to come to this conclusion.

**** him. Where's your £300 bike for nothing?

 

[Fourstar]

If he can find something with a low/no-interest rate, he'll have them off his back,

Is he likely to qualify for a £300 loan from a reputable company when he is (I assume after just leaving uni) low paid and almost definitely listed as in default on a £300 credit in his credit rating?

I also jump on the report him for fraud bandwagon. He really is no friend of yours and has already caused you long term financial damage.

Sadly it will be hard to prove and he will probably deny having the bicycle. The one hope you have is that the debt collection agency has something on record when he agreed (then failed) to pay the outstanding sum.

The other question is whether this even is fraud since you gave your blessing after finding out about it?