2006-06-15 07:45:35 · 10 answers · asked by hoochthesecond 1 in Business & Finance ➔ Credit
hi work for abank, so here goes...if you intended to do this then yes its fraud, but if you didnt and have started missing payments then this is default, but if you contact your bank, usually the arrears team and set up a payment agreement it will look a lot better on your credit file as it wont show missed payments only the arranged agreement details wil be shown......
2006-06-16 03:06:17 · answer #1 · answered by vino 2 · 3⤊ 0⤋
It is not fraud, just bad management and your credit score will reflect your ability with money. The low score will mean that you will be charged a higher rate for every thing you borrow in the future.
2006-06-15 14:49:45 · answer #2 · answered by yes_its_me 7 · 0⤊ 0⤋
It's not fraud,it's default on the terms of the loan
2006-06-15 14:49:52 · answer #3 · answered by xtruckcapt 1 · 0⤊ 0⤋
No, it would be termed default, which would adversely affect your credit history. If you deliberately stopped paying and tried to get away with it, it could be termed fraud.
2006-06-15 15:07:55 · answer #4 · answered by ash 3 · 0⤊ 0⤋
It's not fraud, talk to the company and arrange what you are able to pay, they should be able to restructure the loan to suit your needs.
2006-06-15 15:11:23 · answer #5 · answered by Mummy of 2 7 · 0⤊ 0⤋
no, that would be default. It wrecks your credit. Start making those payments right away. They can take what you bought for payment or collateral.
2006-06-15 14:48:35 · answer #6 · answered by Stacy R 6 · 0⤊ 0⤋
If you knew you weren't going to be able to pay it then yes you are committing fraud. If however you can't pay due to unforeseen circumstances then it's not.
2006-06-15 15:22:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋
only fraud if you actually intended to do this.
2006-06-15 14:51:26 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No, it means u'll be bankrupt when the bank takes their collateral.
2006-06-15 14:50:31 · answer #9 · answered by damselville 2 · 0⤊ 0⤋
no, would just make your credit report look bad.
2006-06-15 14:49:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋