A friend of mine cannot get credit. They have asked me if I would mind putting in a loan application for £400 so they can buy a washer/dryer. He presented me with a completed loan application in my name but with his bank account number and my name as the account holder. I refused to sign the document as I believe it would be rejected. I would like to know what kind of checks are performed, would they have detected that the bank account was not mine? My guess is yes and this would have adversley affected my credit rating. All info welcome.
2007-03-30 22:32:17 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
I was a credit controller. I had to check peoples credit for hp and chase debt. This sounds so dodgy. If your mate wants a washer dryer there are lots of company's that will give him credit but at a much higher APR. To get a bank loan for a washer dry seems weird as most places do credit and interest free at that. For your "mate" to ask you to that... Is wrong. Just say he/you got the loan, He defaults. They will come after you for the money, You will be the one who gets the CCJ. You will be the one that cant get credit. You could also be done for fraud. You can get black listed by association. Tell him to get a copy of his credit history from one of the following...
2007-03-30 22:50:12 · answer #1 · answered by Psycho Chicken! 5 · 1⤊ 0⤋
What your friend is doing is total fraud and a criminal offence as it involves deception. Regardless of the whether it will be rejected ( which it is bound to be ), you are party to a crime so not only would it affect your credit rating but probably get your finger prints taken. I am sorry to say this but this is not someone to call a friend if they actively are involving you in this. If they are that badly off, tell them to get a second hand washer/dryer and kick the need for £400 into tow! We all have to accept second best sometimes.
MY guess is that you know this is a silly question ..
2007-03-30 22:43:07 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I disagree with all the other answers. think about this logically, you are applying for the credit whatever you do with the £400 is your business and to be honest the companies do not care - they will asses your credit history and judge the application on that. They do not care who's account details you put down as they would do checks with your employer and may even check with your 'friend' that the payments are coming from that account.
But on a big note of caution the debt would be in your name and you would be soley responsible for repayment should your 'friend' not pay!
Hope this helps x
2007-04-01 07:26:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sometimes you just have to do the right thing. And you have. Your "friend" is putting you in an awkward position by asking you to commit fraud. That's not the hallmark of a friend.
Of course the subterfuge would be discovered. It just takes seconds to verify a bank account and if they really wanted to be bastards they could pursue crimminal bank fraud charges or theft by deception charges.
You'd do better just taking out the loan yourself the proper way and handing him the dosh and hoping for the best. Somehow I don't think you're prepared to do that, so why would you even consider commiting a crime for this "friend."
2007-03-30 22:43:42 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
first of all no true friend would even ask you to do something so dumb.. secondly. why is it your responsibility to get a loan for him. it is his issue not yours. Also friends seem to have a hard time paying loans giving to them from friends. why can't he afford $400 thats pretty sad... he's obviously a loser if he cant come up with $400 and then can't even get a loan for $400.. think about it $400 thats chump change. he's a loser tell him to leave you out of the issue and find som eone else or tell him to get a real job.......
2007-03-30 22:47:02 · answer #5 · answered by job e 2 · 1⤊ 0⤋
If your friends needs a new washer/dryer and if you have the cash you could just lend it to them but I would be worried about getting it back. They can purchase things from a catalogue or Bright house , go to the launderette,or even wash their dirty clothes in your washer till they get sorted.
2007-03-30 22:47:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
That would be big trouble for you. You could, however, be a guarantor. You would, though, be responsible for the debt if your friend didn't keep up the repayments.
2007-03-30 22:44:33 · answer #7 · answered by Anonymous · 1⤊ 0⤋
It would have done more than affect your credit rating, it would have put you in jail.
Trying to defraud a bank, Big no no.....
2007-03-30 22:38:12 · answer #8 · answered by Anonymous · 4⤊ 1⤋
I'd stay out of it. I can see where you are going to end up paying for everything.
2007-03-30 22:43:34 · answer #9 · answered by Anonymous · 1⤊ 0⤋