Tip jar

If you like CaB and wish to support it, you can use PayPal or KoFi. Thank you, and I hope you continue to enjoy the site - Neil.

Buy Me a Coffee at ko-fi.com

Support CaB

Recent

Welcome to Cook'd and Bomb'd. Please login or sign up.

March 28, 2024, 03:04:11 PM

Login with username, password and session length

Fibbing about employment

Started by bgmnts, September 06, 2020, 10:15:11 PM

Previous topic - Next topic

bgmnts

On a credit application to buy a product in instalments? Has anyone done this? If so, do they ever check and how illegal is it if caught?

Shoulders?-Stomach!

Quotehow illegal is it if caught?

Fraud?

Somewhat. Somewhat.

Shit Good Nose

I would also be inclined to steer you away from doing that.

What's the product and/or how much are we talking?

bgmnts

Is the punishment severe? Someone I know has a Very account in a relative's name (with their permission) and they've never been done for it so just wanted to know how risky it was or if she is just lucky.

Quote from: Shit Good Nose on September 06, 2020, 10:18:05 PM
I would also be inclined to steer you away from doing that.

What's the product and/or how much are we talking?

It's just a games console and it's around £250.

Shit Good Nose

I don't know the ins and outs of it, so I'll just give you a REALLY lame answer/advice - consider borrowing from a friend or family, or just save up.  I mean I assume you WILL be paying it back...

bgmnts

Of course I will, I'm just not employed.

Quote from: bgmnts on September 06, 2020, 10:18:21 PM
It's just a games console and it's around £250.

Great investment mate, have you considered a career in finance?

Marner and Me

Sounds a really good sound plan, at worst case I'd assume they'd repossess the item from you as it is a breach of contract.

Tony Tony Tony

What is Big Jez the Daddy of D-wing getting for Xmas?

Answer. bgmnts

Shit Good Nose

Do you know what sort of term and interest rate you're looking at?  Appreciate rates are low at the moment, but obviously the longer the term the higher the rate etc.

bgmnts

Quote from: Poisson Du Jour on September 06, 2020, 10:28:04 PM
Great investment mate, have you considered a career in finance?

Not really. I dont consider things I buy to be investments.

Quote from: Shit Good Nose on September 06, 2020, 10:29:07 PM
Do you know what sort of term and interest rate you're looking at?  Appreciate rates are low at the moment, but obviously the longer the term the higher the rate etc.

Think its about 24%. Would be paying like 300 quid over a year period or something.

itsfredtitmus

Quote from: bgmnts on September 06, 2020, 10:18:21 PM
It's just a games console and it's around £250.
If your account is longstanding just buy it on Amazon and when it arrives complain that it wasn't in the box but  that none of the shipping packaging was faulted with so they don't start a report with the courier

Shit Good Nose

Quote from: bgmnts on September 06, 2020, 10:31:39 PM
Think its about 24%. Would be paying like 300 quid over a year period or something.

Ooff, 24% - that's not one of those payday loans places is it?

If it was me I'd follow my initial advice of borrowing from a friend or family member, or saving up - if you can afford to pay £300 in a year, then you should have £250 saved up by early next summer.

touchingcloth

Are you able to get a credit card? That might be the way to go if so, as you can potentially get a 0% it's one and transfer the balance if you don't manage to pay it off before it changes to a different rate. You need to be disciplined with what you charge to the card, though.

bgmnts

Quote from: Shit Good Nose on September 06, 2020, 10:35:19 PM
Ooff, 24% - that's not one of those payday loans places is it?

If it was me I'd follow my initial advice of borrowing from a friend or family member, or saving up - if you can afford to pay £300 in a year, then you should have £250 saved up by early next summer.

No no its just a buy now pay later deal. The flexi credit type deals you get with currys or argos or whatever.

Quote from: touchingcloth on September 06, 2020, 10:37:13 PM
Are you able to get a credit card? That might be the way to go if so, as you can potentially get a 0% it's one and transfer the balance if you don't manage to pay it off before it changes to a different rate. You need to be disciplined with what you charge to the card, though.

Nah my credit rating is rock bottom.

Shoulders?-Stomach!

Quote from: touchingcloth on September 06, 2020, 10:37:13 PM
Are you able to get a credit card? That might be the way to go if so, as you can potentially get a 0% it's one and transfer the balance if you don't manage to pay it off before it changes to a different rate. You need to be disciplined with what you charge to the card, though.

I agree, if you are offered such a card and are disciplined to pay off the instalments its a better option to get the item you desire quickly and without additional cost.

metaltax

Quote from: bgmnts on September 06, 2020, 10:18:21 PM
Someone I know has a Very account in a relative's name (with their permission) and they've never been done for it so just wanted to know how risky it was or if she is just lucky.

Well, they're not lucky, they just don't have a Very account; their relative does. Very won't give a shit but the relative is on the line to pay it back, and will suffer the consequences if they can't.

Shit Good Nose

Quote from: touchingcloth on September 06, 2020, 10:37:13 PM
Are you able to get a credit card? That might be the way to go if so, as you can potentially get a 0% it's one and transfer the balance if you don't manage to pay it off before it changes to a different rate. You need to be disciplined with what you charge to the card, though.

Yeah, good shout.  And the bit in bold cannot be stressed enough - treat a credit card like a debit card.  Don't be one of those idiots that thinks they've got £3000 of free money all of a sudden.


Quote from: bgmnts on September 06, 2020, 10:39:01 PM
No no its just a buy now pay later deal. The flexi credit type deals you get with currys or argos or whatever.

Aaaahh, right.  Sorry, I misunderstood.  24% still sounds quite a lot to me, but as long as it's legit.

But, sorry to say I can't - and don't really want to - answer about the employment status fibbing thing.


Quote from: metaltax on September 06, 2020, 10:41:36 PM
Well, they're not lucky, they just don't have a Very account; their relative does. Very won't give a shit but the relative is on the line to pay it back, and will suffer the consequences if they can't.

True, and those consequences can affect their credit rating, which then goes on to affect their ability to borrow for things like mortgages and larger loans (cars, home improvements etc).

touchingcloth

Quote from: bgmnts on September 06, 2020, 10:39:01 PM
Nah my credit rating is rock bottom.

My hunch is that finance on goods runs through the same checks as for credit cards, so whatever fibbing you had in mind should transfer to getting a credit card. 24% is fucking high, though, so perhaps that's a trade off for laxer checks.

itsfredtitmus

get the man scamming jeff benzos

bgmnts

Quote from: touchingcloth on September 06, 2020, 10:43:29 PM
My hunch is that finance on goods runs through the same checks as for credit cards, so whatever fibbing you had in mind should transfer to getting a credit card. 24% is fucking high, though, so perhaps that's a trade off for laxer checks.

The interest rates on credit cards specifically designed to increase your credit scores are between 26 and 40% I think.

I just assumed a one off purchase would be less risky than an ongoing credit card.

touchingcloth

Quote from: Shit Good Nose on September 06, 2020, 10:42:07 PM
Yeah, good shout.  And the bit in bold cannot be stressed enough - treat a credit card like a debit card.  Don't be one of those idiots that thinks they've got £3000 of free money all of a sudden.

Yeah, and I'll stress it some more. I spent a year doing the stoozing thing once - essentially living within my means and using credit cards as if they were debit cards - and keeping on top of it all was more stress than it was worth.

touchingcloth

Quote from: bgmnts on September 06, 2020, 10:49:41 PM
The interest rates on credit cards specifically designed to increase your credit scores are between 26 and 40% I think.

I just assumed a one off purchase would be less risky than an ongoing credit card.

It's less risky in that you can't use the credit for anything else even if you're tempted to, but you can achieve the same with a credit card by using it once and then destroying the thing. I'd say you'd be better off getting one of those credit-improving cards as at least that way you get the option of transferring the balance whereas I feel with a single purchase they'd have you over more of a barrel. If you're confident that you'll be able to pay it off within the relevant period then it's a moot point, but if you're at all worried that you won't be able to then I'd lean towards a credit card. And once again, stressing that you shouldn't start treating it as free money and charging other things to it.

bgmnts

Quote from: touchingcloth on September 06, 2020, 10:57:32 PM
It's less risky in that you can't use the credit for anything else even if you're tempted to, but you can achieve the same with a credit card by using it once and then destroying the thing. I'd say you'd be better off getting one of those credit-improving cards as at least that way you get the option of transferring the balance whereas I feel with a single purchase they'd have you over more of a barrel. If you're confident that you'll be able to pay it off within the relevant period then it's a moot point, but if you're at all worried that you won't be able to then I'd lean towards a credit card. And once again, stressing that you shouldn't start treating it as free money and charging other things to it.

I'd definitely be able to pay it every month, my only worry is the level of risk that they'll actually care if i'm employed or not and will investigate it.

Icehaven

Quote from: bgmnts on September 06, 2020, 10:49:41 PM
The interest rates on credit cards specifically designed to increase your credit scores are between 26 and 40% I think.


I know fuck all about credit ratings and cards etc. but if having a good credit rating means you're a safe and responsible borrower then surely it doesn't tally that you'd also take out a credit card with 26 - 40% interest?

touchingcloth

Quote from: bgmnts on September 06, 2020, 10:59:02 PM
I'd definitely be able to pay it every month, my only worry is the level of risk that they'll actually care if i'm employed or not and will investigate it.

Personally I wouldn't be arsed about that risk at all. They're not going to throw you in jail or fine you if you've told a little lie, and it's their own lookout if their checking before making the loan doesn't reveal the fib, so my main worry would be around interest rates fucking you if you can't keep up with the payments. I had a friend who bought an Aliens box set on store credit at university, and the £30 cos turned into a debt of close to (and maybe more than) £1,000.

Goldentony

IS BREAKING THE FUCKING LAW ILLEGAL

touchingcloth

Quote from: icehaven on September 06, 2020, 11:01:54 PM
I know fuck all about credit ratings and cards etc. but if having a good credit rating means you're a safe and responsible borrower then surely it doesn't tally that you'd also take out a credit card with 26 - 40% interest?

It doesn't mean you're safe and responsible, it just means you have a track record of a) taking out credit, and b) not defaulting on it. Before I got my first credit card I had never had a loan apart from my student one, and my credit rating was in the dirt because I'd never had any credit to not default on.

Shit Good Nose

Quote from: touchingcloth on September 06, 2020, 11:06:53 PM
It doesn't mean you're safe and responsible, it just means you have a track record of a) taking out credit, and b) not defaulting on it. Before I got my first credit card I had never had a loan apart from my student one, and my credit rating was in the dirt because I'd never had any credit to not default on.

Quite so. 

I think it works differently now, but when I first took out a loan in my mid 20s it took me ages to find someone who would lend to me as I'd never taken out any loans or bought anything on credit before, nor had I ever gone into debt, so I had a credit rating of zero.  In the end I had to take it on the chin and borrow from my bank at two or three times the interest rate I would've got from most other lenders.