Topic: Fibbing about employment

[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!]

how 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.

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.

[Poisson Du Jour]

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]

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

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

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]

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]

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]

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.

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!]

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]

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]

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.

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.

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]

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]

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]

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]

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]

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]

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]

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]

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]

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.

[bgmnts]

IS BREAKING THE FUCKING LAW ILLEGAL

I know its illegal.