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World Record Holder Boasts 1,497 Credit Cards

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He should draw the lot out in cash whilst on a holiday paid by credit card, deposit the funds and enjoy his life in the Caribbean or Thailand as the bankruptcy timeline lapses.

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He should draw the lot out in cash whilst on a holiday paid by credit card, deposit the funds and enjoy his life in the Caribbean or Thailand as the bankruptcy timeline lapses.

Isn't it possible to go to prison if you do something like that?

Edited by spacedin

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Isn't it possible to go to prison if you do something like that?

Probably. I wasn't serious.

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whats the legalities of sticking it all in a leveraged investment? either become stonking rich or bankrupt. Could claim you didn't know what you were doing?

what laws cover this?

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He has to use each card though - I had a dormant credit card, and Natwest cancelled it as I didn't use it.

I assume they are all active accounts. He must have a lot of time to deal with all the emails/letter statements which is a real cost if you value your time. I think he lost the bet (it started out as a bet).

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Isn't it possible to go to prison if you do something like that?

Unsecured debt probably not...send us a postcard :P

jiltedjen, on 10 Jan 2016 - 09:37 AM, said:

whats the legalities of sticking it all in a leveraged investment? either become stonking rich or bankrupt. Could claim you didn't know what you were doing?

what laws cover this?

Edited by long time lurking

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Isn't it possible to go to prison if you do something like that?

Don't know about prison, but fraud conviction is possible.

At the time of each purchase on a CC you need to intend to repay the debt.

People have been convicted of fraud because they paid their insolvency practitioner with a CC, providing proof that they did not intend to repay the debt in full at the time they requested the credit.

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