rollover Posted January 10, 2016 Share Posted January 10, 2016 allowing him to spend £1.1mThe total credit open to Cavanagh is around £1.1m, and he says his credit score is nearly perfect, as he actually only uses one card and pays it off monthly. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted January 10, 2016 Share Posted January 10, 2016 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. Quote Link to comment Share on other sites More sharing options...
Squeeky Posted January 10, 2016 Share Posted January 10, 2016 Sounds like the perfect person to use for identity theft. Quote Link to comment Share on other sites More sharing options...
spacedin Posted January 10, 2016 Share Posted January 10, 2016 (edited) 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 January 10, 2016 by spacedin Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted January 10, 2016 Share Posted January 10, 2016 Isn't it possible to go to prison if you do something like that? Probably. I wasn't serious. Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted January 10, 2016 Share Posted January 10, 2016 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? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 10, 2016 Share Posted January 10, 2016 What's his income? Does he have an agreement with the credit card companies that he gets accepted but then doesn't use the cards? Also why have none of these cards been cancelled through non-use? Quote Link to comment Share on other sites More sharing options...
200p Posted January 10, 2016 Share Posted January 10, 2016 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). Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 10, 2016 Share Posted January 10, 2016 (edited) Isn't it possible to go to prison if you do something like that? Unsecured debt probably not...send us a postcard 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 January 10, 2016 by long time lurking Quote Link to comment Share on other sites More sharing options...
winkie Posted January 10, 2016 Share Posted January 10, 2016 If he uses them as a deposit on a house, he will have used them.......not the first time. Quote Link to comment Share on other sites More sharing options...
ChumpusRex Posted January 10, 2016 Share Posted January 10, 2016 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. Quote Link to comment Share on other sites More sharing options...
juvenal Posted January 10, 2016 Share Posted January 10, 2016 If he's got all those cards in one wallet, I'm surprised he can walk... Quote Link to comment Share on other sites More sharing options...
porca misèria Posted January 10, 2016 Share Posted January 10, 2016 If he's got all those cards in one wallet, I'm surprised he can walk... Quote Link to comment Share on other sites More sharing options...
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