rogerthelodger Posted February 15, 2006 Share Posted February 15, 2006 borrowing money to pay the deposit on a new house from a company that charges you an upfront "admin fee" ???! http://www.bbc.co.uk/watchdog/reports/fina..._20060214.shtml 14 February 2006 Watchdog has featured many rogue loan companies in the past, each with their own methods of getting hold of customers' money. ABS X-Press Loans has a much simpler way of getting your cash. Lewis Hagra-Hammond and his partner Amy Stevens wanted a loan so they could buy a house. They approached ABS X-Press to help pay the deposit on a house they'd found. Sarah Woodman and Royston Finch needed money to consolidate their debts. They also applied to ABS X-Press after seeing an advert in the back of a magazine. Both couples paid ABS X-Press Loans an administration fee of £99.50, but the loans never materialised. Instead of paying money into customers' accounts, ABS X-Press Loans was taking it out. Sarah and Royston lost £2,000. Lewis and Amy had almost £10,000 stolen. Watchdog wanted to find out more about the people behind ABS X-Press and its director, Ken McKeon. Quote Link to comment Share on other sites More sharing options...
Elizabeth Posted February 15, 2006 Share Posted February 15, 2006 Watchdog wanted to find out more about the people behind ABS X-Press and its director, Ken McKeon. That company has dissapeared without filing its final accounts. Ken McKeon, is now Ken McChortle and running a new company called "property ladder X-Press". Quote Link to comment Share on other sites More sharing options...
theChuz Posted February 15, 2006 Share Posted February 15, 2006 Yea i watched that last night. I was under the impression that it was illegal to take out a loan to use as a deposit which is what the FTB'r couple were doing. Why are people so f*cking guliable. Quote Link to comment Share on other sites More sharing options...
Elizabeth Posted February 15, 2006 Share Posted February 15, 2006 Yea i watched that last night. I was under the impression that it was illegal to take out a loan to use as a deposit which is what the FTB'r couple were doing. Why are people so f*cking guliable. Its not illegal. You just have to get the loan application in for the new car at a different bank on the same day as the morgage application. That way you are perfectly honest in saying that you have no other commitments. And it is perfectly legal since you have not in anyway misrepresented yourself. There is nothing on any loan application to say "have you recently applied for a loan where the outcome has not yet been determined". As well, the credit agencies take a month to months to update your credit files so, they are deeply unlikely to be able to get that information EVER so you are on a winner!!! (or a double whammy looser in a HPC) Quote Link to comment Share on other sites More sharing options...
theChuz Posted February 15, 2006 Share Posted February 15, 2006 Its not illegal. You just have to get the loan application in for the new car at a different bank on the same day as the morgage application. That way you are perfectly honest in saying that you have no other commitments. And it is perfectly legal since you have not in anyway misrepresented yourself. There is nothing on any loan application to say "have you recently applied for a loan where the outcome has not yet been determined". As well, the credit agencies take a month to months to update your credit files so, they are deeply unlikely to be able to get that information EVER so you are on a winner!!! (or a double whammy looser in a HPC) ahh thanks for the correction. I thought though that when you applied for a loan you had to state what it was for... and i thought there was something that stopped you financing the basis to a secured debt with a unsecured debt. Must of been one of my strong cheese induced dreams ta Quote Link to comment Share on other sites More sharing options...
Elizabeth Posted February 15, 2006 Share Posted February 15, 2006 ahh thanks for the correction. I thought though that when you applied for a loan you had to state what it was for... and i thought there was something that stopped you financing the basis to a secured debt with a unsecured debt. Must of been one of my strong cheese induced dreams ta Its not so much cheese induced. It just sometimes the memory slips. Like... I put in an offer. I see a really nice new car that I want, I put in a loan application for my new car. I put in a morgage application forgetting that I don't have a deposit of 10% as per my application... or maybe I expect it to come from my sister. The loan company agree it in 24 hours. Money in bank. Just before I go out to purchase new car, sister rings to say that she has gone broke. So distressed forget about new car. Wonder where I will get the money, find money in bank. Pay for house. Remember new car. Really upset. Thought I had borrowed money but seem to have spent it on something else. Can't remember what but it must have been big for 15K? Ya get me chuzzie? Quote Link to comment Share on other sites More sharing options...
slater14 Posted February 15, 2006 Share Posted February 15, 2006 Its not so much cheese induced. It just sometimes the memory slips. Like... I put in an offer. I see a really nice new car that I want, I put in a loan application for my new car. I put in a morgage application forgetting that I don't have a deposit of 10% as per my application... or maybe I expect it to come from my sister. The loan company agree it in 24 hours. Money in bank. Just before I go out to purchase new car, sister rings to say that she has gone broke. So distressed forget about new car. Wonder where I will get the money, find money in bank. Pay for house. Remember new car. Really upset. Thought I had borrowed money but seem to have spent it on something else. Can't remember what but it must have been big for 15K? Ya get me chuzzie? and lo and behold.....down the line we go into IVA and its all roses in the garden 5 years later :angry: :angry: Why did I ever bother working. :angry: :angry: Quote Link to comment Share on other sites More sharing options...
Elizabeth Posted February 15, 2006 Share Posted February 15, 2006 and lo and behold.....down the line we go into IVA and its all roses in the garden 5 years later :angry: :angry: Why did I ever bother working. :angry: :angry: Whats IVA? and have you no sense of humour? It is a totally obvious manouver... don't shoot the messenger lovie. CAPITALIST ENGENUITY. WHAT MAKES THIS COUNTRY CIVILISED. Quote Link to comment Share on other sites More sharing options...
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