Payday loans

[bananaboy111]

Hello everybody.

 

I just want to know the legalilities in principle. say for example I successfully applied for 200 payday loans from different companies for the top amount, lets say £1000 from each.

 

I would have £200K

 

What is stopping me from leaving the country with the cash?

[BRIGADIER2JCS]

?????

[bananaboy111]

Would there be legal implications?

 

I understand big loans from worldwide companies you can be chased down for these. Im just saying IF you were to obtain a lot of money, and move elsewhere. Could you be in big trouble on return to the UK?

 

Im not thinking of doing this as im not a numpty. Someone was saying at work and it got me thinking, would it be possible?

[kerrywba]

Much as many of us despise these companies, this would be fraud as you're taking the loan with obviously no intention of paying it back.....

[BRIGADIER2JCS]

Not worthy discussion imo.

[bananaboy111]

If you dont like the discussion, then quite frankly dont join in?

[BRIGADIER2JCS]

If you dont like the discussion, then quite frankly dont join in?

 

[Marcio]

Hello everybody.

 

I just want to know the legalilities in principle. say for example I successfully applied for 200 payday loans from different companies for the top amount, lets say £1000 from each.

 

I would have £200K

 

What is stopping me from leaving the country with the cash?

 

You are unlikely to borrow so much as these lenders are linked or share the same credit database. I would say you would not get beyond 4 or 5 loans.

 

Technically - if you intend from the start not to replay that could be seen as fraud - and would come under the criminal law.

 

In practice if you default on debt and leave the country - how important is your credit rating to you? Might you return within 7 or 8 years?

[renegadeimp]

Old post, but its obviously criminal fraud which they could trace you and end up extraditing you, and throwing you into prison for a lengthy term.