Avoiding bank loan repayment

tomaussie

On phone so can't really type the full scenario.

Basically I have an Irish friend who says he is in the process of trying to get 3-5 different bank loans before he departs from Australia.

He says he will use the money to buy a small property in Europe for cash, live there happily forever and won't be chased or found by the banks.

Surely he can't do this ?

Should I do anything or keep my nose out of if ?

Batgurl

Can he do it? Potentially.

Can he get away with it? Debatable.

Should you get involved? Nope.

jackbhoy

tomaussie wrote: »

On phone so can't really type the full scenario.

Basically I have an Irish friend who says he is in the process of trying to get 3-5 different bank loans before he departs from Australia.

He says he will use the money to buy a small property in Europe for cash, live there happily forever and won't be chased or found by the banks.

Surely he can't do this ?

Should I do anything or keep my nose out of if ?

Be interesting to see what bank will give loans 2-5 given they will be aware of loan #1 from credit agency. Maybe his small European property is a studio apartment in Moldova?

tomaussie

jackbhoy wrote: »

Be interesting to see what bank will give loans 2-5 given they will be aware of loan #1 from credit agency. Maybe his small European property is a studio apartment in Moldova?

It's banks.

My understanding is he is going to 3-5 different banks.

Looks like he is keeping the amounts low so all 3-5 banks will say yes and maybe not follow up looking for him because the amounts are so low.

Also he hasn't said what country because he doesn't want to be found but from listening to him I think it's Spain or Greece.

Hail 2 Da Thief

tomaussie wrote: »

It's banks.

My understanding is he is going to 3-5 different banks.

As Jackboy has mentioned, all banks will be fully aware of loan no.1.

Classy mate you've got there!

mandrake04

Hail 2 Da Thief wrote: »

As Jackboy has mentioned, all banks will be fully aware of loan no.1.

Classy mate you've got there!

Yep all loans and applications are reportable, shows the mentality of some these retards.

jackbhoy

tomaussie wrote: »

It's banks.

My understanding is he is going to 3-5 different banks.

Looks like he is keeping the amounts low so all 3-5 banks will say yes and maybe not follow up looking for him because the amounts are so low.

Also he hasn't said what country because he doesn't want to be found but from listening to him I think it's Spain or Greece.

Banks dont manually "follow up". The loan application will be processed by an application that crunches numbers and checks credit history. This will include any current or past credit applications.
Might be possible to get away with it at one bank but at 3+ it would take a miraculous sequence of technology issues to allow it past.

The dude is pretty dumb to risk jail for fraud and obliterated credit rating for such small reward. But I suppose the "cute whore" story in pub will make up for it for him.

tomaussie

Hail 2 Da Thief wrote: »

As Jackboy has mentioned, all banks will be fully aware of loan no.1.

Classy mate you've got there!

Yeah. A lot of the Irish I know here are dodgy like you say. 'Shortcut' would be an apt nickname for many I know. Seems the laws are considered to be something to circumnavigate.

I don't see the point. It's a **** load of effort to avoid doing what's right for sometimes only a little gain.

Long Gone

tomaussie wrote: »

'Shortcut' would be an apt nickname for many I know.

Thieving scum would be another name for them.... What you describe is a plan for THEFT, pure and simple. I hope that if they actually try to do what is described the full weight of the law falls on them and they are held accountable for their crime as any common criminal should be.

tomaussie

jackbhoy wrote: »

Banks dont manually "follow up". The loan application will be processed by an application that crunches numbers and checks credit history. This will include any current or past credit applications.
Might be possible to get away with it at one bank but at 3+ it would take a miraculous sequence of technology issues to allow it past.

The dude is pretty dumb to risk jail for fraud and obliterated credit rating for such small reward. But I suppose the "cute whore" story in pub will make up for it for him.

I probably haven't explained it very well because it sounds complicated.

The 'follow up' bit was referring to the banks putting in an effort to find him and make him pay back the loan.

He says he is approaching it as a consumer. Go to 3-5 banks and apply for loan. Inform each bank he is shopping around for the best deal. Within a few days when they inform him he has been approved he can, in the space of one day, go into each individual bank and sign each loan approval.

He doesn't appear to be dumb but maybe the fact that he is talking about it in public proves he is ? He's quite articulate and considered to be quite bright. I think he is more lazy than stupid.

I can't believe the system can be so easily ripped off, although I'm hearing about more and more English and Irish people leaving our shores with bad debt.

Field east

Long Gone wrote: »

Thieving scum would be another name for them.... What you describe is a plan for THEFT, pure and simple. I hope that if they actually try to do what is described the full weight of the law falls on them and they are held accountable for their crime as any common criminal should be.

If you saw someone you recognised or something distinctive about him robbing a bank or at a murder scene, would you do nothing about it ? IMO you would be morally obliged to report what you know.
You can report what you know about this gentleman very anonymously if you desire. A typed up note in the letterbox would do.
This gentleman , if he Does it, will increase the interest rate charged on loans and decrease same on deposits because of default. This will. Be further exacerbated if the bank/s go after him because this is a cost also.

markymark21

I'd be very surprised if there isn't a record of each application. Even if you want to buy a bloody iPad on credit from Dick Smith it can be a drawn out process where they check your employment history, visa status, credit history etc.

I imagine banks have plently of systems in place to prevent this kind of things as its hardly a new scam Is it?

jank

Snake oil salesman. The guy will need his ID be it a driving license or passport, the banks will use European debt collectors to get back some of the cost of the loan. If he moved to some place like Russia or Belerus he will probably get away with it. Anywhere decent like Spain or Greece he will be caught.

rightyabe

Friend tried it a while back..applied in nab for a loan then crossed the road to Anz and it came up on their system he applied with nab already..at most 1 hour apart.

Tell you friend the gold jewellery store/cash for gold scam...much easier;)

6541

A mate of mine departed Oz with over 20,000 dollars owed on various credit cards so it is well doable.

Peregrinus

6541 wrote: »

A mate of mine departed Oz with over 20,000 dollars owed on various credit cards so it is well doable.

Yes, that's doable. But your mate didn't depart with $20,000. He'd spent most of that in Australia before he left.

What the OP's scaly mate is proposing is quite different, and very unlikely to work. I doubt that all the banks will buy the line that he is not simply enquiring about loans from different banks to get the best deal, but actively applying (and paying the associated application fees, etc). Then his plan depends on all his loan approvals coming through on the same day, so that each bank approves the loan in ignorance of the fact that the others have approved their loans. Finally, it depends on him scuttling round the banks and withdrawing the full amoun of his loan in cash, without this behavour arousing suspicion on the part of any of the banks.

I doubt that he seriously thinks that this will work; he is simply winding the OP up. If he does think it will work, he is pretty stupid. Does he really think that it has never occurred to anyone before him to try to borrow simultaneously from several banks, or that it has never occurred to the banks to erect safeguards against this?

TrueDub

This thread is ok at the moment, but please everyone remember that any discussion of how to evade the law is not permitted on Boards. Bans will have to be handed out should anyone try this.

Thanks

Mellor

tomaussie wrote: »

It's banks.

My understanding is he is going to 3-5 different banks.

Looks like he is keeping the amounts low so all 3-5 banks will say yes and maybe not follow up looking for him because the amounts are so low.

Banks still do checks with credit agencies.
It's quite simple.

tomaussie wrote: »

He says he is approaching it as a consumer. Go to 3-5 banks and apply for loan. Inform each bank he is shopping around for the best deal. Within a few days when they inform him he has been approved he can, in the space of one day, go into each individual bank and sign each loan approval.

You don't need to apply for a loan to check which is the best deal. That's where his plan falls apart.
They can quote the costs without a formal application.
Loan applications will show up on credit checks.
And they will likely run a final credit check before handing over money.

michael999999

Peregrinus wrote: »

Yes, that's doable. But your mate didn't depart with $20,000. He'd spent most of that in Australia before he left.

What the OP's scaly mate is proposing is quite different, and very unlikely to work. I doubt that all the banks will buy the line that he is not simply enquiring about loans from different banks to get the best deal, but actively applying (and paying the associated application fees, etc). Then his plan depends on all his loan approvals coming through on the same day, so that each bank approves the loan in ignorance of the fact that the others have approved their loans. Finally, it depends on him scuttling round the banks and withdrawing the full amoun of his loan in cash, without this behavour arousing suspicion on the part of any of the banks.

I doubt that he seriously thinks that this will work; he is simply winding the OP up. If he does think it will work, he is pretty stupid. Does he really think that it has never occurred to anyone before him to try to borrow simultaneously from several banks, or that it has never occurred to the banks to erect safeguards against this?

Really?

This banking enquiry that's currently ongoing tells me otherwise!

aido79

michael999999 wrote: »

Really?

This banking enquiry that's currently ongoing tells me otherwise!

I think you've got the wrong country...There is no current banking enquiry in Australia.