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Thread: loan to pay rent

  1. #1

    loan to pay rent

    Hi guys, my first post here but i need some advice.

    my friend says she'll soon to starting to fall behind on rent and has applied for a loan to cover the duration of the tenancy and will pay the rent with the loan.

    the loan has been approved and is awaiting signing

    my question is this, my concern is that she said the loan is for a holiday not to pay rent.
    how likely are they to find out?

    she says shes moving the loan to a friends account and will make a standing order from that one

    any advice would be great

    is she taking a huge risk? or wont the lender be bothered unless its paid?

  2. #2
    She's technically committing fraud. While the consequences are very significant, the risk of being found out is low.

    The wider problem is that she's living beyond her means, and if she can't cut her costs or earn more, she will ultimately default.

  3. #3
    thanks for the response

    she says the loan will cover the remainder of the tenancy and she'll go back to her parents when tenancy ends.

    i can see it is a risk. im suprised the letting agent would let her use another persons account to pay them into

  4. #4
    Not trying to detract the thread from the subject but don't get drawn into lending your friend any money unless you can afford to lose it.

  5. #5
    So how is she going to pay the loan?

    My advice would be to stay out of it this has disaster written all over it.

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