is it classed as fraud if you take out a loan in your own name that you never intend to pay back?

they should never have lent me the money in the first place as they knew i didnt have the means to pay it back

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StevenIzzi · 51-55, M

If they have your bank account info then you need to send a letter of EFT (Electronic Funds Transfer) revoke. This way they cannot pull funds from your account to pay back the past due.

They are able to legally take you to court to get the funds.

TheCoolestCat · 31-35, M

hmmm i dont think theyd take me to court for a £1000 debt, itll cost them more in legal fees than theyll get back, also they dont have baliffs here so i was thinking i might just get a few nasty letters through the post

SW-User

@TheCoolestCat you would be liable for the legal fees if guilty

TheCoolestCat · 31-35, M

i dont reckon id lose as they should have checked if i actually had a job and weather i had the means to pay it back, they pretty much mis-sold me the loan

SW-User

@TheCoolestCat small claims would make you pay 5 a month off benefits or whatever wages you get