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It's only a crime to falsify the application. I agree with you that "personal loans are unsecured and go by ability to repay and credit history." In the absence
by skmurphy 18y ago
It's only a crime to falsify the application. I agree with you that "personal loans are unsecured and go by ability to repay and credit history." In the absence of reliable income it's hard to accurately represent an "ability to repay." He would be much better served in the near term to find new sources of income. Without them he is destined for bankruptcy.
- davo11 18y agoI agree new sources of income are required, but also a debt management startegy is required. As I mentioned before, the debt as it stands is costing $6000 a year or so, it would be very easy to cut that down to $1000 a year or so (that's just the interest), if you can get the interest down to $1000 a year then the other $5000 can go on repaying the principal and hey presto it's gone in 6 years by making a phone call or two with absolutely no change in what you are paying. If you can make the repayments pre tax money then it's even easier.