Significant defaults and Bankruptcy. What is the difference if applying for credit?

Borrow money. hide it. never pay it back.

 

True but you would need secuirty for resi
And commmercial

And personal loans only lend you 20k?

Can you borrowmonry for a car sell it or is there a caveat

 

Encumbered cars will be on a register, but there are a lot of people who will buy blind, just like any other thing there is.

If you did all this but, is more work than just doing work, and you cripple yourself. Also if you rip the wrong persons you may find they operate outside the law to recoup losses.


For the benefit of the OP, I can tell you the difference, one has zero intentions of paying anything back to anyone. Never go bankrupt would be my suggestion.

 

Bankruptcy vanishes from your credit report after 7 years. Yet stays on NPII forever. If someone always answer 'yes' to that question, would this mean they never obtain credit at normal rates ever again?

Or, if they lie and answer no, they will get the loan and move on.....although this is fraud, as you say, I feel like this is probably how it happens in reality.

 

I don't have much experience with exbankrupts but would think they could get finance at normal rates after they have exited bankruptcy. The LVRs may be limited to 80% or less though.

 

If they answered yes, but there was nothing on their report, they would just need to give an explanation to the credit officer, the loan would probably still be approved, as long as everything else is ok at normal rates.