A friend of mine was caught out last year when her husband was secretly running up large credit cards debts.
To make matters worse, he took out an extension to their mortgage and despite upgraded banking practices he forged her signature on the loan paperwork.
I’m surprised this is possible as my understanding is that as part of “Know Your Customer”, the borrower would have to be on the banks premises to confirm their commitment to the deal.
Obviously not. Or in this case over familiarity has allowed abuse of the systems designed to prevent this fraud.
Fraud, provable with serious consequences both directly for the fraudster and indirectly for my friend and her family.
So what would you do?
Involve the police? Let him be arrested? Prison? Loss of earnings? Loss of family home?
Or sort it out between yourselves?
In either case, prevention is better than cure. Being forearmed would allow you to avoid such trauma before it occurs.
I have a subscription to creditexpert.co.uk, it alerts me to any changes to my credit history.
But at 7 quid a month is it worth when for me nothing really changes?
I recently came across an alternative Noddle.co.uk which gives free access to your credit history and score.
The data is collated by the same credit centre agency source as used by Experian and Equifax. It’s quite frightening what they have on you.
Worth a look and in the case of my friend it could have prevented a lot of emotional and financial heartache.