Barclaycard stolen

[MunkeyBoy]

I had my Barclaycard stolen recently and the limit was reached (�2500) and now it has since incurred interest because I didn't know it was stolen!

I have found out who it is (yes it's a close friend- shocking but true) they are willing to pay the debt and therefore clear any outstanding debts.

My question is will this outstanding debt effect any future loans or maybe even a mortgage? Will I now have a bad credit history or will I have to charge the person with fraud to clear my name?

I don't really want to get the police envolved if possible but if I must to clear my name I obviously will.

Thanks.

[boobesque]

im afraid i would report it, what if ur 'friend' doesnt keep up payments? Then it will fall to you, and by then it would be too late to report it to the bank and tell them as they insist it being reported straight away, therefore you would have to pay yourself or sacrafice your credit rating

[Loosehead]

If you are taking responsibility for the debt then yes any credit history that this generates will be down to you. In order to avoid this you should report it to Barclaycard as stolen and also the police. You can avoid telling them it was your friend but if it comes out later they'll throw the book at you. If you don't tell Barclaycard/Police the only way you'll survive with a clean credit record is if the payments are all made on time and for that you are having to trust a known thief and a none too fussy one at that. Have any payments been missed so far? Have demand for payments been ignored? Also outstanding debt will be taken into account when applying for other loans/mortgage etc Are you saying that you thought you had zero balance and your "friend" stole the card and run up to the limit? Sound to me that payments have probably been missed. No contest, you shouldn't have to wear this, your "friend" clearly doesn't think much of you so I think on reflection you should report it.

[twiglet4frog]

If someone did that to me who is meant to be a friend then i would have either two options, 1)Police or 2)Baseball Bat!!!

[MunkeyBoy]

Thanks for the replies but it's not as simple as that. It gets worse, the "friend" is actually my brother!

So you can see my predicament. Either I turn him in and he is charged with theft and fraud or I  accept the outstanding debt as my own.

Payments have been missed as far as I can see but I am not sure if they sent a demand because my brother has been intercepting statment so wouldn't suprise me if he did the same with the demands.

Also I have contact Barclaycard and they have sent me the appropriate forms which I am in the process of filling out but it has  as ection where you have to put if you think you may know the person. Now obviously I have to put my brother because he has admitted to it but will they take this as serious as if it was someone else? Will they just not say it is a family matter?

If I do take it further should I contact the police seperatly?

So there you go, sounds unbeleviable I know but beleive me it has happend and I don't know what to do.

Please help...

[Loosehead]

Unless you act as if the same thing happenned with s stranger, the bank will think the worst and assume there is collusion. You have only 2 options. Wear it and all the consequences or shop him.

[WoWo]

Unless you have missed lots of payments I don't think it will harm your credit rating too much. I'd take it on the chin and just pay it off as fast as possible.

You could always get your brother to take out a loan in his name and give you the money to pay off the credit card.

[MunkeyBoy]

Is there any way to check if it has already affected my credit rating?

[Oneeyedvic]

yes - contact experian - www.experian.co.uk and www.equifax.co.uk. Request copies of your credit files (cost around �2)

[twiglet4frog]

i still say the baseball bat method! but what about going along and talking to the police on advice, tell them what has happened and ask what could be the outcome of reporting it? maybe they would consider giving a warning or something which would be enough for the bak to accept it was used as fraud! Police are there to help and to serve, u wouldnt be shopping him in if u merely enquire, if u dont like what u hear then u can leave without giving any name or details

[MunkeyBoy]

Just wanted to say thanks for everyone's input on this. When this first about I was really worried about it and didn't know what to do or who to turn to

I have just done a credit check (thanks oneeyedVic, very helpful) and I do indeed have a bad credit rating now.

I have decided to have a word with the police and see what action they would take in such a case.

All in all I feel a lot less worried about the whole thing  now so a BIG thanks to everyone that helped me out on this one.