AIBU to think this shouldn't have been allowed to happen?!And does anyone know how quickly you can get your money back?

[Dennisreynoldsduster]

I've just discovered that someone has taken out a lot of finance 'buy now pay later' in my name, at my old address, attached to my bank account.

I've only discovered this because all the payments have now come out. I've never used finance before so don't really understand how it works. My bank is investigating and my account has been frozen.
I've got to contact my old landlord and supply my mortgage agreement for my current home and the rental agreement for my previous home to demonstrate that I was not living in that address at that time.

The bank says it's most likely that they got hold of a bank statement and used the information on it to apply for finance.

AIBU to think it really shouldn't be that easy???

I'm hoping it will be resolved quickly as all the items were purchased through a company called AO so will have been delivered somewhere...they certainly didn't come to me.

Bank are being a bit vague about timeframes for getting my money back which isn't great as it's over 1k....has anyone got any experience of this and how quickly it got resolved and refunded?

I'm livid that I'm now having to spend time contacting all these companies, supplying documents etc and being out of pocket. It seems like it's way too easy to get finance if that's all the information you need and nothing is cross checked? Or am I being naive?!

How long ago did you move?
Have you changed your address with the bank? Make sure everything is updated to your new address and I’d probably set up a mail redirect from your old address for a few months incase anything else has been taken out in your name to the old address

I moved towards the end of last year so not too long ago and the first thing I did was change my address with the bank as they gave us our mortgage!

I think that's a good idea re the redirect,I did change everything but it doesn't always mean it kicks in immediately.

I really thought you'd need more checks or info to take out finance in someone's name

It's really ridiculously easy to get finance online

I really had no idea.
Someone has had a lovely time ordering coffee machines and games consoles and god knows what else.

it also seems like they've signed up for a finance account on one site but not used it, so it has a credit limit of £1200 in my name. Can this do further damage?
I've contacted the company to close it down as I shan't be using it, hopefully it's quite straight forward.

you need to immediately contact all the credit reference agencies (there are several) and get a note put on your file that extra identity checks must be made for all credit requests from now on because a third party has been using your details to get credit. this will mean that when you fi want credit from now on you will need to provide passport/driving license etc which should stop it getting worse.

you need to report the whole situation to the police. the new resident of your old address is almost certainly the thief here and needs to be identified, arrested and charged asap - once they have been there 6 months they will move again and may be very difficult to trace.

Thanks for the advice @vadenurewetje it’s such a bloody headache

OP it'll all go on your credit record for now. You may be denied a new phone contract for example because you've got too much outstanding credit elsewhere. Best to get it all cleared ASAP. Hopefully the bank/police will do that for you.

Well, it's all been paid for (by me!) as the payments came out yesterday. So there's nothing outstanding as far as I can tell, although of course there could be other credit that's been taken out.
The one credit account that hasn't been used hasn't had anything purchased with it so it just has credit available, but I've requested that be closed.
I will contact experian and do as other posters have advised.
I am absolutely furious, although I know that doesn't help matters.

I'm doubly livid as they purchased the coffee machine I've been lusting after and can't afford, the bastards.

Sorry OP I read this and laughed "I'm doubly livid as they purchased the coffee machine I've been lusting after and can't afford, the bastards"

Totally understand the injustice of it!

ha, it's okay @k1233 I know what you mean, it's totally added insult to injury. I keep picturing them enjoying their expertly frothed latte...hope they get what's coming to them.

Sorry to jump on this thread, but what happens if you move abroad.
A similar thing happened to someone I know and they were told as they didnt have a UK address the credit agencies couldn't (wouldnt?)check their credit references.

God, that sounds like even more of a nightmare, I have no idea? It seems hard enough to get to the bottom of it in the UK, with a UK bank account and a UK address.

Did they get it sorted in the end or are they still in the process of trying to sort it out? Can they contact citizens advice bureau even though they aren't in the UK anymore?

How have the payments come out? If it’s direct debit then ask them to process and indemnity claim ASAP.

I think you need to speak to Action Fraud as well to see if you need to log this with the police.

I’m unsure as it’s buy now pay later and the “later” appears to be now

It's a commercial decision for them I guess - they know some will go wrong and they'll have to pay up, but they trade that for the profits made from access to loans

Yes it's distressing for those who get scammed, but sadly the money talks louder

Have you reported this to the police?

I have now, they didn’t seem overly interested to be honest

“ The bank says it's most likely that they got hold of a bank statement and used the information on it to apply for finance.”

So the bank didn’t pick up that the account number was linking to the wrong name and the wrong address?

I guess because the finance application wasn’t done through the bank, but through the finance company linked to AO, it didn’t go through the bank? They just got all the details they needed to apply from the bank statement

If you go on to Experian you can add a 'notice of correction' on your file with a password and request that you are asked a password each time you apply to ensure it is not a fraudulent application.

Finance companies have an obligation to read all notices of correction so the finance won't be able to be taken out without your approval

It seems awful that it’s so easy to do this

Is it worth talking to the Financial Ombudsman?

Thanks for all the advice, really appreciate it