The moralisers on this thread really winding me up. I mean who is really going to lose sleep over depriving a bank of £50k? To defraud a bank or credit card company intentionally may not be legal but I would say that morally this course of action would elevate you to the choirs of angels on high. If banks and other lenders want their customers to play nice, they should try leading by example. If you have not been in financial trouble before, you will not know what I mean.
I borrowed the money to fund my training in good faith and it was my misfortune to have completed my training 3 months prior to 9/11. However, the course of action that WWW mentions or possibly advocates (oh my god!!!) sounds reasonable to me. It may not be legal but nor is driving your car at 35mph in a 30mph zone and I know which I think is the more anti social crime.