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what would happen if you increased a provident loan
kate252
Posts: 83 Forumite
two days before you were to do a debt relief order?
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Comments
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What would happen if you increased a provident loan: I don't know, but you must be mad to
a) try to commit fraud, basically you want 'free money' which suggests you aren't ready to try and be debt-free, thats very irresponsible!
b) you took a provident loan?! did someone have a gun to your head?!Mum of several with a twisted sense of humour and a laundry obsession
:o
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Bad idea
You'd quite likely face action for fraud and your DRO could be revoked, so you'd have paid a fee but still have all your debts.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
I did a balance transfer v recently, it was my last desperate attempt to sort my debts out with more credit, it's made no difference and am about to embark on a DMP. Am I the same boat?LBM Jan 2010. DFD 2016. :think:
Paddle No. 5.
Debt at DMP start (May 1st '10) £54.9k, as of 1st Oct '11 £33.2k. 40% cleared.
(3 F & Fs down, 5 to go!) :T0 -
No not at all Professor.
A DMP is an informal agreement, whereas a DRO is a form of bankruptcy and the debts will all be wiped out. To intentionally increase your debts with no intention of repaying them back is fraud.
What you did was what many do to try to stay afloat and juggle money around. Don't worry!A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
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Thanks Tixy.
LBM Jan 2010. DFD 2016. :think:
Paddle No. 5.
Debt at DMP start (May 1st '10) £54.9k, as of 1st Oct '11 £33.2k. 40% cleared.
(3 F & Fs down, 5 to go!) :T0 -
Me too Prof.
Can't believe it.
Am 80k in debt just before Xmas and running out of money.
Have 2 grand of credit left on my Lloyds/TSB card and what do they do.
Offer me balance transfer cheques @ 0% for 6 months so I took it.
Now am waiting for my DMP phone call and have told all my creditors the situation.
What happens??
I owe 15k on 2 MBNA cards and the account has been suspended for some time.
They send wife a cc application form with 0% for 12 months, unbelievable.
She gets offered %0 and they won't budge on my 32% rate.
Do they ever learn.
JohnIf God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0 -
Provident would more than likely appeal the DRO (creditors have 30 days from the date of the DRO in which to do so) claiming that you were solvent when you took out further debt, so how you could you be insolvent 2 days later??
Your DRO could then be revoked, £90 lost, and all debts back.
I would also add that failing that, you are all but certainly looking at a DRUU.
Stupid idea......dont do it.I used to be Snow White, but I drifted.Mae West
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i was told by cab that if i obtained any more credit knowing i was unable to repay it would invalidate my dmp before it was set up0
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