what would happen if you increased a provident loan

kate252

two days before you were to do a debt relief order?

woody01

kate252 wrote: »

two days before you were to do a debt relief order?

So asking for advice on fraud then?

delain

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?!

Tixy

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.

Professor_Pat_Pending

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?

Tixy

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!

mrs:optimist_2

kate252 wrote: »

two days before you were to do a debt relief order?

Wow...just WOW!

Professor_Pat_Pending

Thanks Tixy.

thewad

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.

John

elfieb

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.

heatherks

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 up