Lying on a DMP

thewad

tedsd

Just printed off a statement to say I confirm that I am registered self employed with HMRC. Put my name below it and signed it.
I only sent it off Monday as I didn't know I had to send it with the rest of the paperwork in fact didn't even know they required it till they wrote me back.
Will update later.

Madison

Never produced payslips or a bank statement for Payplan - I have always upped my monthly payment by half my payrise.

DevonGirl

Hi FunkyFish

I think this thread has almost run its course, but just to add.... in your signature you say "I have a beautiful son & am expecting our second little funky fish this year"
so surely you will need to divert extra money towards this extra mouth to feed? - Depending upon the age of your son, you may need to buy new baby 'stuff' as well? :question:

That said and done, I've been following the DMP threads on this forum for some time now, and I think it's fair to say (although some may disagree) that there is a certain amount of 'underplaying' of income and 'overplaying' of expenditure that goes on because they set the limits so tight!!

Best wishes
DG

Percy1983

To me this falls under same arguement of 'why have savings while you have debts'

You say saving this money would allow you to pay thinkg off, but surely just upping the amount of money on your DMP will have the same affect and clear the balancing quicker while keeping creditors happier.

Or am I missing the point?

Tixy

Percy - I think its about building up a lump sum to do a reduced full & final settlement, so you would actually pay less overall.

Percy1983

But surely interest will be added at the same rate eitherway and less interest will be compounded with higher payments.

Tixy

Well on a dmp you hope that most of your creditors have frozen the interest.

And on a reduced F&F settlement you would hope to say offer only £200 for a debt with a balance of £600, thereby saving £400.
(if the debt is with a debt collector they maybe only paid £100 for it so are still in profit)

Percy1983

I suppose this could work, something I have never looked at as I intend to pay my debts in full.

xgingerx

Percy1983 wrote: »

I suppose this could work, something I have never looked at as I intend to pay my debts in full.

Hi Percy, each to their own but to look at it a different way, I have a loan with Citi and the loan was for 8k, with interest it was 14k to pay back over 5 years, i had a high interest rate. However a year or so ago my wife left me and was saddled on my own with huge debt of over 30k.
I made arrangement via cccs and citi froze and defaulted my account so i owe them at the time approx 6k. Bearing in mind i have paid a load of interest in this time, so they call every so often and give me option to settle as full & final for approx 4k, which i dont have, and this is where if you can put some money away at some point you might have this and can pay off in one lumper at the reduced rate, they get what they want and you get to clear your debt that many months earlier than expected.

hope this makes sense. but if you want to clear in full thats fine as well but you wont benefit anymore by doing this.

Percy1983

I assume they will only do this if you say you can't pay it and prove it my trashing you credit file? I am keeping my file spotless and have never even had a late payment. With that I am clearing it to buy a house so it looks like I will just have to pay what I signed up for.