Lied on my DMP and now going for IVA so will get found out!! Scared!!!

turborach

Hi everyone,

I am going to be honest and say that I lied on my DMP. You don't have to send wage slips or any other proof so I just told them my income was a little bit less than it is. However I freaked myself out about it all so I told them my expenses were less too so I was still paying a reasonable ammount. I know, this doesn't make any sense, but it did to me at the time.... All I can say is that I was really scared and intimidated my it all and just got scared... so stupid and i wouldn't advise it to anyone as I have just complicated everything more..!!! Anyway, my DMP company has now put me forward for an IVA, which of course is alot more formal so they will need evidence of everything I presume. What I am bothered about is what are the repercussions if i am found out for lying on the DMP??? Really scared!!!!! Thank you!!!! :eek:

FoggyBrain_2

Hopefully you should be OK -- luckily the DMP is a very informal arrangement. As you rightly say, though, the IVA is a formal arrangement through the Courts -- so you have to be honest. I imagine it's a little while since you started the DMP, so things would have changed over time anyway.

turborach

Thanks for that... the only thing is I just did my review and it was on the information I gave them they put me forward for the IVA... The main reason I told my little fibs was because I wanted to try and put some aside to save to go bankrupt (sounds bizzare but it costs over £1000...) However this was just not happening. Realistically the ammount I pay to my DMP at the moment is what I can afford, but its just how I got to that figure that is a bit dodgey. Do you know if they just start from scratch with the IVA and do a completely new budget?? This way then at least I will feel better to know that everything has been done properly before I get into another sticy situation. Feel so stupid and worried!! :eek: I think its just that I have been used to fobbing all my creditors off with stories for so long that it was just second nature to lie, as awful as that sounds!! Very silly and wouldn't make that mistake again!!

Hobo17

They will probably do a completely new budget. Which company is doing the IVA for you? Even if it is the same as the DMP company (eg Payplan) they will probably have a different department handling the IVA. If they don't suggest doing the budget from scratch I would let them know that you want to do that and just tell them that some of your bills have changed slightly since you gave them the original information.

I'm sure you know that it was wrong to lie but I can't see that it will be an issue.

FoggyBrain_2

I would imagine they'd start from scratch -- but it would vary from company to company. In any event they will send out an I&E calculation with the draft proposal, and you can see how the land lies then. If it's completely off the scale then you ought to put it right at the start -- otherwise you will have this burden of worry every review, and could get caught out. You don't want to swap one burden for another.

Charco_2

Woah, woah, woah... can i just drag this back a step??

You "lied" so that you cold give yourself a contingency so that you could save for Bankruptcy but you were still unable to?

Just to make this clear - for other readers and lurkers too...

DO NOT MAKE REPAYMENTS TO A DEBT SOLUTION IF YOU INTEND TO GO BANKRUPT!
Put aside the full amount of your disposable income - as much as you can afford after your normal repayments - do not pay a debt management company, do not repay your creditors. Simply put aside the money and after two or three months (or four) you can go BR.

It should not cost £1000... just over half that is usually right (although it is your choice if you wish to pay a little more to get a company to draft your BR papers for you - it sometimes can be worth it but only if the fee for doing so is around the £150 mark!)

Finally, no-one is going to give two hoots that you fibbed on your DMP... You pretended to pay your DMP; Your DMP Company pretended to pay your creditors; Your creditors pretended to treat their customers fairly and consider ways to help alleviate your debts!

Who is your DMP/IVA company?