advice needed on moneyway loan

BASILB

I took out a moneyway loan a few weeks ago and already had too much debt. i used it to pay off some payday loans and family. Since then my gf who has been paying extra on bills etc can no longer manage so my outgoings have increased.
I am starting a dmp but i'm worried about moneyway for the following reasons:
1.My budget planning with my dmp will show different to my moneyway application made only a few weeks ago because of my circumstances changing.also my debt has increased since i applied.
2.I haven't even made the first payment on it yet.
3.in their t's and c's it says:



3. Failure to pay instalments

If:-

(a) you fail to pay any instalment on its due date;

(b) if any information about you which you provided proves incomplete or inaccurate;

(c) you die;

(d) steps are taken for a bankruptcy order to be made against you; or

(e) you take steps to enter into a debt management plan or voluntary arrangement with your creditors, we shall be entitled, after the expiry of proper notice, to demand immediate payment of all amounts you owe under this agreement.

Any advice on what they will likely do and what i should do would be greatly appreciated.

forgotmyname

They can demand you pay the entire amount. But if you dont have the money what will they do?

As long as they dont put it down as fraud. You obtained the loan knowing you could not afford it. Or made false declarations.

BASILB

Thanks for your comments forgotmyname.fraud is my worry.I know i haven't intentionally deceived them however I couldn't afford the loan but in my head at the time i believed i could. i had to send proof of income as part of the application but as i said my budget plan will show different to my rent etc on the application as at the time although only a few weeks ago it was different.

fiesta04

It is fraud and you know it. Simples


F4

BASILB

simply not true fiesta04. You are not me and only i know what i was thinking. At the time i applied for the loan what i said was accurate and when i applied for the loan i thought i could afford it.
In reality i couldn't but i thought i could.
I'm guilty of one thing and that's denial. Denial of my snowballing debt.
But my concern is not the truth because i know i haven't commited fraud. My concern is what moneyway will see and from their pov it looks bad.
If anyone has got constructive advice and not unhelpful opinions i really would appreciate it.

Gaz83

If your circumstances when you applied for the loan were accurate and honestly stated, then the onus will be on you to prove that the circumstances were correct at the time, and you had no knowledge of them changing.

What circumstances are different, what's changed? What kind of figures?