Loan Problems!

Skippz

Hi All,

New to the forum and was hoping somebody could calm my nerves/give some advice...

I have recently gone into a Debt Management Plan with Stepchange due to my out of control debts. As part of their action plan I was to contact my Creditors and tell them my situation and request they hold the account for 30 days.

One of the Creditors were quite strict with me due to the fact I only took out an £800 Loan with them 3 weeks ago and then questioned my Income/Expenditure form that I filled out at the time of the application. At the time, I stated that my current Credit Commitments were £100 (This may have been around £30 lower than the minimum I was paying for Credit at the time). The chap on the phone then stated he was concerned I had falsified information to get a loan which has really got me worried.

I was wondering if anyone else has ever had a Creditor say this to them and was wondering what the worst is that could happen? I want to state I did have intention of paying the Loan back at the time.

Thanks in advance for your help

National_Debtline

Hi Skippz,


I think the key issue here would be, has something changed in the last 3 weeks? If it has, and that was something out of your control you need to make that clear to your creditors. Unforeseen circumstances affecting your ability to repay shouldn't raise any issue of fraud.

However, it is always going to raise an eyebrow when you take out credit and very quickly can't pay it back. If they believe you lied on the forms or took out credit with no intention to repay then that is fraud and can be dealt with as such. However, whether or not a credit will actually take any action against the fraud for an £800 loan is a different question. Realistically, it is up to the creditor.


The key thing they will want is their money back and the DMP will help with that. Good luck,


Laura
@natdebtline

sourcrates

Hi,

It's all complete rubbish, don't listen to what these call handlers tell you, yes, he was a call handler, someone who answers the phone for a living, not a legal professional !!!

All cleverly designed to make you panic and pay up.

Laura (above) puts it a little more eloquently !!

Always best to stay off the phone, and just send a short letter, that way you avoid the 3rd degree grilling !!

datlex

OP why did you say your minimum payments were lower than they are?

Skippz

Hi All, thanks very much for your responses. @datlex, I just did rough estimates at the time, I stated £100 and it was around that, looking at it now, I was probably around £30 short, silly I know.
Im hoping that the fact im facing up to it, taking advice and showing willing to pay the money back (including all interest) will be enough to satisfy them.

redpete

sourcrates wrote: »

It's all complete rubbish, don't listen to what these call handlers tell you, yes, he was a call handler, someone who answers the phone for a living, not a legal professional !!!

All cleverly designed to make you panic and pay up.

Laura (above) puts it a little more eloquently !!

The call handler said they were worried that the application might have been incorrect and maybe fraudulent, Laura has said that the application might have been incorrect and maybe fraudulent.

Can't really see such a big difference.

sourcrates

redpete wrote: »

The call handler said they were worried that the application might have been incorrect and maybe fraudulent, Laura has said that the application might have been incorrect and maybe fraudulent.

Can't really see such a big difference.

If they were that concerned they should not of loaned the OP the money.
Fraud my !!!! !!

Karonher

sourcrates wrote: »

If they were that concerned they should not of loaned the OP the money.
Fraud my !!!! !!

They didn't know at the time. The OP was given the correct information by the call handler - legally qualified or not.

Fergie76

When applying for credit and giving existing commitments, should you not give outstanding balances rather than just what your minimum payments are?

Skippz

Hi Fergie, from what I can remember (and how it was explained on the phone earlier), it was a monthly budgeting tool to show how much is left monthly after expenses

sourcrates

OP,

just be careful what info you share on this forum, as some people can smell blood now, and the Sharks appear to be gathering sensing a free feed !!!!