Help will i go to jail

Ironfist

Hello All
10 month or so ago i quit my job
A few days later i applied for a loan of 8000
I lied about my income and said i was working and earning alot more than i said i was.
Few month later i also took out another loan of 9000 and said i was self employed earning xxxx amount again lied
STUPID I KNOW !!!
please bare in mind iiam on anti depressants going through counciling and at the time ,( still am) still at the time a didnt care about nothing and was at the lowest of the low.
I need to seek advice because all the debt over us as a family has caught up
I would like to apply for a iva but my worry is could i go to jail.
sorry about the lost post .

enthusiasticsaver

No of course not. Lenders don't have those powers. Have you spoken to stepchange?

Ironfist

Hi no that was my next move, just this as been on my mind i did not want to take the next step because of this like .

Ironfist

Arent you just so helpful kick a man why hes down.

ryanm8655

you won’t go to jail.

As above, I’d get in touch with stepchange in the first instance.

You’re doing the right thing by confronting the problem. The sooner you take action, the sooner you can move forward.

EssexHebridean

Couriervanman - your post has been reported.

Hi Ironfist - well done for being upfront and confronting the issues. The worst that is realistically likely to happen on the giving of fraudulent information on the loans is that the lenders will recall them - however as it sounds like you're on the verge of entering a DMP or similar anyway that would make very little difference to you.

Contacting Stepchange or similar is a good first step - you could also put together your Statement of Affairs (SOA) from the link you will find in my signature below, then post that in here and we can take a look and see if we can find any savings in your expenditure that you might have missed.

Please ignore the character who has posted above by the way - thankfully we get very few trolls on this board, however sadly one always slips through occasionally. You may want to just hit report on his post (as I have already done) and that will bring him to the attention of the forum team.

fatbelly

Hi Essex. I reported that one too!

Nothing to add for the OP at this stage but I'm now subscribed so will take a look at your soa when you post it. An IVA is unlikely to be the answer. A dmp might be. We really need to see the detail. The link is in Essex's signature.

EssexHebridean

....and I see that our unpleasant little friend has now had his post removed. Excellent. I'll leave his namecheck in the post above though - always pays to know who may be trouble when you see they have strayed out of their usual territory to post in DFW!

Ironfist

Hi
A little about the soa
Phones r extremely high but contracted.
Food includes nappies child medicine pet food.
Other expenses are my child's disability money
I dont include this.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 500
Benefits................................ 150
Other income............................ 280
Total monthly income.................... 2530

Monthly Expense Details
Mortgage................................ 560
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 60
Gas..................................... 50
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 35
Groceries etc. ......................... 500
Clothing................................ 40
Petrol/diesel........................... 160
Road tax................................ 10
Car Insurance........................... 65
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 280
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 50
Buildings insurance..................... 12
Contents insurance...................... 8
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 12
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 2314


Assets
Cash.................................... 0
House value (Gross)..................... 136000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 141500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 131500...(560)......0
Total secured & HP debts...... 131500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Bank loan......................7000......270.......0
Bank loan......................22000.....330.......0
Cc.............................800.......35........0
Family member..................7000......150.......0
Loan...........................8200......295.......0
Store c........................2000......50........0
Store c........................1200......35........0
Store c........................750.......45........0
Total unsecured debts..........48950.....1210......-


Monthly Budget Summary
Total monthly income.................... 2,530
Expenses (including HP & secured debts). 2,314
Available for debt repayments........... 216
Monthly UNsecured debt repayments....... 1,210
Amount short for making debt repayments. -994

Personal Balance Sheet Summary
Total assets (things you own)........... 141,500
Total HP & Secured debt................. -131,500
Total Unsecured debt.................... -48,950
Net Assets.............................. -38,950[/b

EssexHebridean

OK - comments in red as usual.

Ironfist wrote: »

Hi
A little about the soa
Phones r extremely high but contracted. make a diary note now for a couple of months before the contracts end - then call the supplier and quote a competitor's SIM only deal at them - many will let you off the last few months of the contract to get you to go SIM only with them instead.
Food includes nappies child medicine pet food. Medicines should go under the prescription/medical section - also in a lot of cases you might be eligible to get medication for children free of charge.
Other expenses are my child's disability money Can you explain what you mean by this? You need to include ALL your expenses or we can't help as much as we'd like to.
I dont include this.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 500 Can this be increased at all?
Benefits................................ 150 You have checked that this is definitely all you are entitled to?
Other income............................ 280
Total monthly income.................... 2530

Monthly Expense Details
Mortgage................................ 560
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120 If you are currently paying this over 10 months then switching to paying over 12 months can make budgeting easier.
Electricity............................. 60 Make sure you are on the best tariff for both this and your gas - I suspect you can also cut use on electricity too - as you have gas your home is presumably centrally heated - it's unusual to see electricity bills being higher in that case. Read the guide on the main MSE site to cutting use.
Gas..................................... 50
Oil..................................... 0
Water rates............................. 60 Is this metered? If not then it might be cheaper to switch. If it IS metered then start being actively conscious about what you're using.
Telephone (land line)................... 0
Mobile phone............................ 60 Yes - high, see above for comment on this.
TV Licence.............................. 12 OK - usual note here - be very careful rounding things down on a budget - if you do this on everything that's going to leave you quite a bit short at the end of the month!
Satellite/Cable TV...................... 10
Internet Services....................... 35
Groceries etc. ......................... 500 A good saving to be made here for a start, even allowing the things you have said are included you should be able to knock this down by £150 a month, probably more.
Clothing................................ 40 Cut this back to "essentials only" for a while, Also explore charity shops/eBay etc for kids clothing in particular.
Petrol/diesel........................... 160 Read the guide on the main site to driving economically.
Road tax................................ 10
Car Insurance........................... 65 This is quite high - read the guide on the main site to shopping around and follow those steps when your renewal comes along.
Car maintenance (including MOT)......... 50 Where is this being saved - you're showing no cash assets?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 280 Is this anything that can be reduced?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 50 This is high but I appreciate it's not as easy to shop around for this one. Might be worth ringing your current provider at renewal and haggling though. See if you can get the same cover for a lower premium.
Buildings insurance..................... 12
Contents insurance...................... 8
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 Again, make sure you are actually budgeting this - I'd also say that from January allowing for your situation that figure probably needs to reduce a bit.
Haircuts................................ 12
Entertainment........................... 40
Holiday................................. 40 Again - where is this being saved as you are showing no cash assets? I'd also question whether this is a realistic budget for a holiday for a family of 4?
Emergency fund.......................... 0 I have to say that currently I think you should prioritise this over a holiday. Sorry!
Total monthly expenses.................. 2314


Assets
Cash.................................... 0
House value (Gross)..................... 136000
Shares and bonds........................ 0
Car(s).................................. 5500
Other assets............................ 0
Total Assets............................ 141500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 131500...(560)......0
Total secured & HP debts...... 131500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Bank loan......................7000......270.......0 Sorry but I don't believe this is 0%!
Bank loan......................22000.....330.......0 Again - a 0% loan?
Cc.............................800.......35........0 When does the 0% deal expire on this?
Family member..................7000......150.......0
Loan...........................8200......295.......0 Again - a 0% loan?
Store c........................2000......50........0 Is this 0% because it is buy now pay later or a similar deal? If so you need to be very aware of when that deal ends!
Store c........................1200......35........0 As above
Store c........................750.......45........0As above
Total unsecured debts..........48950.....1210......-


Monthly Budget Summary
Total monthly income.................... 2,530
Expenses (including HP & secured debts). 2,314
Available for debt repayments........... 216
Monthly UNsecured debt repayments....... 1,210
Amount short for making debt repayments. -994 You are in DMP territory with this shortfall, by the looks of things. While there are areas where you are probably over spending you're not going to be able to claw back that much, allowing for your starting income.

Personal Balance Sheet Summary
Total assets (things you own)........... 141,500
Total HP & Secured debt................. -131,500
Total Unsecured debt.................... -48,950
Net Assets.............................. -38,950[/b

OK - comments are pretty much all above. Someone who is more expert than I am on DMP's will be able to give more input on the specifics.

Ironfist

Hi thank you
My sons dla money is what i use relating to him
Hes got autism. We also use for repair.
This year he has smashed 3 tvs already.
Emergency fund i have 500 a side to start with.


Holiday 40 your right its unrealistc but i would save and have a holiday every 3 year or so.

Mobiles still have a horrible18 months remaining.

Presents 600 a year for birthday and Christmas for the kids and nices nethews i think 50 is not enough.

Fuel i drive eco the car did 40mpg on 100 mile motorweigh trip no traffic cruise control 6th gear
The car is shocking on fuel.

The house is such a cold house ive reduced this recently but i cudnt reduce anymore.

Grocery's i think be hard shave any off
We spend alot on pet food nappies
She spends 10 weekly on ecig
which we lead a very stressful life and it would be unfair of me to say give up the 1 thing what keeps her sane.

By sticking to the budget and in a dmp for so long.
How do people suposed to have work done on there homes like a new door or window carpet etc
It some times makes me wounder would renting make life easier .