Help will i go to jail

WhenIam64

There is an issue here with regards to the [petty] fraud. Fraud is never wipe out. The courts will never wipe out a fraudulent debt.

There may be practical issues such as collection the debt / proving there was fraud - but don't expect an easy ride.

Not sure about there not be prison though.

[Deleted User]

I'm not sure the OP is in DMP territory. £48,950 of unsecured debt and £216 available for debt repayments each month would take almost 19 years to pay off. Sure the OP can shave a bit off here and there and maybe increase the income but a DMP will still take more than 6 years.

fatbelly

Thanks for the soa. I thought it looked pretty realistic. Yes, there are areas you could be a bit tighter on but it is clear you need some form of debt management.

So to start with you need to be banking somewhere where you do not have debts and so you may be adding an overdraft to that list of debts.

Then, when in a hole, you stop digging. Stop paying all the debts and send them a holding letter like

https://www.nationaldebtline.org/EW/sampleletters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx

Then I would suggest talking to National Debtline, Stepchange and Payplan. The problem that you have is that your debts are on the high side and your surplus on the low side. Fortunately your accommodation seems safe and affordable and you have a decent value car*.

A debt management plan will take around 20 years. If you double your surplus income, ten. Those are too long periods, if you have another option. Which you do.

All three of those organisations may suggest an IVA. A rough calculation gave me £270 as a monthly figure, so you're in the right ballpark.

Have a look at this. Debt Camel is well respected here.

https://debtcamel.co.uk/debt-options/guide-to-ivas/
https://debtcamel.co.uk/choose-iva-firm/

*which wouldn't cause an issue in an IVA

Willing2Learn

Ironfist wrote: »

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 .

Hi,

Just wanted to post that you won't be the first person to have entered incorrect income on a loan application so try not to worry. Have a read of the DebtCamel article linked below:
Lender says I lied - what should I do?


When you are talking to your creditors, you may find it helpful to get your GP or mental health professional to complete a Debt and Mental Health Evidence Form. If your creditors have evidence that you are vulnerable due to mental health then they should take that into account.

elsien

Ironfist wrote: »

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 .

If it's costing a lot to replace things he breaks, is that accounted for on your SOA - if not, then it needs to be.
You can also pick up cheap or free second hand TVs on freegle and the like. They may not have all the features he'd like, but you can't afford that at the moment.

If you want help cutting your grocery bill, head over to the old style bit of the forum. What pets do you have and what do you feed them?

monetxchange

When you say “sticking to the budget for so long”, you have to realise that you’ll need to stick to a budget FOR LIFE in order to stop getting back into debt due to overspending. It’s just good sense. Many of us do it. Yes, it’ll be tight as you debt clear, but will loosen eventually. A budget doesn’t mean not spending necessarily, just making sure that every pound of your money goes to the proper place.

It’s not just the loans that have put you in the hole here. There’s a good deal of credit and store cards that I assume came before. You’re going to have to make some changes on your spending going forward or else you’ll be in a vicious cycle forever.

I appreciate it’s hard with your child breaking things. It can’t be helped, but as a previous poster said, get cheap or free second hand replacements. You can’t afford anything else. Don’t be tempted to stick it on a store card to deal with another day. Same goes for groceries - nobody is suggesting you’re being extravagant, but do take the advice when we say it could be cut down. Trade down from brands, batch cook, buy Lidl nappies and non branded medicines. It’s nice to give, but the reality is you can’t afford more on presents. Your nieces and nephews will have to make do with your presence instead. Renovations to your house such as new carpets and doors you mention - they need to be saved up for slowly month by month.

I really do have sympathy for your stressful situation at the moment. You’ve done great in facing up to it. Now look at the big picture of how to get a hold of your money instead of just looking at how to sort the debt. Wishing you the best of luck.

sourcrates

Hi,

Debt management will take far too long, I agree that in your circumstances, an IVA will be more suitable, they are specifically designed with homeowners in mind, especially those with large debts, and an asset to protect.
I too have an autistic son, so I know how easily things can get broken, so just make sure you budget sensibly.

As for prison, not going to happen, but just be careful about being too honest, what’s done is done, and no one is perfect, concentrate on moving forwards.

Ironfist

Thank you for your helpful comments really appreciate it and totally understand were you all are coming from.

I agree with there are ways to shave down my soa and save.
Initially an iva looks better at first glance
The fort of being in a dmp for such a long time
Really depress me even more and its wrong of me but makes me feel what's the point of living,
I cant help this feeling wrong of me i know but cannot help it.
As growing up i was fortunate to say i went on luxury holidays.
Ive also said when i have children i cant wait to take them to Florida and experince what i did as a child even if just once.
The thought to never be able
To do this saddens me.
Ps i have not being on holiday in over year p years which does not bother me.
If it wasn't for my eldest son i would rent and have a fresh start 3 years down the line.
Or so, but Security and routine is important for him.
Sorry for the depressing post!!

Pets wise i have a french bulldog and a pug
And fed the n royal canin which they have always done
Dla i use for anyfin regarding additinal cost from
Having a child with a disability.
Tv was just an example he has thrown stones at my car, he broke the hoover not so long back
Tbh this does not cover the cost.
Dla is up for renewal this april so i could get more , less, or the same.
It

Nala89

Hi, no expert by any means!

This year he has smashed 3 tvs already.

Would an insurance policy be cheaper here? I pay £7 per month for contents only insurance and had an Xbox and TV replaced (cash amounts minus excess) due to my daughter (5 Y/O) breaking both. Accidental damage seemed to cover me so not sure how your situation would be viewed?

Also, on benefits, I earn £1718 per month and my wife £780 but she still receives £43 per week Child Tax Credit and £137.60 per month Child Benefit. We have 2 kids but your benefits seem on the low side.

beanielou

I really think you should think about renting & having a fresh start.