Will loan companies put a CIFAS marker on my name?

Polkadots369

Hi everyone, I’m currently in around £24k of debt spread across 2 overdrafts, 4 credit cards and 3 personal loans.

I’m behind on some payments but haven’t been issued any defaults yet, but I really can’t afford all the minimum payments and want to start a DMP after being advised by Stepchange.

My only concern is that I applied for the loans very recently within the past few months, and on the applications I massively underestimated my budget and didn’t disclose all my debts. If I start a DMP it would be obvious to the loan companies that I lied because my budget will be given to them. How likely is it that they will put a CIFAS marker on my name? 

The loan companies are CashASAP (£450.52 owed) Lending Stream (£913.44 owed) and Mr Lender (£524.75). 

Thanks in advance for any advice 😊

la531983

I think you are misunderstanding why CIFAS markers are applied. Are you planning on committing fraud or being a victim of fraud?

What are CIFAS markers? | Britton & Time Solicitors

MattMattMattUK

Polkadots369 said:

Hi everyone, I’m currently in around £24k of debt spread across 2 overdrafts, 4 credit cards and 3 personal loans.

I’m behind on some payments but haven’t been issued any defaults yet, but I really can’t afford all the minimum payments and want to start a DMP after being advised by Stepchange.

My only concern is that I applied for the loans very recently within the past few months, and on the applications I massively underestimated my budget and didn’t disclose all my debts. If I start a DMP it would be obvious to the loan companies that I lied because my budget will be given to them. How likely is it that they will put a CIFAS marker on my name? 

The loan companies are CashASAP (£450.52 owed) Lending Stream (£913.44 owed) and Mr Lender (£524.75). 

Thanks in advance for any advice 😊

The "I massively underestimated my budget" part is probably a grey area, could you actually cut back to those levels and you just continued to overspend, or did you say your rent was £500 when it was really £1,000 a month? Not disclosing all debts is more serious, if you mean you had a debt of £1,000 and put it down as £900 then no, if you mean you just did not disclose a whole bunch of debts then yes, that is an issue. Technically you would have committed application fraud, though them going as far as adding a CIFAS marker would be rare.

la531983 said:

I think you are misunderstanding why CIFAS markers are applied. Are you planning on committing fraud or being a victim of fraud?

What are CIFAS markers? | Britton & Time Solicitors

Committing fraud, do you mean like application fraud, which happens when someone knowingly makes a false application for a financial product?


Can you complete an SOA and see if some people here are able to offer some advice?
https://www.lemonfool.co.uk/financecalculators/soa.php

ManyWays

The loan companies are CashASAP (£450.52 owed) Lending Stream (£913.44 owed) and Mr Lender (£524.75). 
So not large amounts of money owed to payday lenders. 
DMPs are an everyday part of their business, my guess is that no one is going to waste staff time trying to work out whether to add a CIFAS marker or not. Most lenders like an easy life!