I've been stuck in the cycle of payday loans and installment loans for a while now getting worse and worse as have been taking one out to pay off another but then needing a bigger one to pay that etc etc... If now taken 4 out in the last 6 weeks which I si ply can't pay and can't get anything bigger or with a better repayment rate to help... If I apply for an IVA or DMP and they think I took them out never planning to pay them back can I face prison on fraud charges even though that was never my intention?
I'm really scared have no where left to turn except some form of debt plan but am scared how they'll view my intensions...
In so deep I need diving gear... had enough of drowning so now looking for the oxygen I need to breathe again!
Taking these loans out have made it clear to you that you are in difficulties --- you tried to get out of trouble with these loans, but this didn't work. Now that you realise this isn't the way to go, seeking help is the next step and will not be looked upon as fraud.
Speak to a few firms as soon as possible, to get things sorted out, but do not continue borrowing. I would suggest the smaller firms, where you will be viewed as an individual.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree wholeheartedly with Foggy, speak to 2 or 3 companies and get some expert advice. There will be a way forward but best to stop the borrowing now as there will be a way forward to help you. All the best and any more questions please just ask, normally someone about.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Have a chat with Andy Davie/Vincent Bond who post on here for some free advice. Hope you manage to get something sorted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Youv'e taken the first step in seeking our support and advice. The next step is to approach two or three companies for specifc advice on your situation. Taking time now to find a IP that you can work with will reap rewards later
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Firstly, well done for realising you have an issue and finding this very helpful forum.
Secondly, as per Foggy, Lesley and Kallis' posts, you really need to speak to a few companies ASAP for advice on your options, as their are a few routes you could look at taking, but each has their own stipulations and you need to look at which will be best for you.
What you have done would not be seen as fraud, as many people try to clear their finance through consolidation with other finance options before realising they have a problem.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
You clearly need help so do not hesitate in speaking to several companies. There are several solutions that may be suitable for you, including an IVA.
Look to open a new bank account and have your wages paid in to this new account to give you a fresh start
Thank all. I'm defiantly going to speak to a few companies for the best advice but my biggest concern is that the ones I have taken out most recently I haven't even had to make my first payments on some of them yet. These are the ones I'm scared of as I'd heard that these are the ones where they'll say I borrowed knowing I could pay back as I haven't even made 1 payment yet on some of them... The more established ones I'm less concerned of as I'm sure they'll be sympathetic but what about these that I've not started paying yer? Will this be considered fraud?
Thanks for any advice.
In so deep I need diving gear... had enough of drowning so now looking for the oxygen I need to breathe again!
prickolas, make the inquiries to IVA companies and at least get the ball rolling so you can see a way forward. Don't be scared of the pay day loan companies as they have a legal obligation to make sure you are able to pay back the loan they furnish. The government departments who regulate these companies are taking stronger and stronger action on payday loan companies for not taking out stronger checks on debtors, so you don't need to be so worried about the loan companies having an upper hand and them calling foul on you. It will deffo not be seen as fraud.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
does that still stand if I was "slightly less than honest" on the applications?
I'm just worried that it will be viewed that I borrowed never planning to pay back... where it's actually more of a case of borrowed just not sure how I'd pay back...
has anyone else been in a similar situation, starting a DMP or IVA with very recent borrowing?
In so deep I need diving gear... had enough of drowning so now looking for the oxygen I need to breathe again!
Most payday loan companies accept IVAs anyway so you should be fine. If you have been using the same companies for some time now you will built up a history so this should be taken into account too.
no I've been taking out new ones to pay off others, 3 out of the 4 I have opened recently are ones I've not used before, that's why I'm worried... should it matter that I've not even started making any payments on some of them yet?
In so deep I need diving gear... had enough of drowning so now looking for the oxygen I need to breathe again!
Hi Prickolas, I was taking on new credit right up until I applied for an IVA. This was not an issue, so don't worry about this.
Most people will take on more and more credit until they realise they have reached a point they cannot manage any further. You have reached that point.
You have done the right thing, to seek help as soon as possible. Speak to a few firms and I guarantee you will start to feel better immediately.
Given the short term nature of payday loans it is unlikely that many will have been repaid anyway. In addition you need 75% of the amount of money to vote in favour so payday loans tend to be a small percentage anyway.
