Hi,
I am massively in debt and recently took out 2 loans totaling £12000
During the loan application they asked if I was in a debt management plan and I said no.
I know it was wrong but I was desperate for the loans.
I now can't afford the loans and I also have the DMP.
If i were to apply for a IVA, would these loan companies sue me for fraud?
You should have been honest with the companies. I doubt they will sue you for fraud but it might have an impact on any application for an IVA.
Speak to a couple of companies. Andy Davie/Vincent Bond are good and will give free initial advice. Details can be found under the expert link on the left hand side of the page - give them a call.
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
Any company who lends money should be able to run a credit check and find a DMP so they were at fault lending the money. Get some free advice and have all your debts addressed as if you are still borrowing while in a DMP then something is wrong.
Why were you desperate for the loans? As Michael says your DMP payments should leave you with enough to live off whilst maintaining a contribution to your creditors. If this is not the case then perhaps the DMP is wrong or is not the right option for you. Was the money used for an emergency situation on something or frittered away?
