what are the consequences of someone not complying with the contract of trust deed?

Question

if someone enters a trust deed due to finacial difficulty and fails to inform the firm acting for them of true value of car and money earned weekly,in other words lying about assets and income what are the consequences if this is brought to their attention

Answer 1

It would render the arrangement null and void and the person concerned would immediately be required to pay whatever was owing under the agreement plus any liquidated damages and the company would probably be under a duty to report the matter to the appropriate prosecuting authorities as an instance of obtaining property by deception under the Theft Act 1968 or even conspiracy to defraud. A fine/ term of imprisonment is a distinct possibility.

Answer 2

Try fraud with intent to withhold valid information. That may do it.