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| T O P I C R E V I E W |
| cojaack |
Posted - 20 November 2010 : 00:31:16
In 2008 I took out a loan for £18,000 to pay off my children's credit cards. They had both got into unmanagable debt. I told them I did not expect them to repay it. At the time I could afford the repayments, but now I have had to retire through ill health and my income is not enough to keep up the payments, plus I have £20,000 of debts myself. So I am thinking of going bankrupt, but am very worried about what the OR will say. I do not want to get my children into trouble, neither are in a position to repay the debt.
Do I have to tell him that it was my children's credit cards or could I pretend it was my debts. How much would they check ? |
| 6 L A T E S T R E P L I E S (Newest First) |
| cojaack |
Posted - 14 December 2010 : 12:29:23
Hi Big Al
Thank you for your reply. I am sorry it has taken me so long to get back to you. I felt a lot better after reading your answer especially because you are a former examiner. I am feeling very positive at the moment and have an appointment with the CAB to discuss my options. Thanks for your help. |
| Bigal4787 |
Posted - 03 December 2010 : 12:44:56
Hi cojaak,
your total debts are about £38,000, which in the scheme of things is relatively small from the point of bankruptcy. You obtained a loan in 2008 to help your children out, it didn't go on luxuries (although your childrens debt may have!) so speaking as a former examiner, I wouldn't have seen any problem with that, especially as it appears that you had every expectation of being able to keep up the repayments at the time you took the loan out.
The main cause of your insolvency is loss of income through ill health, you have used credit in the past when you could afford it,and possibly after retiring through ill health to meet day to day living expenses.
This I would expect, is how the OR would view it, with NFI(no further investigation). Remember the main thing here, is that you're in this position through ill health and loss of income. The only thing the OR may comment on, is why you didn't get your children to help with the loan payments.
Big Al |
| Jane.l |
Posted - 24 November 2010 : 08:23:10
Surely if the debts are in your name, legally they are your debts and you are liable for them, |
| Richard P |
Posted - 23 November 2010 : 14:30:20
cojaack / crazy mum
it might be a good time to have a family conflab. get all of this in the air and see what options comes out.
hopefully they do not have any other debts, it may be worth all of you going to CAB together or asking one of the experts to spend time so that your BR if appropriate is thoroughly planned.
Richard
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| crazy mum |
Posted - 23 November 2010 : 10:50:40
quote:
Originally posted by gettingoutofdebt
You will need to disclose what the loan was for. The OR will check back through your bank/loan/CC statements and if you say one thing but their investigations show something else then you could end up in trouble.
Complete honesty is always the best policy when dealing with the OR.
Thank you
The thing I am worried about is what will happen to them. Will they be forced to find a way to repay the money. Neither has money, my daughter is a final year student and my son earns little.
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| gettingoutofdebt |
Posted - 20 November 2010 : 12:54:44
You will need to disclose what the loan was for. The OR will check back through your bank/loan/CC statements and if you say one thing but their investigations show something else then you could end up in trouble.
Complete honesty is always the best policy when dealing with the OR. |
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