| T O P I C R E V I E W |
| BankruptC |
Posted - 03 September 2008 : 10:46:42
Hi all,
Not been around for a couple of days cos I've gone back to work! I went back on Mon after a break of almost 14 months, leaving our little one for the firsttime with a childminder ( ). It's only part time so it should work out ok, but it's taking some getting used to! Anyway, on to my point...!
I thought I had this clearin my mind, but after just reading a similar thread, I'm confused (again!).
My father-in-law took out a loan, and used some of it for himself and gave some to us. We have been paying him a monthly repayment to cover this.
Am I right in thinking it is irrelevant where the money came from TO him, and that this is now just a loan from him to us, and therefore he is our creditor and it has nothing to do with HIS loan, from the bank?
I understood it that f-i-l would become a creditor and our debt to him would be written off. Is this right? Hubby's not happy we can't continue to pay him, but we've come to an agreement that we'll pay him back later, after discharge etc.
Are we doing this right or am I missing something?
Thanks!
CG. x |
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 09 September 2008 : 10:08:02
You will get through it Claire.
When i found this site i was in such a mess, i knew what we had to do, but i did not know how to to do it.
I scared and felt very alone, like my whole world had collasped around me. Then i started to post on here and the friends i have made via this site and all there replies gave me fresh hope.
I know that it may not seem like it right now but it will all come good in the end.
You have to be strong and have courage, you have shown the courage by coming on here now we will give you the strength to get yourselves sorted out.
LOL
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| claire25 |
Posted - 09 September 2008 : 09:42:13
Hello needafriend.
Thanks for your post. I cant tell you what a help its been being able to come on here. Hopefully we will get through it and come out of the other end debt free!....fingers crossed xx |
| Needafriend |
Posted - 09 September 2008 : 09:13:40
Hi Claire
I think it was sugested that maybe they could try refinancing the loan to make the payments easier over longer.
I do understand where your coming from your stuck between a rock and a hard place and the road has come to a cross roads and its now a case of which road to take.
I dont think you will have to go BR also, have you tried calling our helpline. They really are very good and i know they will be able to offer better advice over the phone.
Give them a call, but claire your not alone, honestly we all want to see you get through this.
Im not passing the buck by saying about calling them i just know that sometimes a personal call verbally can help heaps. LOL
Please keep smiling mate, we will get you on the right road. :-)
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| claire25 |
Posted - 09 September 2008 : 09:03:41
Hello Vicki
We are both plodding on at the moment. This is the only thing we can
think about at the minute.
I have asked hm to speak with his parents about talking to thier creditor about thier situation. They took out the loan when they were both employed full time and now through disability one of them is no longer fit to. My fiance feels terrible and doesnt want to put hi parents house at risk on top of everything else that they have going on at the minute but he physically hasnt got te money to pay it. By paying this debt every month the majority of the others arent getting paid so im sure you can image the amount of hasstling calls an threatening letters he is getting. Each month he doesnt have enough left out of his earnings even to pay all of his debts. He doesnt hve any money for the cost of living and relys on me. What can his parents do to reduce the payment of this loan?
Also, will i need to bankrupt with him? the my name is on the secured loan and obviously the mortgage but thats it. I really dont want to have to do it myself but will i have to?
thanks for all of your advice. It is really helping.
Claire x |
| JulianDonnelly |
Posted - 08 September 2008 : 17:50:37
Thank you all for your kind words ... we do our best to help :)
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| m and v |
Posted - 08 September 2008 : 16:38:34
Hi Claire - how are you doing?
Hope you have had chance to call the helpline and speak to one of the guys there.
It's always tricky when family borrows money for you - at the end of the day the debt is their responsibility and that may sound quite harsh but I am sure you never expected to be in this situation. It sounds like they won't be able to pay the last five years of the loan in their current situation so maybe they need to be looking at ways of reducing the monthly outlay for this debt - a better interest rate - longer term - maybe they need to talk to a financial expert/bank manager??
Hope you are both ok - we are here to help.
take care
Vicki x |
| Needafriend |
Posted - 08 September 2008 : 14:34:05
Hi Claire
No you are not alone and no your debt or your OH's debt is worth seeking the additional advice to find out what options are available to him.
I would give John ot Julian a call, they are really good and they may not see your message till later and i can sense that your starting to panic now.
The number is:
0800 078 9367
Please dont panic, it will get sorted out. Your not alone, far from it.
Give them a call and see what options are there.
Please :-)
That way you will be able to ease some of those worries.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| claire25 |
Posted - 08 September 2008 : 14:22:33
Hi Jon,
Is my situation really that dire that no one on here can help?
Do you think that theres nothing that can be done? that is what i have been begining to think myself. Im at my wits end. I have passed on the number to my partner as it is all his debt afterall. I'm at my wits end,
Thanks for the advice xxx |
| Needafriend |
Posted - 08 September 2008 : 14:12:00
Hi Claire
Have you called the helpline. Give them a call and someone will get back to you.
Its free and its worth it.
The number is at the top. I think your better of speaking to someone rather than just posting on here.
Best of luck
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| claire25 |
Posted - 08 September 2008 : 14:09:33
There in lies the problem. His parents cant afford to take up the loan payments - as since this arrangement was made one of them has been deemed unfit to work due to health problems and now his parents only have one wage comming in to pay thier mortgage, bills and own debts. They rely on his payment. I have begged him to try and get them to at least take on half of the payment as they did get half of the money but they say they cant afford it. Any suggestions on what to do would be soooooo appriciated. Im sure most of you know how it feels to be going through this - it is staring to have an effect on my health which is what prompted me to research bankrupsy. Is there anyway out of this at all? |
| zoe |
Posted - 08 September 2008 : 11:51:17
Great news CG. |
| Needafriend |
Posted - 08 September 2008 : 11:47:13
Hi CG
Well done as you say one less creditor and thing to worry about.
LOL
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| BankruptC |
Posted - 08 September 2008 : 11:31:02
Hi all,
Just to clarify as I said last night, we'venow spoken to f-i-l and as there were only 3 payments left to him, he's said not to bother, which means he's no longer a creditor! Yey! One less thing to worry about there!
CG. x |
| John |
Posted - 08 September 2008 : 11:20:49
Hi Claire
The debt to his parents will be written off but the parents debt to the bank will not be I'm afraid.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| claire25 |
Posted - 08 September 2008 : 11:17:44
Hi There,
I am in a similair situation with my fiance. He is considering goin bankrupt. His parents took out a secured loan on and gave him half to help him. Their agreement was for him to pay the first 5 years and them pay the last 5. Since then more debt has accured and the monthly payment to his parents is the biggest monthy payment he has. He is insolvent and he cant even afford all the debts with his monthly wage let alone living costs. I help him where i can.
What wil happen with this debt if he does g bankrupt? can he include this loan in his BR even though it is not on his name?
Thanks xx |
