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| goingunder |
Posted - 19 October 2008 : 12:21:47
Hi im wondering if any of you can shed some light on this for me. My parents took out a loan over 10 years for me last year to help with home imp costs, and i transfer £138/mth into their account to cover the d/d. As i will be going bankcrupt in the new year, will i not be able to include this payment in my expenditure? As it seems unfair for the OR to say I can no longer pay it?
Thanks x |
| 9 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 20 October 2008 : 17:08:03
Hi Goingunder
May i suggest calling our helpline, it may be worth getting a little more one to one advice, esp as it concerns your parents as creditors.
That number is 0800 078 9367.
Best of luck
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| goingunder |
Posted - 20 October 2008 : 15:48:56
I definately cant afford to pay all the other debts anyway. Approx 50k of unsecured debt plus the 12k my parents took out. I used to earn £78k a year now down to 20k so have already started missing payments. |
| 369 |
Posted - 20 October 2008 : 12:59:21
Hello Goingunder,
I was just reading through the post and wondered if the loan your parents have taken out for you, makes up a substantial part of your debt or not. So, if you had £20k of debt but £10 was to your parents.
Could it be worth your parents giving you a break from the payments (if at all possible) and then you paying your creditors back more each month?
Just dont want you to go down the route of bankruptcy if you are still going to have £10k left of debt still to pay and only a small amount wiped off....
Thanks |
| RHB |
Posted - 19 October 2008 : 17:53:55
I think you need to explain to yourfamily the position you are on, say you will commence payments again after discharge & say nothing about it since the loan isn't in your name unless of course your bank statements will show that you are paying regular money to your family? |
| Needafriend |
Posted - 19 October 2008 : 16:25:58
Hi Goingunder
As we have both said you need to think carefully about how to proceed with this as when family/friends lend us money it becomes a different matter.
Its hard enough going BR but when you owe to family it makes it that much harder and obviously you want to pay them back, but a loan from family is no different than going to the bank for a loan so payments must stop pref now if your going BR soon.
You can after discharge make arrangements if you so wish to pay them but that must be after discharge. I was not sure if it had to be included as like you said its not in your name but i put the wrong answer in there so i apologise for anything misleading but you must consider that obviously this can make matters a bit more complicated.
I would speak to them and see where you stand and maybe something can be sorted out once discharged.
I know its not really like i said before what you wanted to hear but it must be done with thought and consideration, a creditor is a creditor family or not.
Soz.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| BankruptC |
Posted - 19 October 2008 : 14:07:13
Hi goingunder,
You need to think this through carefully. I was almost in a similar position, whereby my father-in-law had taken out a loan for us and we were paying it off. Luckily for us, we only had a couple of months left to pay and he wrote the debt off for us.
Technically, your parents (or whichever one of them gave you the money) are your creditor. It's irrelevant really where they got the money from, more that they lent it to you. So technically they should be put on your SoA as your creditor and the debt should be written off with the others. You won't be allowed to continue paying them, as it would be a preferential payment, as Jo says, which is not allowed.
When we had our OR interview, one of the first things he asked us is if we owed anything to a friend or family member. We explained about my f-i-l and the OR asked when we had last paid him. As I see it, he was trying to work out if we had made any preferential payments, which he could reverse (ie ask for the money back). Luckily for us, we stopped paying him at the same time as all our other creditors. So this is something you need to consider carefully. If you don't put your parents on your SoA as a creditor, and there are regular payments to your parents on your statements, the OR may well ask what these are for and ask questions about the loan etc.
I can't advise you what to do here, but as I say, you need to think carefully. The OR definitely won't allow you to continue paying your parents over your other creditors.
Sorry I can't help more, but give me a shout if you have any more questions.
C. x |
| Needafriend |
Posted - 19 October 2008 : 13:57:16
Hi you could always if you have enough left over from your own money pay it somehow, but if not it will have to be after.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| goingunder |
Posted - 19 October 2008 : 13:53:58
oh deat i dont think they will be too happy with that. It is in their name, im not on the loan myself. x |
| Needafriend |
Posted - 19 October 2008 : 13:14:09
Hi Goingunder
Technically your parents are creditors if the loan is in your name and so i doubt if it will be allowed by the OR for you to continue making payments to them as that could be considered preferential.
If your name is not on the Loan then all you can really do is after your discharged carry on paying them then, also if your name is not on there then i dont think they need to be on your SOA as it has to be linked to you.
I know thats not want you want to hear but unfortunately thats how it goes.
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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