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T O P I C R E V I E W
worried
Posted - 09 January 2009 : 20:40:02 in nov 05 (approx 3 years before BR) i lent my previous employer £10, 000 short term which he said he would pay back the following month. he could not pay the full amount back and instead paid me £1000 a month for several months until it was paid back (including the interest etc). i used the £1000 per month to pay the amount due for the loan but the rest of the money got used up each month on living expenses and mortgage. It is now included in my BR So i am just wondering:
1) will the OR ask me about this although it is not in the last 12 months?
2) will i get into trouble for lending the money to someone else although at the time we were financially in a position to do so (although in hindsight it was a bad idea)
3) i cant remember what i put on my loan application form - think i said consolidation which in a way it was because it covered our other debts and cards each month?
thanks very much
2 L A T E S T R E P L I E S (Newest First)
John
Posted - 09 January 2009 : 22:09:28 Hi
don't worry. At present all the OR has seen is that the loan was taken out in 2005 and was not repaid in full. For £10K to be used up for mortgage and living expenses over that length of time is very common.
You just used it for general living expense. The episode with your employer seems irrelevant as it was lent and repaid to you in full.
