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BankruptC
Senior Member
1030 Posts |
 Posted - 03 September 2008 : 10:46:42
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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 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 10:58:36
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Hi CG,
You are correct in your assumption that your father-in-law is your creditor, not the bank that gave him the loan. Unfortunately this debt will be written off in your BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 03 September 2008 : 11:20:30
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Thanks Julian,
Yeah, that's what I thought. So we've arranged to repay him again when we're discharged etc. Surely that's ok?
CG. x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 11:26:26
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Hi CG,
Technically, it is illegal to pay him any money after BR unless you are clearing all your creditors with a view to getting the BR annulled.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 03 September 2008 : 11:29:41
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Oh ok. Maybe we'll just have to give him extra big Christmas presents then! ;-)
CG. x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 11:30:16
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Nothing wrong with that :)
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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claire25
Junior Member
206 Posts |
Posted - 08 September 2008 : 11:17:44
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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 |
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John
New Member
United Kingdom
73 Posts |
Posted - 08 September 2008 : 11:20:49
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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 |
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BankruptC
Senior Member
1030 Posts |
Posted - 08 September 2008 : 11:31:02
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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 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 11:47:13
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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/ |
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zoe
Junior Member
329 Posts |
Posted - 08 September 2008 : 11:51:17
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| Great news CG. |
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claire25
Junior Member
206 Posts |
Posted - 08 September 2008 : 14:09:33
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| 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? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 14:12:00
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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/ |
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claire25
Junior Member
206 Posts |
Posted - 08 September 2008 : 14:22:33
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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 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 14:34:05
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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/ |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 08 September 2008 : 16:38:34
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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 |
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Topic |
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Loan from father-in-law
