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digman
Junior Member
United Kingdom
319 Posts |
 Posted - 06 September 2008 : 18:06:16
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| Hi , family menbers and friends have lent me money in the past to help reduce my debts . These debts were incurred thru irresponsible gambling . I was saving in a shareplan scheme at work and when it matured in June 2007 i paid them back ( approx £18000 totals ) . I have unfortuneately not learned from my mistakes and once again have amassed credit card debts and a loan ( the loan is in joint names with my wife ) running alongside a mortgage and secured loan on our family home ( which is in negative equity and are also both in joint names ) . This has led me towards bankrupcy ( after speaking to cccs )and wanted to know if the OR would take steps to reclaim any of the monies i paid back with it happening well before bankruptcy has been thought of . Thanking you in anticipation of some advice , regards |
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John
New Member
United Kingdom
73 Posts |
Posted - 06 September 2008 : 19:12:06
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Hi
when you paid off family & friends last year did you have any other debt beside your mortgage and secured loan?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 06 September 2008 : 20:21:42
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| Hi , yes credit cards (£20000 in total) in my name only and unsecured bank loan in joint names (£22000) but none were in arrears or default |
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John
New Member
United Kingdom
73 Posts |
Posted - 06 September 2008 : 21:23:36
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Hi
in which case it is likely the OR would look at the repayments to family and friends unfavourably.
Often the OR only goes back 12 months so in that scenario the repayments may be "under the radar" so to speak. However, the SoA asks if you have made any such payments in the last 2 years.
As part of the debt problem has been due to gambling I suspect the OR may choose to look back further and your bank statements may well highlight the earlier transactions.
As far as it goes the OR could write to the various parties requesting the return of the monies. If all parties state the monies are spent and they are not in a position to return anything the likelihood is you will get a BRU. As gambling forms part of the problem you can expect a BRU anyway so this will just serve to extend it if anything.
Unless you were looking to take on more credit at at later date a BRU, in itself, is little to concern yourself with.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 07 September 2008 : 06:36:48
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| Hi John , Thanks for your opinion . Credit taken out after the repayment of family included a refinancing of our loan in march this year ( further £5000 of debt ) , Increased overdraft ( further £500 of debt ) and payday advance cheque cashing which i have just paid the interest on for the last 5 or 6 months to avoid the chqs being banked ( debt which has increased monthly in the fact i have cashed more chqs to pay the interest on other chqs to stop them being banked . To a level of £3400 now ) . Been burying head in sand and thought could gamble way out but have now realised that t is time to STOP and face the consequences of my STUPIDITY . |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 07 September 2008 : 11:20:01
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Hi Digman
Like i say it takes courage to find this site and courage to do something about it. You are now trying to find a way to get it sorted and you must stay strong, focused and most of all positive.
Good 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 blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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will OR reclaim repaid family loans?
