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?
I would advocate full disclosure to the OR in this instance. Given the timeframes involved, it is clear you did this whilst you were completely unaware that you could be looking at BR. I don't think the OR will be too happy, but I also don't believe this will present much of an issue in the grand scheme of things!
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
in nov 05 (approx 3 years before BR)
Posted - 09 January 2009 : 22:57:04
