We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

borrow fees from family

Hi, wondered if someone could advise me on this.

If I were to try borrow the BR fees from family and then went BR right away. I was planning using a bonus I get in march to cover the fees. would the OR take this from me or could I use it to repay the fees to my family after I am BR and assuming I don't get an IPA?

I just wondered if I am obliged to tell the OR about my potential bonus and if he has the right to claim it even if I am not put onto an IPA?

Thank you.
BSC #215/No.1 Jan 09 Club
«13

Comments

  • DON79 wrote: »
    Hi, wondered if someone could advise me on this.

    If I were to try borrow the BR fees from family and then went BR right away. I was planning using a bonus I get in march to cover the fees. would the OR take this from me or could I use it to repay the fees to my family after I am BR and assuming I don't get an IPA?

    I just wondered if I am obliged to tell the OR about my potential bonus and if he has the right to claim it even if I am not put onto an IPA?

    Thank you.

    You are supposed to inform your OR of an increase in income, a bonus is not that, but if its a large amount they may be intrested.

    To be honest for a one off payment of under £500 most OR,s wont want the extra work to collect it so i would be tempted not to bother telling them, not exactly the "right" thing to do, but not the crime of the century either, you could always claim ignorence if it was ever questioned;)
    Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all …………. :(
  • DON79
    DON79 Posts: 3,842 Forumite
    OK, just now got to pluck up the courage to tell me sis and ask if she can help out. I know she would and that she could manage it but I don't like to worry her.

    Obviously tho if I do get an IPA, I take it the OR would become aware of it and swipe the whole lot?

    Thank you Bat! :D
    BSC #215/No.1 Jan 09 Club
  • DON79
    DON79 Posts: 3,842 Forumite
    It's because I was just reading some other scary posts about ccjs and charging orders and since my creditors will realise at the end of january that they won't be getting a payment, then I can't go BR til the end of March, I am bit concerned they will have time to secure the debt against the house. especially one of my creditors I know has a bit of a rep for charging orders or so I have read.
    BSC #215/No.1 Jan 09 Club
  • Im not even sure they get any documents saying what your Nll tax code should be, from posts on here most seen to just work it out from your declared income amount, so they may never know unless they ask for payslips at a later date for some reason
    Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all …………. :(
  • DON79 wrote: »
    It's because I was just reading some other scary posts about ccjs and charging orders and since my creditors will realise at the end of january that they won't be getting a payment, then I can't go BR til the end of March, I am bit concerned they will have time to secure the debt against the house. especially one of my creditors I know has a bit of a rep for charging orders or so I have read.

    That may be, but it will be nearly six months after a creditor issued a Court summons on my OH before we will see a court, so even in that time a CCJ may not be possible if handled correctly, i know some courts have longer backlogs than ours so could even be longer.

    But if you can go BR sooner it will save a lot of work if a CCJ has to be defended
    Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all …………. :(
  • DON79
    DON79 Posts: 3,842 Forumite
    will have to give it lots of thought, i just know it will send my sisters stress levels way up and I don't want to do that. she has a few other things to deal with just now. hopefully there won't be enough time for them to get one before I go BR. guess will have to judge things by the tone of the nasty letters that start coming through again. Thanks for the advice though. :T
    BSC #215/No.1 Jan 09 Club
  • If you could have somthing ready on standby, you have up to the point you recieve the court papers or 14-28 days after before a judjment cold be made

    But be carefull, creditors have been known to send summons to old adresses to stop you defending them s if you have moved recently that may be a trick they try to pull
    Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all …………. :(
  • DON79
    DON79 Posts: 3,842 Forumite
    Thank you very much for the advice Bat. I am not too worried about the actual ccj, it is whether they will immediately go on and get the charging order and so secure the debt against the house. we don't plan to sell but I know that they could force the sale if we ever get back out of negative equity. I am going to ask my sis today but don't want to tell her the reason really.
    BSC #215/No.1 Jan 09 Club
  • LilyBart
    LilyBart Posts: 1,171 Forumite
    Don,
    If you tell her it's serious, maybe even without going into detail, she'll surely understand, won't she? I had help with fees from a friend who's as close as a sibling, and I was surprised by how supportive and nonjudgemental the very few people we told about the bankruptcy were. She'll probably tell you to pay it back when you can, in dribs and drabs if necessary. Don't want to rain on the bonus parade, but if there's any danger of the OR viewing it as an asset, it's best to warn her that it might take you a while to pay her back.
    L x
  • DON79
    DON79 Posts: 3,842 Forumite
    I feel bit bad as sort of told half truth. told her that wanted it to pay off a debt. :o:o:o:o

    re the bonus, if the OR does want it then I guess he will have to have it, not much I can do. but my OH has a sharesave to mature in April and he said if bonus goes to the OR then he can get her money back from that. I will pay her back in bits and pieces as and when I can anyway. Thanks Lily.
    BSC #215/No.1 Jan 09 Club
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.