Money parents have given me

inthe-shiznit

Hello again

Forms practically complete. I do have a query however. My parents leant me £10,000 a few years back to put into my business, the plan was to start paying them back once the business was doing well. Shall I include this amount in the BR forms and if I do what paperwork will they receive from the court? I don't really like the idea of them knowing who and what I owe. They have said not to worry about the money and it's the least of my worries, if I didn't include it and OR asked me about it can I say it was a gift. Don't want to drag my parents into this mess i've got myself in.

lisamummytoarchieplusbump

they will be listed as one of your creditors and will get a percentage of your money if you do include them

there are lots of people on here that have borrowed off friends and family and are wondering how to pay them back out of their ipa but its competely up to you whever you include them or not as IF the OR finds out you will get in trouble for favouring a creditor over another if you havent included them

is there a paper trail if the OR looks at the accounts??

inthe-shiznit

Yes the OR will see the money deposited into the business account as one large sum - don't want to be getting into trouble. I'm all ready worried as my business accounts are a mess - can't help but think I will get a BRO because of it.

I have no money coming into the BR (negative equity on house which will be repossessed) nothing of value and no money towards an IPA so my parents won't get anything from that. What a mess

inthe-shiznit

What paperwork will they be sent and will it detail all my creditors and amounts etc - s**t

lisamummytoarchieplusbump

inthe-shiznit wrote: »

What paperwork will they be sent and will it detail all my creditors and amounts etc - s**t

what do you mean to your parents?
im not sure my creditors are banks and cataloges so cant answer that sorry

lisa

T76

My parents received a letter advising them that I was now bankrupt, of the amount I owed them and of the total amount owed. I am now going through the early discharge process and they have received letters given them 28 days to object.

I would be open and honest with your parents and advise them that the situation may be worse than they realised - I am sure that they will understand and get over knowing exactly how much you owe. In addition, if you do have to pay an IPO then I am sure you would feel better each month knowning that some of this money was going to your parents instead of all of it going to your faceless creditors.

Rosey321

Yes, sorry - the letter your parents will get will state a total of your debts. I think it gets broken down into secured, unsecured etc. Not sure if the other creditors are actually named though or if that's a worry.

I agree, if you include them, best be up front before hand!!

All the best.