Credit Card Consolidation Loan

larzie30

Have posted this previously but just posting again to see if I can catch any more answers. Sorry if this is irritating but I am desperate.

Okay so earlier this year I took out a loan to consolidate my credit card debt (10k) the reason being that by making minimum payments I would be about 300 before I paid them off but with the loan about 7 years (or 5 can't remember) anyhow I wasn't even thinking I would need something like bankruptcy then so never gave it a second thought. However now the situation is some of this credit card debt was as a second card holder on my mums credit card account (she never touched these two cards they were soley for me to use and pay (my bank statements show that for the last few years I have been making the minimum payments out of my account for these cards) up until the time I paid the full amounts off. will the OR take this on board or will he question it? And if they have issue what are the possible consequences? Is there a possibility that this could be considered priority payment, it honestly wasn't I paid off a couple of my own accounts at the same time, just used the loan to pay off my biggest debts and really didn't think that I would need to go br as at the time I thought I was going to be 300 a month better off.

Any advice appreciated.

Cheers

Larz

Bethankim

I can appreciate your desperate, but the answers you may get today wont be different to before. I cant help because im really not sure.

All you can do is be honest in the reasons and in your interview, what done is done and cant be changed. I know that might sound simplistic, but its a reality no matter how many times you go over it in your mind and each time it feels worse - it doesn't change it.

larzie30

Sorry bethankim I wasn't really clear, didn't really get any answers last time, thats why I am asking again.

Thanks for your post tho and I understand what you mean.

CLAPTON

the OR will not allow you to pay relatives in priority over other debtors.

so if you have used the loan money to pay off 'your mother CCs' then the OR will try to reverse this..i.e. seek the money back from your mother.

I don't know the full facts and haven't read your previous posts but I'm afraid the OR will probably see it as attempted fraud and will probably be most unsympathetic.

JCS1

It won't be seen as attempted fraud, but the OR might see it as a preference payment and ask your Mother for the money back.

larzie30

Thanks JCS1

thought I was going to die at the mention of fraud have never done anything dishonest and would totally lose my job at the sniff of fraud. Although that said thanks for your post Clapton any point of view is welcome.

THe thing is my mum and dad couldn't pay it back so what am i supposed to do now? I did pay off my own card too, and as i say br wasn't even in my worst nightmares then. oh dear.

fiveyearplan

It makes a lot of difference what your intentions were when you paid off the cc/loans. As you say you had no idea of BR at the time so you didn't intentionally pay one creditor at the expense of another. ORs will be used to seeing consolidation and desperation - you really just need to be honest about this. (I had a similar experience and all was fine!). IF your mother is asked to pay anything back then she could say she just doesn't have the money and they can't make her go into to debt to repay it. She will need to stand her ground on that.

larzie30

thats a bit of a relief and the thing is apart from the joint debt which my ex left me with most of my personal debt will be paid with my IPA, and I could also offer to pay some more out of my surplus which is left after the 70% as I earn reasonable money and still live with my folks. Thanks so much

fiveyearplan

I wouldn't offer to pay anymore than you're asked to. Remember you won't have credit to fall back on so if you have any surplus you can save for emergencies (or treats!) thats what you should do.