Family loans and Bankrupcy

djwmcnae

sorry if this has already been answered but my head is all over the place with worry im just not having a great day.

As some might be aware from other posts, my Ex has screwed me and i may end up being forced to go bankrupt.
Not i have a loan with my Mum in my mum name that she got for me about 3 years ago. it was for 20K and is now at 17k. I know if i go banktrupt that loan will stay there as it is not in my name, but some one has said that if i owe personal people money then some times they can get a charge as well? is this true? If so why? How would they know?
Please help, its bad enough worrying about what i am going to do, let alone if my mum will end up getting in trouble as well.

peachyprice

I don't really know what these people meant by 'get a charge'

However, if you don't put your mum on your forms as a creditor she will not be involved in your bankruptcy. Do you intend to still pay her back while BR?

maxmycardagain

your mum wont be in trouble, but may get a request for the return of any monies you have paid her, she only has to say she hasnt got the cash now....

or you could just not mention it.

so long as you comply with the ORs requests for info you should be ok

headoutofsand

peachyprice wrote: »

I don't really know what these people meant by 'get a charge'

However, if you don't put your mum on your forms as a creditor she will not be involved in your bankruptcy. Do you intend to still pay her back while BR?

I did not tell the OR about the Loan off MY MUM, amounting to somewhere in the region of £10,000. I have heard nowt about it from the OR. MY mum doesn't want it back anyway, which is good because I ain't got it. Even if I had told the OR about the loan,my mum wouldn't get a dime because have nothing left for any of the creditors. She did not want anything to do with officialdom and would have said "I have written it off" Also I stopped paying her first ( as she requested) when things atarted getting hot.

djwmcnae

So if I tell the OR she might be asked to pay who? and how much? and why? She lent me the money to pay off CC bills. I would like to carry on paying her... so do I just keep hush about that for now then?

peachyprice

No, she won't be asked to pay anything, she will just join the list of all your other creditors and you will not be able to pay her.

If you don't include her on the forms you can pay her if you can use some of the money from your surplus or budget but you cannot include payments to her on your SoA.

HTH

maxmycardagain

djwmcnae wrote: »

So if I tell the OR she might be asked to pay who? and how much? and why? She lent me the money to pay off CC bills. I would like to carry on paying her... so do I just keep hush about that for now then?

say nowt, run silent, run deep................"need to know"

djwmcnae

thanks every one, hope to not go BR but will have to wait and see hey!