Loan from Mum - please help

tadsa

I recently posted this question on another thread but didn't receive any answers so wondered if anyone could help if I started a new one! I have a situation that I hope someone can shed light on. My mum borrowed money on my behalf - she didn't have it so it was a loan secured against her property.

I had been paying the repayments - shown clearly on my bank statements every month - until the month I filed for BR. I had carried on paying my mum, my loans, my cc, all utilities - the reason for my BR was a large tax bill that I couldn't pay (self employed).

As my mum was using my payment simply to repay the loan and there was no profit in it whatsoever for her, and as I had paid loans, CCs etc but NOT tax - is it likely that they will ask for this back? My mum is still repaying this loan due to my BR. She is a Pensioner. I cannot omit this information as a standing order is clearly shown for the last 2 years going to my Mum. My OR interview is 11 September

maxmycardagain

they may ask, but the answer is "no - cant pay it"

end of

and speaking as a parent, stop asking for money of mummy..... :rotfl::rotfl::rotfl:

CG77

Hi tadsa,

Just replied to your pm from AGES ago-so sorry it took so long!

CG. x

Bena_Berry

Well they could view it as preferential treatment of a creditor. If you put that you owed her money and were making payments but not to other companies then they can demand that she repays it all back to her. They might not go down that route at all but our trustee certainly did and my parents had to pay back what we had repaid them so beware!
They can take your mum to court to recover the sum but that is a worst case scenario, nevertheless bare it in mind. Call National Debtline or CAB they are able to give legal advice for individual circumstances.
Also it is negiotable, my parents couldn't afford to pay it all back as my mum had just been made redundant so they made an offer.
Problem with br is that there is so much that is at the discretion of the trustee/or. Hope this helps a little bit though and sorry you are in this situation. Really wish that people were made aware of the dangers of borrowing of relatives etc...but good luck with it all x

tadsa

But had your parents just been using your repayments to repay the loan themselves?

larzie30

well I think that they have to prove preferential payment!! but not too sure, haven't been through it myself