Do you have to declare every debt in your BR?

In_a_Mess_3

May sound like an odd question, but last year DH's uncle lent us £10k, to clear some of the debts.

This was lent to us on the basis of pay me back when/if you can, so does it actually have to be included?

DH does not want his Uncle to know what we are doing, in case he tries to give us some more! and we really don't feel that is the best option for us. We just want to get it sorted for once and for all.

Thanks again!

peachyprice

Many people do not put personal debts on their BR, that's fine as you have no official agreement with them, and you won't be paying them back in preference to your other creditors.

In_a_Mess_3

thanks again peachy!!

It is unlikely he will get anything back unfortunately he has said that we are to get ourselves solvent and sorted out first, that could take a while methinks!!

Swampmonster

I am in a similar situation but family loan shows as credit in my bank account and similarly as standing orders to pay it off.

For the above reasons I was going to include it but have no formal paperwork at all to show OR as it was all done on trust.

What do you think?

fermi

Up to you what you do, but keep in mind that:

a) You will be swearing on oath that to the best of your knowledge your forms are complete and correct. As such, intentionally omitting something is contempt of court.
b) If the OR asks you (or the banks) for records that cover that period, then they may well find out regardless.

As painful as it is, personally I wouldn't even try.

In_a_Mess_3

Swamp, we don't have any standing orders or anything set up to pay it back. It was literally a case of here you are - pay some of the debts off, it was because I was getting really badly hassled by Beneficial Bank and BoS, they were phoning 8 - 10 times a day, my youngest was in hospital and I was literally cracking up.

So he gave us it to help out.

If we do declare it does the OR write to him then?

fermi

In_a_Mess wrote: »

If we do declare it does the OR write to him then?

Yes. ...........

In_a_Mess_3

Oh crap

We so don't want him to know

So the OR would be cross if we didn't declare it? Even if it wasn't a loan as such? I knew we shouldn't have accepted it, but as I say at the time I was driving up and down to the hospital twice a day, and not really up to arguing. Gah!

fermi

So was this a gift or a loan?

peachyprice

If it was a gift and you haven't been paying him back I don't see why it should go on there TBH.

It's different for swamp because it was clearly a loan that they have been paying back, and will have to stop.

In_a_Mess_3

A bit of both really Fermi

It was lent/given on the understanding that at 'sometime' he would get it back.

That sometime would be when we have saved up enough for our own home, and got ourselves totally solvent.

But I think he is aware that that may not happen. He is not exactly rich, but not poor either, and has last year bought dh's sister a house as she is on an IVA and said she was unable to get anyone to rent to her.

I would imagine that the 10k is probably accounted for in his will. (which I hope won't be needed for a long time yet)