Do you have to declare every debt in your BR?

fermi

As peachy says, depends on how clearly it was a gift or loan.

If a loan, then not declaring it is inviting trouble.

OK, you could plead ignorance, but I wouldn't like to try it.

In_a_Mess_3

I'll speak to dh when he's home tonight. he was the one that sorted out with his Uncle, I didn't really get involved apart from to say thanks!

He will know what he said, and then it's up to him I guess.

Thanks for all the replies,

fermi

Really difficult situation IAM.

I do understand. Just playing 'devils advocate' IYSWIM.

CG77

Hi In a mess,

Just a heads up that we were asked specifically during our interview if we had received any money from family to help with our debts, so that might be something you need to consider too.

All the best with it all-it's so hard, especially when family are involved.

CG. x

headoutofsand

I had a loan from my mum in which I paid her £?? a month by cheque , when I got into financial problems she wouldn't let me pay her. The sum involved was around the £10,000 mark. I didn't mention the loan to the OR or declare it. Nothing has been said ( BR ? months). The accountant knew of the loan and it was put through the business accounts. The OR only wanted a summary of accounts, the loan had mysteriously disappeared;)

In_a_Mess_3

Thanks again all, I know Fermi, and I do appreciate it.

DH just phoned and I told him what you have all said, and he is going to declare and tell his Uncle about it.

Best in the long run really eh?

Swampmonster

In_a_Mess wrote: »

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?

Like I said I'm in a similar situation, my Dad has only just died and I knew mum didn't need the hassle of being contacted but I told her they will probably contact her. As they only have an address for her it should be by letter so it is less hassle as such.

Swampmonster

In_a_Mess wrote: »

Thanks again all, I know Fermi, and I do appreciate it.

DH just phoned and I told him what you have all said, and he is going to declare and tell his Uncle about it.

Best in the long run really eh?

I think you're doing the right thing.

Someone on here once said BR said it is the one and only chance you get to get it all out in the open so you can stop looking over your shoulder and worrying and get on with your life.

Best of luck!

Swamp

In_a_Mess_3

Yes you are probably right Swamp, this is our chance to get it all sorted out for once and for all!

Thanks

debtinfo

Hi In a Mess just wanted to add that as said above the The loan from a family member will go into the bankruptcy (if it was a loan), what this means is that he cannot demand repayment and you cannot repay the loan. But if in the future after you have completed your responsibilities to the OR then you could (out of the goodness of your own heart of course) give some money to the family member (which is in no way repaying the original loan)