Can anyone 1 help me please!!!!

debracook69

Hi there, myself and my wife are looking for some help with our debt problems. It has gettin to the point now where it is becoming difficult to affort the essential things, ie food, school meals and even petrol to get too and from work. I myself have a number of credit cards totaling nearly 20k of which I am not proud in the slightest, in fact very depressed to say the least. my wife is in a similar situation but certainly nowhere to the same degree as myself. But as her wage is a considerable amout less than mine it makes more of an impact on her than it does on me. It really has getting to the point not where we find we cant afford the essentials.

So this is my dilemma:- my wife would probably be eligable for an IVA which would be great, the only problem is we have a joint loan of approx £170 per month. This would mean that the loan company would come to me for the full amount, which I couldn't afford at all. So we then thought I would probably be eligable for an IVA as well.

My problem is that my parents have had an ISA in my name since I was 18 years old which has never been a problem, until now. I have since closed this account and am with drawing the money do give them tomorrow. So you can probably see where this is heading. If I apply for an IVA surly the bank statments will tell these people I have had this money in my account for years and that I could use this to clear the majority of my debt.

But if the truth where known I would do this in a heart beat if the money where mine. That is not the case and I certainly don't want my parents involved in any way shape or form.

Can someone please help as this really is only getting worst and we don't see any way of getting this sorted out.:(:huh::huh:

Charco_2

Hmmm that's quite a tricky one alright. Now i suppose the first question would be: can you prove the money belongs to you parents? Direct Debit from their account to your isa? It's not necessarily an insurmountable problem but it could get a bit complicated. I'll come back early tomorrow with a bit more for you!

dumbanddumber_2

Hi there, thanks. We will be waiting with baited breath. The ISA has been there since I was 18ish (so nearly 15 years). My mam withdraws the interest once a year threw my account, so I have no evidence what so ever that that connects her to this ISA. She always put it across to me that if she was put into a nursing home for any reason, she wanted me to have the money as she had worked all her life to earn it. I have really never had eny problem what so ever with her reasoning. That is until now because this doesn't help our situation in any way shape or form.
Thanks Again.

dumbanddumber_2

Sorry. My wife thought the name change would be more appropriate.

McKneff

Its all very well mother saying that she wanted you to have it in the event of having to go into a nursing home (1st dishonesty) hiding money with you so in fact could claim benefits when she really wastnt entitled but in effect she is defrauding the tax people. she is getting tax free status in her own right with her own ISA and another lot of tax free savings in your name. She has been withdrawing the interest and then presumably putting it in her account so confirming it.

So it doesnt only affect you if it all comes out that it is indeed her money

Best thing she can do now is jst let you have the money

Charco_2

sorry debbiedumber, i forgot to load my reply with all sorts judgemental bullcrap, i kind of just assumed you'd know i was looking down my nose at you from high in my ivory tower - probably throwing stones at you glass house. Do crawl out from under your stone to read my update tomorrow before vanishing off the face of the earth... Remember no-one can make you feel inferior without your consent! And no-one can make you look like a selfrighteous !!!! either!

McKneff, when someone asks for help, they dont need a lecture, God help your kids, "dad i've just got my girlfriend pregnant!" "quick close the stable door, take a seat and let me rub your nose in my superiority!"

Debbiedumber, i'll try to come back with something HELPFUL tomorrow!

McKneff

First of all, who is debbiedumber,
second, what are you on.

Third - i was pointing out the pitfalls through personal experience.
fourth - My kids are well adjusted 42 and 37 year olds, thank you . You dont know me or my kids.
Wind your neck in and stop losing your blob so easily.

Are you drunk.

Charco_2

First of all, who is debbiedumber,
Original Poster DebraCook69 changed their name to DumbandDumber

second, what are you on.
I've had a drink!

Third - i was pointing out the pitfalls through personal experience.
Well it sounded like you were judging someone - but now that i've read it again with your new info in mind, it sounds like you're really judging someone who came on here looking for advice and help... i think they understand they're in a pickle!

fourth - My kids are well adjusted 42 and 37 year olds, thank you . You dont know me or my kids.
I dont claim to, but if every time someone comes to you looking for some constructive input you list back to them why in your opinion they're a terrible human being then i feel sorry for those people...

Wind your neck in and stop losing your blob so easily.
Lovely.

Are you drunk.
No.

McKneff

Where did i say they were terrible people. I know that they know theyre in a pickle, i just think that under the circs that they didnt realise that mother could be in a pickle also.

i said his/her mum was dishonest, can you deny that.

Charco_2

Yes.

She put an arrangement in place for less pleasant times. Tell me what parent doesn't think that way. She may have done something that an accountant wouldn't do but it's clear her intentions weren't fraud and it's something that can be rectified. If there are further reaching implications they are not insurmountable and even so, even with all your benefits cheat BullSh1t there is nothing wrong with gifting money to anyone - tax avoidance rather than tax evasion! But i still dont think that that was the case here.

Regardless, Debbiedumber came here for help and advice not a recount of their rapsheet!

Dumbanddumber, i'm sorry this thread has taken such a tangent, we'll get back on track tomorrow!

never-in-doubt

McKneff wrote: »

i said his/her mum was dishonest, can you deny that.

Yes but mate, most people work that way now. You pay tax after tax after tax... thing is, a lot of parents run savings accounts in kids names - no need to be so blunt, is what I think Charco was meaning.... :rotfl:

Wind your neck in and stop losing your blob so easily.

Are you drunk.

Classic :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:



OP - At the end of the day, the best advice is to leave the ISA as is and then explain to the insolvency expert that it may be in your name but belongs to your mum and she has made all the payments into it. She can write a letter confirming this, if necessary - like a sworn affidavit