new person here : quick question !

t666

Hello, new to the forum... I am thinking of bankruptcy which is pretty much my last option!! I'm sure I will be here many times asking questions but for now:

my dad got me a loan through lloyds tsb 2 yrs or so ago... which i pay him £181 a month back. I obviously don't want my dad on my list of creditors to which I cannot pay money.... so how does it work when writing on my forms to take to court???
Do I count this as extra outgoings I have to pay? I really do not want my dad involved in this and want to continue paying him the money.


Included in the bankruptcy I will be having a £25k loan of my own ,again with lloyds, a 3k overdraft with them and a gold card with them, which i owe £600. Also 3 other credit cards outstanding 10k between them.

Hope this makes sense, !! if not I will attempt to explain again!
Thank you

curly04

Hello and welcome
The loan that your dad took out for you can not be included in the BR because its not in your name.
good luck with what happens, people with more information will be along soon
take care

Curly

debtinfo

Hi t666 and welcome to the Forum.

Im afraid that legaly this is your fathers loan and not yours. Therefore it will not be wiped by the bankruptcy. You may put on the forms that you owe a debt to your father but i gather that you do not want to do this. The OR will not leave you will enough surplus to pay your father back and you will not be able to put this amount on as en essential expenditure as you are not allowed to repay creditors whilst in a bankruptcy.

Sorry to give you the bad news, but do feel free to post any more questions.

BTW have you sought any advice from the debt charities yet

t666

hello everyone thanks for replying.
I realise that legally its in my dads name and will not be wiped out by the bankruptcy. I was hoping this would go in the essential expenditure somehow as something else... I really dont know what to do... ive spoken to payplan and one of the other debt charities who do not seem to have the answer to this tricky problem
I can't have an IVA and a DMP has been looked into but even this cannot work again for the same problem... messy eh.

curly04

how it will be looked at by the OR is that your dad is a creditor and he will be looked at like all the others, you can't pay money to them once you have been made BR as this is not allowed.

put up your SOA and the experts can take a look to see if you can get a bit extra on food etc so you can give you dad some money, but I dont think you are going to be able to hide £181

t666

curly04 wrote: »

how it will be looked at by the OR is that your dad is a creditor and he will be looked at like all the others, you can't pay money to them once you have been made BR as this is not allowed.

put up your SOA and the experts can take a look to see if you can get a bit extra on food etc so you can give you dad some money, but I dont think you are going to be able to hide £181

thanks I will have a go at doing that and see what everyone thinks!
@2010 starting off rubbish straight away !!

curly04

I know it seems hard, but we will help you as much as we can
dont worry to much, as this won't help and it will cloud your judgement (its hard I know I am the biggest worrier in the world)

Does your dad know that you are thinking of going BR

t666

curly04 wrote: »

I know it seems hard, but we will help you as much as we can
dont worry to much, as this won't help and it will cloud your judgement (its hard I know I am the biggest worrier in the world)

Does your dad know that you are thinking of going BR

yh he knows.... the problem is there is no way he can be left with such a debt to pay on my behalf as no funds himself......

curly04

best thing I can advice if you can do you SOA and put it up, we can give you some more information

I'm really sorry I can't give you any advice, but please stay in touch

MicheH

Within bankruptcy you can have a much easier allowance for expenses, so what you could do is shop on a very minimal budget, don't buy many clothes and not go on holiday to help your dad out with the payments. I don't think the OR needs to know about your dads loan and how you spend your essential expenses is up to you really. It will be tough for you I know.

dollparts

Like others have said you are in a difficult situation because you are damned if you do and damned if you don't.

It will be useful to post your SOA so we can have a look and help you out with your expenses.

£181 is a lot to work around so it will probably mean squeezing the life out of your expenses to try and claw some money back for your dads repayment.

Don't despair though, many of us have had major flies in the ointment and have overcome them with the help and support from others

Keep posting, we are here to help:)