What happens re: loan from my father if I go bankrupt?

qwopmnxz

go bankrupt.. and just continue paying your dad from your new found wealth

gonnabeatthis_2

Wonder_Girl wrote:

But this is only temporary, when OH goes back to work and if you increase you hours again it could be significantly reduced.

If you like you could PM me your CCCS ref and I will have a look over your account. I can assure you I will in the strictest confidence and I shall reply via PM

OH will not be going back to work anytime soon, she is disabled through illness. Hopefully this will change in the future.

gonnabeatthis_2

qwopmnxz wrote:

go bankrupt.. and just continue paying your dad from your new found wealth

And what if the OR says I have to pay an IPO? This is money I owe & I am quite happy to pay something towards it but obviously it must be what we can afford.

Oh and I am never getting credit ever again. EVER.

Emmzi

gbt,

he can't fail to be aware of your wife's position.

If you are struggling to maintain your DMP, you need to tell him. Maybe agree that he is first on the list when you are discharged?

BrandNewDay

Don't try to sell your car to give him the money or anything... I'm not sure how far back the court goes, but they WILL come and demand the money back from your father.

You may be able to continue to pay him back quietly, but you can't tell the OR that you're doing it. And, it will come out of your grocery budget or whatever the court lets you have for three years.

gonnabeatthis_2

I am just worried about what would happen to my Father in the X number of months (or however long) before I am discharged.
Don't know think he could make the payments, its £240 per month.

I wish I hadn't dragged him into this

Wonder_Girl

gonnabeatthis wrote:

This not this case. When I got the loan we still thought we were ok and we meeting all our monthly payments. We never expected to be in this situation.

Sorry if I wasn’t clear, I wasn’t trying to be mean, what I was trying to say is that if you were to go out and get a new loan NOW to pay off your dad as had been mentioned and then when bankrupt this would be the case

gonnabeatthis_2

BrandNewDay wrote:

Don't try to sell your car to give him the money or anything... I'm not sure how far back the court goes, but they WILL come and demand the money back from your father.

You may be able to continue to pay him back quietly, but you can't tell the OR that you're doing it. And, it will come out of your grocery budget or whatever the court lets you have for three years.

I think I'd prefer to pay him back quietly but he might hae to accept reduced payments for a while

gonnabeatthis_2

Wonder_Girl wrote:

Sorry if I wasn’t clear, I wasn’t trying to be mean, what I was trying to say is that if you were to go out and get a new loan NOW to pay off your dad as had been mentioned and then when bankrupt this would be the case

Oh sorry, I completely misunderstood!:o

Wonder_Girl

gonnabeatthis wrote:

Wonder_Girl wrote:

Oh sorry, I completely misunderstood!:o

No probs, i always manage to say stuff the wrong way, it’s a knack i have