Do they want their money or not?

missworks2jobs

Long story i'm afraid...
my parents run pubs, always have. This time last year they were really struggling and I took out a brewery loan in my name (for them) I know you're not meant to but they're my parents....its their livelyhood. It was called an advanced discount loan and basically payments would be taken each month (or added on) to the brewery bill. It was to see them through the til the xmas "boom"...which never happened. The idea was eventually they would buy the pub in future rather than renting and it would be passed down to the family (i.e. me).

They had to give up the pub and basically my dad has gone bankrupt, i've sold my flat to help pay off as much debts as I could to keep them off the streets. Anyway, the brewery loan was included with my dad's bankruptcy as a debtor cos he was guarantaur and it was in the name of the pub. But they sent me a snotty letter via a collections agency demanding the full loan amount back....plus an extoritionate amount of interest.

I wrote back telling them, I didnt have the £12k they were asking for (£10k loan) and had no home, car or business anymore to raise that amount of money. I asked if I could pay half as a one off final and complete settlement, by borrowing off family (in-laws) on the condition that the interest would be frozen and that would be the end of it. OR i could pay for it monthly approx £500 a month for 2 years, but again wanted the interest to be frozen (well there's no harm in asking). If neither of those were acceptable then it would force me to declare myself bankrupt and they'd not get a sausage.

I've not heard back from the debt collecting agents since Sept 09 (loan taken in Nov 09, pub & parents went bankrupt in Feb 09). I'd written to them 3 seperate times (signed for & recorded delivery letters) asking them how I go about paying. Still no answer.....and its not on my credit file?!?

I also wrote to the brewery under the Data protection act asking for what info they had on me....and got a letter back saying "they have no record of me anywhere could I have worked for them under an agency or maiden name"? ?????

Do they want their money or not? Could it have been rolled into my dad's bankruptcy once they realised I couldn't pay? I dont want to chase them if I dont have to pay it (cheeky I know), but I dont want a massive bill to arrive on my door. Im feeling so guilty about it, but I can't just tell them....I got the loan for my dad, he dealt with it all cos its no excuse, and i'm sure its sort of fraud.

Relations are strained between me & my dad at the mo, cos he promised me the loan would be written off against the pub with all the brewery bills (which was a bit of a porkie pie) and i'd not have to pay it back...he would. He thinks he's a bit of a Del-boy and can dodge out of it (but that has meant i've been landed with it). Plus he wont give me the info or any docs about how much is owed, what he actually paid off it etc...he just keeps saying all the paperwork is with his bankruptcy person (sorry I dont know what they're called - is it underwriters) and he can't get it back.

I went to citizens advice but they wanted to put me on an IVA.....which doesn't seem to make sense cos I can pay it back....it will cripple me at £500 a month and i'll be living with inlaws for another 2 years but its do-able. and better than the 5years of an IVA. Plus i've still not heard from the collections people or the brewery.

ANY IDEAS what I should do next? I'm very tempted to ignore it, but guilty and worried at the same time.