Done something unforgivable resulting in £207,000 debt

Britwife

One thing I don't understand is that you said you were desperate in your company and thought you could get a better return for your father's money. If you were desperate, then how would you expect to get a better return?

Have you paid any of the money owed to any of the creditors? or have you done the same to them as you did to your father? It sounds as though you really need to rethink how to run a business as something went wrong quite early and no amount of money was to save it.

Have you a plan on where you are going to live? What about a job, any job?

Also, if you have the money to give back why haven't you done so already?

immoral_angeluk

pete456 wrote: »

It's going to be hard telling my dad. I'm not sure he needs the worry. He probably would help me and forgive me but I'm not sure it's in his interest.

I know I betrayed his trust but I haven't lost his money, the gamble may not have made any extra money but at least I broke even in a round-a-bout sort of way. It's nearly killed me getting £125,000 back. I'm still a bit short but I am also due around 10K in inheritance this year which I could use to pay off all his money. I want to clear his debt. The banks can wait.

If I get the inheritance and pay him the extra 10K and then go bankrupt or IVA or whatever, will it be frowned upon that I paid him first rather than the banks or is paying family back first allowed and expected?

You need to read through the previous posts which mention this repeatedly.

pete456_2

Ok, I see the "preference" thing. I will have a read.

As I understand I couldn't pay my dad and then go bankrupt for 2 years otherwise it would be seen as preference.

FraudBuster

Oh, what a tangled web we weave,

When first we practise to deceive!

Walter Scott.

immoral_angeluk

pete456 wrote: »

Ok, I see the "preference" thing. I will have a read.

As I understand I couldn't pay my dad and then go bankrupt for 2 years otherwise it would be seen as preference.

Exactly. If you went bankrupt before then you would end up with the transaction basically cancelled and your dad would get his share of the money once it's been fairly split between all creditors.

pete456_2

Britwife.... I needed investment capital for a new product line. It worked to a degree and there was profit and was on course to replace and exceed the investment and also allowed me to live/ service debts etc but other separate factors since have meant I had to close the company.

I don't owe anyone anything apart from the listed banks/ credit cards. I haven't defaulted on any payments. For all the good it's done me I have a excellent credit rating...... for now :-(

I'll be homeless in 6 weeks. No plans. Only decided last week. Just split from long term girlfriend who I live with. That in itself is a nightmare.

I have some bar work lined up.

I haven't transferred it back as I am on here checking my options. I don't know. Just working it all out.

Redpete.... not sure of the share values. Figures are estimate based on old valuation. Will know more soon.

Thanks for the replies. Appreciate it.

immoral_angeluk

Personally I think you should just pay it back and then deal with the aftermath of everything else after. Just my honest opinion. I also think you should come clean to your dad but on the other hand you have just split from your girlfriend, are faced with homelessness and have the burden of all this guilt...
What I'm saying is there's only so much heartache and stress the human mind can cope with before you start risking your mental health.

Percy1983

Maybe I am looking at this a different way, but if you dad as given you this much money in the first place maybe he doesn't "need" it. That may sound a bit wrong but maybe he could actually help you here.

You need to not be so hard on yourself and try and get a job, then you need to confess all to your dad and also explain how much trouble you are in, maybe he could let you borrow some money from this fund in the short term to try and turn your situation around.

Just looking at a different angle here as I know my parents would try to bail me out if in trouble, they have bailed my brother out before now.

pete456_2

Immoral_angel... thanks for the concern but already down that road I'm afraid.
Obviously very low about the whole thing. Seen my GP and had first CBT therapy session last week. I intend to avoid medication, and I'm keeping positive. Am I clinically depressed? Don't know. Maybe but I made this bed and I will lie in it for now. I can and will deal with it but yes it really does play with your head.

Like everyone has said, first thing is to pay back my dad which I can and will. I can just about afford to do that.

Then I have little left but I intend to service the card/ bank debts. I don't have a choice it seems with this preference restriction and thanks to this forum I now know that.

Maybe I can sell my shares and use the money to service the debt rather that pay it off. Hopefully I can secure a decent job and things will become clearer. At the moment it's about as clear as mud !

TotallyBroke

Please do post up your soa using https://www.makesenseofcards.com/soacalc.html
Where are you going to live? Because anywhere is going to cost you so you need to consider the cheapest form of living as possible