Done something unforgivable resulting in £207,000 debt

speirsro

Hi Pete.

How did you get on with all of this?? You getting things sorted??

Robert.

naughtymittens

DarkConvict wrote: »

I don't think I've seen anyone say this yet.

Paying back your dad would be seen as preference to a creditor i understand, but the dad was not a creditor, he never agreed to invest the money, the dad consider that his money was in his account. As such the money is just 'passing though him', although this could raise some very serious questions non the less when the official receiver looks into the financial records.

When i was younger, my brother opened a barclays account for me, in doing so i was to young to control it so he was on the account also. I was happy the day he gave me £120 as kid would be, my mom quizzed it more and found he was paying me back for the £120 he took out to buy himself a sofa. She was not to happy as you can guess.
Its probably due to that life experience why i must insist you pay your dad back, as he never gave you the money, it wasn't yours to invest and neither is it now yours that you sold the business.

To answer the other question, legally you don't have to tell him. But if he checks up on paperwork and he is still capable in his current age, he will work it out.

This may have been said elsewhere, I haven't got to the end but ... it doesn't matter if his Dad is a creditor or not. This would be seen as him giving his assets away to avoid them falling into the hands of the trustee and so could be clawed back. I don't think he can risk trying to explain later that he was holding the money on his dad's behalf. As others have said you need to give your dad this money asap.

KPR11

pete456 wrote: »

While it was in my name, certainly the money I held in my current account was still being used by him to pay builders bills etc. He just sent me the invoices to pay them for him.

I can certainly understand why you wouldn't want to have your dad classified as a creditor but please do yourself a favour and don't try to prove that "you were holding on to the monies for him" especially if he is (or should be) a higher rate tax payer because I am guessing the interest has only been taxed at 20%. IMHO, you really don't want to open a can of worms!!

Best thing if you ask me is to be honest with your old man, tell him the truth, and see how it goes!! He may want you to transfer the monies or use some of it to bail you out but that is his call to make and not yours!!

Good luck!!

RosaBernicia

hi Pete

I haven't anything practical to add money-wise, just wanted to say well done on facing up to things and echo Buffy's suggestions that you talk to CCCS or one of the other debt charities and keep posting here. Lots of help and occasional gentle butt-kicking available

Also noticed that you haven't posted for a while and haven't yet been sent a DFW dodgy hug so here :grouphug: ... and please come back and let us know how you are

Rosa xx

planning_ahead_2

Pete hasn't posted in 12 days. Hope he is okay.