Repaying a Friend

stevemarsh1976

I feel I know the answer to this but I will ask anyway.

12 months ago my boiler packed up and I wasnt credit worthy so my house m8 at the time took a loan out via british gas for me which I have been making payments to him for.

I know this wont be put into my br but I dont suppose there is anyway shape or form the OR will allow me to include this on my SOA as I HAVE to keep paying him back at £60 per month.

Simon11

The loan is in his name, not yours!

shellsuit

'Fraid not, as this would be seen as giving preferential treatment to one creditor over others.

If you are going BR, you won't be able to pay him back unless you can find the money for him somewhere else ~ or could you wait, pay him off as quick as you can and then go BR?

How much do you owe him?

shellsuit

Simon11 wrote: »

The loan is in his name, not yours!

Erm, I think he knows that! Steve wants to include the debt in his SOA (like a bill), not his BR petition (so it gets wiped out).

stevemarsh1976

shellsuit wrote: »

'Fraid not, as this would be seen as giving preferential treatment to one creditor over others.

If you are going BR, you won't be able to pay him back unless you can find the money for him somewhere else ~ or could you wait, pay him off as quick as you can and then go BR?

How much do you owe him?

£2600

I cant not continue to pay him back the £60 per month as he cant afford to pay it, its just he could obtain the credit last year....

stevemarsh1976

shellsuit wrote: »

Erm, I think he knows that! Steve wants to include the debt in his SOA (like a bill), not his BR petition (so it gets wiped out).

yes exactly

fermi

If once you go BR you have suplus income that the OR doesn't claim, then pay them out of that.

shellsuit

fermi wrote: »

If once you go BR you have suplus income that the OR doesn't claim, then pay them out of that.

Looks like this is what you will have to do then ~ is he a good mate? Could he wait a little till you get stuff sorted?