Debt transfer. Advice please

Gazbill

Please help me. I have 2 debts in my fathers name, one is a loan for £2.5k (£30pm) the other is a credit card for £4.5k (£75pm.) My family needed the money at the time and was unable to get credit due to my poor credit rating, hence why I borrowed it through my father. Now I want to transfer the debt into my name as I dont want him to suffer the consequences of any arrears. On top of this I am now unemployed and am struggling to meet the demands of these debts and my own debt and bills, and I have often thought of bankruptcy as it totals now over £25k.

My question is what would be the best way to proceed in order to get this mess sorted out?
My first thought would be to borrow the outstanding money through a poor credit loan then pay off his debt with that. I just want this sorted out as I have three children who also depend on me, and its starting to really get me down.

Thank you for reading and I appreciate any advice or thoughts you may have.

hopefulfooluk

Does your father know you are having difficulties paying him back? If not, that is the first person to approach - it might seem daunting and you might get a right b******ing from him but he will respect you for it in the long run.

Do not go and take further loans out to pay him back if you are intending to go bankrupt as the official receiver will take a very dim view of you doing that and you will be given an even harder time than you would normally have.

I think the first suggestion is to ring national debt line or the CCCS (google them for their phone numbers) - and see what they say once they've gone through your income/expenditure. And also post a statement of affairs (SOA) on here if you want others to look at things and see how you may be able to get out of your situation.

Good luck.

Cheers,

Chris