Employer loan to go BR

cuemix

Hi

I strongly suspect that my employer would lend me the money to go BR and possibly the money to buy back my car from the OR if necessary (maybe £1000 max).

Would I be able to include the repayments in my Statement to the OR or is there some other way around it like if my employer deducted the repayments from my salary before tax or something? I don't really know about these things TBH!

I'm not looking to pull the wool over the OR's eyes, I want to do it all legit.

I can't see how I can get the BR fee together otherwise, all my surplus income goes towards my DMP.

Thanks

debtinfo

in short no, the debt will be unsecured therefore wiped by the bankruptcy, therefore you can pay it back

debtinfo

als if you are going bankrupt, why are you still paying your DMP

cuemix

I've not applied for BR yet, I'm still weighing up my options. I just want to make sure I have all the facts and can suitably prepare myself should I petition for BR. BR is a strong possibility as my DMP won't get paid off until 2025 and my only asset is my car.

cuemix

debtinfo wrote: »

in short no, the debt will be unsecured therefore wiped by the bankruptcy, therefore you can pay it back

Sorry for being a bit dim but I don't follow...

Are you saying the loan from my employer will be wiped by the BR, doesn't that mean they would join the ranks of my other creditors and perhaps only get a percentage back based on my IPA?

debtinfo

yes it does

cuemix

I see, will have to try and think of something else then

NeverAgain_2

No need to involve your employer.

Simplest to stop paying the DMP until you have enough for the bankruptcy fees.

This is deemed to be acceptable behaviour, so you won't have to hide anything.

Not that it's likely the question will arise.

cuemix

Out of interest, how long is it usually between being granted bankruptcy, to start paying the IPA?

debtinfo

usually a couple of months

cuemix

and I would have stopped paying my DMP at the point of BR so that might help me pay my employer back, at least for the BR fees. I could stop paying my DMP a month before the petition then I'd have 3 months worth of DMP payments which for me is nearly the full £625. That might work, thanks everyone. Just got to think about buying my car back if necessary.....