debt

trendboy123

hi anybody can help iam in debt around 16000 i have 20.000 tied up in a flat wich my brother bought but he does not want to sell it so my money wont be free till then i am going to enter a plan with payplan but if i tell them i have this money what would happen would the bank take it away thanks

Tixy

You might be better posting on the debt free wannabe section for advice.

In what way is the money tied up in the flat - are you a co-owner of the flat or is it just in brother's name?

If just in his name did you lend him the money? did you set up a loan agreement and if so when is it agreed he will pay you back? What was agreed if you needed the money before he was ready to sell? Did you put a charge on the house (at the land registery) with regards to this amount?

If in just his name and it was a loan and he doesn't want to sell is he in a position to take out a commerical loan or increase his mortgage so that he can pay you back in full (or even in part)?

trendboy123

i have 20.000 ivested he has 100.000 in it so mine is a small share he rents it out but the guy who lives there has a 5 year contract so i cant touch should i tell the bank

Tixy

Legally are you a co-owner of the property?

CHR15

Is the Flat in both names or did you just bung your brother £20k whilst he bought the Flat in his own name for £120k?

If you aren't on the deeds, what real proof do you have that you have a £20k stake in the flat?

Not all families are trailer trash but have a look at the "lending money to friends and family" thread and you will see many stories of siblings turning a blind eye to debt between them.

If you aren't on the deeds, then your £20k doesn't even exist so that would not be an issue for Payplan.