borrowing money for BR fees, and putting it on SoA

Poorcouple

Hi All,

BR petition is tomorrow, and we're just making final arrangements on SoA.
I am effectively lending my partner the £700 fees for her BR petition. Can she put this down as an 'outgoing' on her SoA?
We are in a relationship, so whats mine is hers.... I dont begrudge her having the money, but we do want to honestly list everything we can to remove the chance of a payment plan as she is on Maternity Leave in 5 months time and we dont want to be comitted to long term payments!

Also, her income is slightly more than mine, so we dont split costs exactly down the middle. Is this ok? she gets £200 a month more than I do, but it doesnt mean we have that much spare!! It just means she contributes slightly more to our payments than I do...

dam_fools

Some posts on here have me lost for words !

skylight

No. She cannot.

You loan her the money before BR, it becomes a debt in BR and cannot be repaid. Just like all the other debts.

Splitting costs is fine as long as its on a pro-rata basis.


IPA payments and FULLY adjustable. Just because you *may* have to pay one now, once maternity starts and the income drops, you must inform the OR and IPA company. The amount will be adjusted accordingly. They may not even get one up and running in that time.

With BR, you take what it comes with. And if it means 3 yrs of IPA payments, then that's that. Got to be a damn sight better than the situation you are in now or you wouldn't be contemplating BR.

rossireps

no sadly not as its classed as favouring a creditor which is technically what you would become. sorry dont know the answer to the other question.

Poorcouple

dam_fools wrote: »

Some posts on here have me lost for words !

Really useful answer thanks for your input.

Idiot.

dam_fools

Poorcouple wrote: »

Really useful answer thanks for your input.

Idiot.

Well your going to say that arent you. Not everyone agrees with your choices. There are many people suffering unable to repay debts and having to go bankrupt, and many suffer and manage to pay them. But with the wording of your post you dont even want to be liable for anything at all.

Poorcouple

Neither Dam_fools or Sharpy2010 have any idea of her personal circumstances. So DO NOT JUDGE HER.
She could either save the money by not paying her creditors for another month, or I can lend it to her tomorrow to put all this behind us. She isn't sleeping, and it's suffering greatly due to spiralling debts. Everyday her debts increase and she is genuinely upset. It isn't good or her, or her baby.
We came here for advice, not to be judged by a couple of trolls.
I suggest you think about your posts before you offend others....

sharpy2010

Well, whatever happens, I wish you the best of luck with it :-)

tigerfeet2006

PoorCouple the posters are not regulars on this board so they don't need explanations at all. You have had the information you needed given to you by the regulars of this board and that is all you need.

All the best for tomorrow and well done for being so supportive of your OH.

alastairq

The posters concerned really need to get their heads around the facts of debt, and dealing with it..... rather than the apparent moralistic aspect.

I cannot believe a serious BR board contributor would dream of posting such judgemental comments.

To the OP, ignore them....they know nothing about BR...or very much about debt, it appears?

With regards to your problem?

I suggest in fact the BR fee's have actually been derived from your combined incomes?

Therefore need no mention?

If, however, you had been a friend or relative, offering the sum as a loan [but not sharing normal living expenses, or living with each other]...would mean it gets include in the BR....with the likelihood of any recompense from the BR estate being pretty negative.


Regarding a potential IPA/IPO?

This is based solely on the BR's surplus income, as identified in the SOA..and is an agreement.

Given the timetable, I doubt an agreement could be arrived at [with the OR] before MAternity kicks in.

Poorcouple

alastairq wrote: »

The posters concerned really need to get their heads around the facts of debt, and dealing with it..... rather than the apparent moralistic aspect.

I cannot believe a serious BR board contributor would dream of posting such judgemental comments.

To the OP, ignore them....they know nothing about BR...or very much about debt, it appears?

With regards to your problem?

I suggest in fact the BR fee's have actually been derived from your combined incomes?

Therefore need no mention?

If, however, you had been a friend or relative, offering the sum as a loan [but not sharing normal living expenses, or living with each other]...would mean it gets include in the BR....with the likelihood of any recompense from the BR estate being pretty negative.


Regarding a potential IPA/IPO?

This is based solely on the BR's surplus income, as identified in the SOA..and is an agreement.

Given the timetable, I doubt an agreement could be arrived at [with the OR] before MAternity kicks in.

Thank you - - - I shouldn't have risen to it, I guess. Its just such a stressful time... I know first hand how debts can 'sneak up' on you and before you know it the interest swallows every hope of ever getting out of debt. I have worked with her for a couple of years to consolidate debts and improve our situation but its just so hard when you have the debts and the bills, and no credit score to get a decent loan with small realistic payments... Perhaps if we weren't paying £7000+ interest on a £10k loan we wouldn't be in this position, but then the lender has outright said "if it takes me 15 years...I will get my money back" (and I guess its her fault for not reading the terms properly, but when you're desperate you don't, I guess!!)

Anyway, I digress...

Maternity kicks in, in Late October. Would it really not be in place before then?! The money used to pay for BR fees is from my bank account, but its only money I would have spent on joint bills etc. so I guess its her money too. Im happy not to get it back. £700 for her health and the health and security of our unborn is money well spent. Given the increased costs of being an expectant mother ()
baby clothes, cot, room decor, etc...) their isn't really anything left, anyway. I guess we'll find out tomorrow...