Please Scrutinise my SOA

[Deleted User]

You certainly won't be in a position to pay them, if you end up in prison.

Have you considered all the alternatives, such as a DMP?

I appreciate it'd probably be a long slog, but at least it wouldn't involve illegal behaviour.

michael1983l

Bedsit_Bob wrote: »

You certainly won't be in a position to pay them, if you end up in prison.

Have you considered all the alternatives, such as a DMP?

I appreciate it'd probably be a long slog, but at least it wouldn't involve illegal behaviour.

I'd be in a DMP for about 16 years and it couldn't stop CCJs from being enforced I suppose.

The alternative is wait out 19 months, which is how long I have to pay back on the loan and then deal with it after then. However that is a long time to duck and dive.

I think with the incresed use of the bank of mum and dad in this day and age that new rules should be brought in to help protect these kind of creditors because they are not doing it based on financial checks they are doing it based on love.

heartbreak_star

The bank of mum and dad doesn't usually involve them taking out a loan though...in my experience.

HBS x

michael1983l

Ok I have added my debts. I am not sure where my debts are up to because I have been hiding a couple of years but I will copy what is in my Credit file

Loan Parents (£9800 remaining) £436 paid a month
Loan Dad (£450 Remaining) £50 a month paid
Loan 1 £996
Loan 2 £550
Loan 3 £1450
Loan 4 £1299
Loan 5 £4513
Credit Card 1 £692
Credit Card 2 £2335
Loan 6 £9972
Credit Card 3 £4225
Loan 7 £8420
Other?? £1070
Overdraft 1 £2321
Loan 8 £2422
Credit Card 4 £1437
Overdraft 2 £2172

Total £54,124

Some of those loans I do not recognise and I would dispute a lot of the claims of owings to be too high. However I cannot be 100% sure because I had a lot of mental issues during the time that 80% of these loans were taken out and I was on powerful medication. Thus some of the loans, mainly the payday ones I do not even recall taking.

To add to that

I have a CCJ for £600 registered
£249

and one that just been applied for, it got sent to an old address though so I don't know how much for and who

[Deleted User]

I think the next step, is to establish when the loans were taken out, and when you last paid anything to them.

heartbreak_star

I really can't see any way to make that affordable, but equally you'd have to declare the parents' loan if you went bankrupt.

I can only wish you good luck

HBS x

[Deleted User]

heartbreak_star wrote: »

I really can't see any way to make that affordable

I think it is just about possible.

I reckon the OP could, if he squeezed hard enough, have £300pm to put toward a DMP, which would clear the debts in about 15 years.

Plus, there's the possibility, that some debts may be unenforceable, or that some may be smaller than the OP thinks they are.

michael1983l

Bedsit_Bob wrote: »

I think the next step, is to establish when the loans were taken out, and when you last paid anything to them.

Loan 1 £996 (opened 26 Sep 2012) Never made a payment
Loan 2 £550 (June 2012) July 2012 last payment made
Loan 3 £1450 (July 2011) no payment made
Loan 4 £1299 (July 2011) No payment made
Loan 5 £4513 (June 2011) No payment made
Credit Card 1 £692 (Feb 2011) July 2011 payment last made
Credit Card 2 £2335 (Feb 11) July 2011 payment last made
Loan 6 £9972 (Nov 2010) Sep 2011 last payment made
Credit Card 3 £4225 (Nov 2010) unsure when last payment maybe july 2011
Loan 7 £8420 (Oct 2010) Last payment Sep 2011
Other?? £1070 (Apr 2010) unsure last pay probably July 2011
Overdraft 1 £2321 (Feb 2010) Sep 2011
Loan 8 £2422 (Jan 2008) unsure of last payment
Credit Card 4 £1437 (May 2007) Aug 2011
Overdraft 2 £2172 (Jan 2001) Oct 2011

michael1983l

I feel I need to explain how this debt occured. In 2010 I had a large amount of debt outstanding to my parents that stood at the time at around £24000. I then got put on redundancy notice at work. I knew they couldn't afford to cover it so I panicked and had a bit of a breakdown with an underlying mental illness. I then took out lots of loans in hope of trying to cover this. I then had a mental breakdown of sorts which led to me being on strong medication and I turned to alcohol and drugs too, I went out of control and don't recall much of what happened. I gambled some money trying to get the amount I needed for the parents and ended up losing it and then getting more loans desperatley when I was in a state of no control. I really do not know when I took some of the loans or what I spent it on. I just know I have been personally paying for it ever since and want to find a way of dealing with it whilst not dropping my parents in the !!!!.

[Deleted User]

michael1983l wrote: »

I just know I have been personally paying for it ever since and want to find a way of dealing with it whilst not dropping my parents in the !!!!.

It's the second part (the "not dropping my parents in the !!!!" part) that is the hard bit.

As the debt isn't "official" between yourself and your parents, I'm pretty sure you won't be able to include it in the BR (otherwise people who were going BR, could simply include all their family's, relative's, friend's and work mate's debts), so your parents will have to continue paying what is, legally, their loan.

The only way (at least the only legal way) of continuing to pay toward your parent's loan, would be to pay off your debts in the usual, monthly way.