Help would be appreciated

outstanding_2

Hi MSE Forum,

IM 25 years old and from London,

My father found success in the high street trade (owned shops) in the 90's and done well for himself however, to cut a very long story short, He made big mistakes. He declared bankruptcy therefore got behind on the mortgage payments etc so our house got repossessed as well as the cars and everything else you can imagine..

This had a massive impact on my Mother and she has gone through some very tough times, physically and mentally..
With his health declining over the years and less able to work i am now left to pay his debts, which is around 100k which he borrowed from family and friends.

I could write a book about this so i'll just keep it at that for now.. The reason i am writing this thread is because i am seeking help/advice on what i could do next. i have opened a bank account recently so my credit score is very new and i want to go down the self employed route, my thoughts are on becoming a mobile car valet/cleaner but i dont have the 3-4k i need to buy a van...

i feel like my mental health is deteriorating and as a last resort i thought i would see what you guys could recommend or help me with.

Kind Regards

DCFC79

You don't have a credit score as it doesn't exist but you do have a credit history which I believe is what you meant.

Have you not had a bank account before ?

19lottie82

You don't have to pay your fathers personal debts. He was made bankrupt. They are not your responsibility.

Pixie5740

It's very noble wanting to repay your father's debts but you're under no legal obligation to do so. Did he accrue the £100k debts to friends and family before or after bankruptcy? Not that it really matters as they are not your debts.

If you're going to start up your own business then the first thing you need to do is put together a solid business plan. Really it'll be the business buying the van and the equipment, not you.

The government have some start-up loan scheme:

https://www.gov.uk/start-up-loans

You could also get a business loan from whichever bank you open a business account with.

Do you have any of your own money to put into the business at the moment?

dealer_wins

Creative wind up thread lol

SnowTiger

dealer_wins wrote: »

Creative wind up thread lol

:rotfl:

I think the mental health bit tagged on to the end pushed it a just that little too far.

Brock_and_Roll

In fairness to the OP, I read the post as being from someone who is perhaps not originally British in origins.

In other cultures (perhaps rightly) it is a matter of honour that debts to friends and family are honoured, if not by the borrower but by their sons.

Nevertheless, it does sound an impossible task given the sums involved.

outstanding_2

Brock_and_Roll wrote: »

In fairness to the OP, I read the post as being from someone who is perhaps not originally British in origins.

In other cultures (perhaps rightly) it is a matter of honour that debts to friends and family are honoured, if not by the borrower but by their sons.

Nevertheless, it does sound an impossible task given the sums involved.

It doesn't work as simply as 'my dad is bankrupt therefore he cannot pay and legally doesn't have to neither..' In my culture, + the friends and family my father has borrowed money from only tried helping him and ultimately tried to make a future for me by trying for my fathers success again, how could I forget a favour as such and not at least try paying these people back?
I came here for advice and help but it ended up being another place people laughed at me.

for the people who mentioned the psychologic/mental side of things, I'd like to see how they manage after their father declares bankruptcy and they have to move out of a million pound home only to spend the next 7-8 years (mid childhood) changing social housing and schools..

Anyhoo, thanks for the people trying to help! I await your advice on credit cards or a business loan etc.
Regards

outstanding_2

DCFC79 wrote: »

You don't have a credit score as it doesn't exist but you do have a credit history which I believe is what you meant.

Have you not had a bank account before ?

I'm guessing I do have a credit history, I didn't have an account until around 2 months ago..

19lottie82

outstanding wrote: »

It doesn't work as simply as 'my dad is bankrupt therefore he cannot pay and legally doesn't have to neither..' In my culture, + the friends and family my father has borrowed money from only tried helping him and ultimately tried to make a future for me by trying for my fathers success again, how could I forget a favour as such and not at least try paying these people back?
I came here for advice and help but it ended up being another place people laughed at me.

Hi OP - Ignore the posters that accuse you of being a troll, there seems to be a lot of that round here at the moment (the accusing that is.)

I know that you must feel obliged to pay this money, but it's NOT YOUR DEBT and it's not fair that you have been left with the weight on your back to repay it, by your father, or his friends. You can't afford this, and you have to let them all know.

The golden rule when lending money to friends or family, is only lend it if you can afford not to get it back.......

What is your father doing right now? How old is he? Is he working? Bankruptcy doesn't wipe you out for life, it just puts you a bit further back down the ladder. What is he doing to contribute to these personal repayments?

I understand your predicament, but sadly, if you are determined to repay this huge amount of debt, out of "honour", you're not going to get anywhere quickly, and your mental health will continue to suffer.

In regards to your business idea, as has already been asked, do you have a business plan? Have you spoke to your bank? Do you have any money of your own to put to this venture?

In terms of building your credit history, are you on the electoral register? If not, do so, NOW. If you haven't had them already, try to get a cheap SIM only mobile contract, and a sub standard credit card (use it for a small purchase or 2 a month and pay it off in FULL, EVERY MONTH). These should help

Faith177

outstanding wrote: »

It doesn't work as simply as 'my dad is bankrupt therefore he cannot pay and legally doesn't have to neither..' In my culture, + the friends and family my father has borrowed money from only tried helping him and ultimately tried to make a future for me by trying for my fathers success again, how could I forget a favour as such and not at least try paying these people back?
I came here for advice and help but it ended up being another place people laughed at me.

for the people who mentioned the psychologic/mental side of things, I'd like to see how they manage after their father declares bankruptcy and they have to move out of a million pound home only to spend the next 7-8 years (mid childhood) changing social housing and schools..

Anyhoo, thanks for the people trying to help! I await your advice on credit cards or a business loan etc.
Regards

You won't have much of a future for yourself if you try to pay back money that your dad borrowed.

I know you are trying to do the honourable thing but I think your hands are very much tied on this.

I'm sure the people involved if you spoke to them would be understanding and would want whats best for you and your family. They probably already know that your father is ill so wont be expecting you to make good on his behalf