its so damn complicated!!!!

backontheup

AK-27 wrote: »

Hi everyone, after reading everyones contributions to this site for so long, im now going to take the plunge and ask for advice for myself!

Ive got debts of £45k and hubby £40k. I thought i was managing fine as i have a good job and could cope with the repayments and contribute to the household. Also, about 1/3 of debt is student loans etc. a year ago i decided fulfill my dreams and set up my own business. I used some savings i had and borrowed a lot from my mum(her life savings basically). This was back in May this year. However, now things have changed drastically! My hubby's given up his job, decided to go bankrupt and enrolled on a course at the local college all at the same time!:mad:

This had been in the pipeline for years, but i never thought he would go for it all at the same time! now this has left me in a really bad way. i have to now support him, run our household and continue to make payments to my own creditors. I took some advice from both the CAB and CCCS, who say i should declare myself bankrupt too. I dont want to, but with the way things are going i may well have to in the near future as i am now overspending by £300 every month!:eek:

i want to now return at least some of my mums money back to her as there is no point in continuing with the business but i am afraid that the OR may later query the amount. I have nearly £10,000 of my mums money left from the money she lent me originally (£18500)

I dont want my mum to lose out esp as she took a huge gamble lending me the money.

Will i get into trouble if i just returned the money now and maybe went bankrupt in the next 6 months-years time?

Thanks so much in advance for your replies.

Lots of sterling advice for you on http://forums.moneysavingexpert.com/showthread.html?t=570232