Voluntary repossession - with cash savings

Mouse007

Placitasgirl wrote: »

With regard to the £30k; as it is in a bank account in your name it is legally not your Mum's; it's yours.

Not if it's held in trust. Be that either a bare trust or a constructive trust.

Placitasgirl

Agreed, though the OP made no mention of the funds being held in trust. Hopefully that is the case as it would simplify the process hugely should they be considering bankruptcy going forward.

Mouse007

WetMyBeak wrote: »

The 30k is my mums money and bank records will show when it was paid in and that apart from a couple of transfers to my mums account it’s been pretty inactive.

Implies a bare or constructive trust; the funds do not appear to be available for the OP's use and no mention of the word "loan" has been made.

If mum just asked the OP to look after her money it's not the OP's money and not an available asset in a bankruptcy.

WetMyBeak

Thanks for posting. The money wasn’t a loan, I’m simply holding it for her. Unfortunately I have a manipulative sibling with a penchant for drugs/alcohol.