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Bankruptcy and Money Lent to Friend
Comments
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Thank you for this (and for your kindness towards an anonymous idiot on the internet). I think it is what I will do.
Someone away from this forum suggested saying he had paid it back to me in cash and I spent it over the last few months on surviving, but I suspect that would be a terrible idea.
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The OR has a wide range of powers, but also some discretion on when to exercise them. It is possible the OR may have little interest in trying to chase a small sum of money from someone who has no assets and a low income.
Calling this a gift or a loan makes no real difference to what the OR may decide to do.
BUT is there a reason you are looking at bankruptcy rather than a Debt Relief Order? Have you taken debt advice about bankruptcy?0 -
The OR won’t chase that. However, Manyways is spot on. A DRO is perhaps the better option, pending your situation.
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