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Nyhm

Helping a family member tomorrow with income / expenditure, but ...

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He's a very depressed Brother in law :Cry:

 

He has a wife and two children. They have estimated debts in their name (at a guess before I go through his paperwork properly tomorrow!) of £40,000. He lives in council rented accommodation .. and had a visit from an official regarding rent arrears that has triggered all of this today.

 

However, he has "family" and "friends" debts (loans he asked them to take out for him). And this is the big concern for him. Obviously, he wants to keep those repayments up, but needs to negotiate reduced payments with the loans that are in his name. Some of these friends are his work colleagues ...

 

Can that be done? Will companies accept an expenditure that includes full payments for loans that are not in his name?

 

 

Thanks in advance for any advice :) . His debt ... but i'm starting to get acid reflux on his behalf .... :rolleyes::mad::(

Edited by Nyhm

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only a court has the right to see his fin details, I/O sheets do not have to be given to anyone else, it is nothing to do with them.

 

write to the other creditors TELLING THEM, they will only be getting £XX for XX mts, and the DO IT WITHOUT FAIL, by internet banking.

 

anyone that takes him to court will be laughed out the door by the judge, who will prob assign a smaller sum too!

 

whilst writing to the other creditors, include something along the lines of 'during this period of fin diff, i will be paying [as above] as a goodwill gesture. to assist me could you please refrain from adding interest and charges as a goodwill gesture on your behalf'.

 

have you also considered reclaiming unlawful fees on cards/loans etc & also the poss that that any PPI might have been mis-sold?

 

as for the trigger, the rent, this might free up enough to keep them happy, if not make a realistic offer PCM to them, they and council tax must have priority, the others creditors can [cards loans etc] get what can realistically be afforded [even £1 if necessary].

 

most judges will take the view that the situation as being responsibly managed during a time of need and will throw any claims out the window.

 

dx


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Thank you for your advice dx100uk. Very much appreciated :)

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I cannot speak on behalf of the loan companies, however, a lot of the time they will accept the income and expenditure put forward, including repayments to friends etc. This is esepcially the case with informal arrangements, as they just want you to pay at least something to them. I know that in formal agreements such as IVAs, they do not allow family/friend repayments, but this is because the creditors are writing a% of the debt off after 5 years and want to see that the income and expenditure is fair.

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