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| peter.mo |
Posted - 19 September 2009 : 23:50:21
Hi, Can anyone help,
How do they work out how much money is to be reclaimed with regards to preferential payments.
My mum got me a loan in her name. I stopped paying my creditors in May 09 and after taking incorrect advice carried on paying my mum to date. Will it be a case that the OR will want all the payments I have made to my mum after may 09?
And if my mother states she hasnt got the money (as she has been using it to pay the loan), what will happen to her.
Also how long would she get to pay the payments back if she was forced?
Thanks. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Sparkle83 |
Posted - 27 September 2009 : 22:41:01
you wont be allowed to make any payments to anyone you owe money to unfortunately, and yes, there is a chance they will ask for the money back, arguing that the 338 should have been split fairly, which I assume is what they will do when the get the money back...
Weeks of BR
****5****10****15****20****
(EDREV received and returned at exactly 24 weeks)25****
30****35****40****45****50** |
| feather |
Posted - 27 September 2009 : 20:01:39
Hi there, im sorry to interupt your discussion but i was sooo gutted when i read this. im in the same situation, my boyfriends mam got me and him a loan of 17k, we still owe her about 10k and pay her 338 pound per month.
we stopped paying all our other creditors about 9 months ago but kept paying her so she didnt know anything was wrong and worried.
can i confirm that if we decide to go bankrupt(i cant see any other way out in our situation)then they will want money off her??
we prepared ourselves for her finding out and we were going to try and give her as much as we could every month but there is no way we could do this to her, she is so kind and helps us with anything, its just not an option for us :-( |
| peter.mo |
Posted - 20 September 2009 : 14:25:36
Thanks for your advice its much apreciated. |
| gettingoutofdebt |
Posted - 20 September 2009 : 13:15:58
The OR would work out the percentage of the debt that you mother has and this is the amount that should have been paid to your mother and the rest should have gone to the other creditors.
The OR will definitely look into the payments that you have continued to make to your mother and probably want some of that money back. If your mother refuses, or doesn't have the money, then she 'could' be taken to court and a court order placed on her to repay the money.
This is an extreme scenario and it may not come to this. I don't know how long your mother would have to repay the payments but the best advice is just to be completely honest with the OR. |
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