a friend took out a loan for me but now i have lost my business i am struggling to repay i could take a lump sum from my pension that would cover a fair proportion of loan but would the bank except this and would his credit rating be affected ps the first 9 payments have been made on time.thanks
I am really worried about the way you are looking to do things - although well intentioned the Official Receiver would be more than delighted to take the money back from your friend after Br.
You cannot make preferential payments prior to Br because the OR will unwind them.
You are also talking about a pension - which if you can take a lump sum from is probably a private pension.
You really need to have a concversation with someone who can guide you through the pro's and con's of your plans and help you with a strategy.
You can either speak to the helpline here or speak to one on the Bankruptcy experts on the site
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
I second what Paul has just said, you really need to talk to someone in the know as there is a lot of things that you need to get sorted out esp in your head before you do anything at all.
The helpline on here is always available and if you call and they cant speak straight away then leave a name and a contact number and someone will get back to you. That number is 0800 078 9367.
Take care and do get some one to one advise and then get a plan of action together.
LOL
Jo x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
a friend took out a loan for me
Posted - 22 November 2008 : 18:36:32
