Advice needed re pursuing unenforceablity

[Stressedoutmum]

Re: Advice needed re pursuing unenforceablity

Lol, I know you did and I appreciate it. As I said I wished I'd found you sooner and I'm sure I'd have done things a lot different. Ah well, I'm here now so that's what counts!

[Stressedoutmum]

Re: Advice needed re pursuing unenforceablity

Hello again,

So, hoping to get the CCA's sent To Lloyds TSB in next day or two, but was just wondering what other posters would do in our position regarding getting money to pay back the £24K we borrowed from family. I would dearly love to pay them back sooner than later, but given the current situation that's easier said than done. The person we borrowed the money from has been great and not pressuring us at all, but he will retire at the end of 2015 and will need to rely on his savings etc at that time, so that in itself puts us under pressure to try and pay him back asap. I would gladly stop paying the banks and pay him, but given we are homeowners with a large chunk of equity I don't want to risk that as our home could be the only thing we can use to repay him. Is our best option to try and remortgage after the defaults fall off? Bearing in mind my husband was declared bankrupt at start of Oct 2009 and discharged Oct 2010. Last year we seriously considered selling the house and using the equity, but my relative didn't want us doing that, plus to be honest we'd have to rent privately and would be no better off financially in the long run as rents are so high in our area. We have both worked hard for the last 20+ years to get our mortgage right down, and doubt we'd ever get back on the property ladder ever agin.

Anyway, I was just curious as to what others would do, as after finding this site I am struck by the various angles that people tackle situations, that I wouldn't even have thought of.

Thanks again guys.

[cardiac arrest]

Re: Advice needed re pursuing unenforceablity

If your family is not pushing for repayment, I would wait for events to unfold via what Niddy has suggested first. Your family member may be encouraged that you now have an action plan in place, supported by some very experienced and knowledgeable people here.

If things work in your favour you might find that you have some money spare to repay your family member something every month. So, wait and see is my advice.

The only other thing I would say is that your income and expenditure statement put together with CCCS presumably excluded any repayment to your family...and I guess the result is the 'excess' you have has therefore been seen as 'available' to pay towards the card and the loan. This might be something to think about later perhaps.

I know when I first did a CCCS I/E schedule I put down all my debts and any residual income was pro rated amongst them...so I presume the debt to your family was not included when you did yours ?

I am sure it is quite legitimate to include £x p/m in your expenditure as being a repayment on a family loan...but I'm not 100% on this so maybe someone else will chip in and advise accordingly...

[Still Waving]

Re: Advice needed re pursuing unenforceablity

When I entered a DMP with Payplan they asked whether I wanted a loan from a close individual included in the DMP or whether I would make my own arrangements outside of it.

I decided to leave it out of the DMP, and I didn't have an allowance for it in the I&E (didn't think to ask). That loan has been repaid now, but I wish I had included it, as then the other creditors would have been getting less every month.

[cardiac arrest]

Re: Advice needed re pursuing unenforceablity

When I entered a DMP with Payplan they asked whether I wanted a loan from a close individual included in the DMP or whether I would make my own arrangements outside of it.

I decided to leave it out of the DMP, and I didn't have an allowance for it in the I&E (didn't think to ask). That loan has been repaid now, but I wish I had included it, as then the other creditors would have been getting less every month.

yes, that's a good example...a 'neutral' body like CCCS undertaking an assessment as to 'excess' money for loan repayment would be hard to ignore by creditors. In fact, in my own case, I ended up doing my own I/E schedule on the pro formas sent by Banks...and they never ever disputed any of the figures and always accepted that the excess was only enough to pay £1 p/m. I used the online CCCS form to get a guideline for what was considered acceptable amounts for food and so on, if you put in a too higher figure it alerts you to their recommended amount, so that way there can be no argument if you stick to their guidelines.. So, maybe room to manouvre at a future date perhaps , if that's what you want to do.

But like I said earlier, see what comes up with the CCA request
first and let Niddy guide you...

[Stressedoutmum]

Re: Advice needed re pursuing unenforceablity

Thanks for your responses. I am sure there was a space for 'loan to family' member or something similar on the CCCS I&E so I may look at that as an option at some point. I will wait just now as suggested and see what transpires from the CCA requests, which shamefully I haven't yet sent off due to printer problems. Once thats resloved I'll get them sent off and wait and see.

Thanks again!!