I have a loan with a family member

[Judo]

Infact, I think if Adella were to consider BR and continued to make payments to her MIL then the OR could request that money back, though not sure on that one.

That's a good idea andrea about juggling the allowances.

[Adella]

Hi
The loan amount is for £470 per month, I think it was roughly £25K worth of consolidated debt, it was the only way I could afford to move out and get a rented place. I love my home just my luck!

I know for a fact that they couldn't pay that themselves, it's as much as paying for rent/mortgage each month, we just about afford to live this way, but they took only on the understanding I could afford to pay, but now this repossession has come about and the shortfall in sight it's not possible for me to afford both, and they would hate me, I just can't let them down, it's such a rubbish situation to be in.

I have even explorered the option of getting a loan amount for 25K and paying her off so it will be my debt, I'll never get a loan now, it's such a mess!

[Judo]

The shortfall from the repossession would fall into the IVA wouldn't it? Perhaps somebody can clarify that.
Are you looking at taking the IVA in your name only Adella?
If so, is there anyway your partner can make the loan payment from his wages. Surely an IP would have to account for that if it was a sole IVA?
Anybody?

[andrea1968]

Dont know if this helps-a friend of mine once asked if she could buy some goods out of my catalogue.She had been going through a hard time and I believed she could repay the credit.
I stupidly said yes and bought 6 thousand pounds worth of goods for her.
The first year she paid me fine-even overpaying occasionally - but ran into real financial difficulty and stopped payments.
I rang the catalogue firm to explain and they agreed to sign the goods over to my friend-on the condition that she agreed she had received the goods from me(they were delivered to her address so that helped)
This almost broke up a long-standing friendship but we dealt with the situation and my friend was truly sorry.
She now pays the balance on a reduced payment plan with the catalogue.
She could not be blamed for what happened and we continue to be friends-mind you if she asks to borrow a tenner now I tell her to p**s off!!
Could adella and the family member come to an arrangement like this-if she admits to be the beneficiary of the loan could it be transferred to her name.
I know it is a long shot.

[Judo]

Anything is worth a shot right?
Perhaps an anonymous phone call to the bank just to ask the question? Nothing to lose right now.

[Adella]

Thanks guys I'll make a few more phone calls

Or leave the country! haha!

[andrea1968]

Adella-good to see you can keep your sense of humour through all this-I laughed out loud then cried my heart out when I saw the true value of our debt-shocking when you see all the figures in black and white.
Its never *real* money when you still have any credit to fall back on.
You sound like you have been through an emotional time-hold on to that strength and you will find a solution.
Always come to us all when you need a chat or moan-someone will be hear to help or just listen.
Good luck Gal!!!

[Adella]

haha well it's all I have keeping me sane

Well I started my blog I have no idea how people can see it etc... but it's a great idea, but when I see it written like that I realised how silly i've been in trusting my ex the way I did, I shouldn't have dragged my feet or at lease sought some legal advice at the time... I guess it is a huge lesson learnt and I will never be so stupid again.

Do you all have blogs that I could read?

I could do with a shopping spree and a holiday!

[andrea1968]

ALL I EVER DREAM ABOUT IS SHOES,SHOES AND MORE SHOES!!!!

[Judo]

I just dream about being able to decorate my home the way I want it!!!!

[Adella]

I dream that my daughter will always be proud of me ...

and shoes shoes shoes haha! Blah!

[Judo]

The first is already a reality.

As for the shoes. I know I am female but what is it with shoes!!
I think I need to try and find my inner girliness

[andrea1968]

Dont need any more-SHOES-I am the Imelda Marcus of Cumbria.
Never dream about anything important-or scary-think about those when I am conscious!!!!

[Adella]

Very deep !

[Adella]

An update

I have contacted a compant regarding a loan, they said they might be able to help, I know this might sound like a terrible option, but I was thinking I could pay off my partners mum for her loan which means then the loan would be in my name.

Am I taking a bad route here?

although I will really think hard about it if i'm accepted