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LondonlawyerJ, Advocate
Category: Law
Satisfied Customers: 822
Experience:  Solicitor with over 15 years experience.
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I bought my property 7 years ago and over the years have borrowed

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I bought my property 7 years ago and over the years have borrowed monies, mainly cash from family and friends to an amount of £25,000 for lots of home improvements which have added value. I am now selling and would like to repay my debts. I am on income support and I am allowed only £6,000 capital. Am I allowed to deduct these debts to repay family and friends as when I borrowed it I did say I would repay when I had refurbished the property and sold it.

LondonlawyerJ :

Hello I am a solicitor with over 15 years experience. I will try to help you with this.

LondonlawyerJ :

You have borrowed money and now are selling your property. You borrowed the money on condition you would pay it it back after selling the property. it is perfectly acceptable fro you to settle the debts when you sell the property and to then inform the DSS of your level of debts after sale and payment of outstanding debts. It wuuld be very sensible though to keep a clear record of what you owe to whom and when it is repaid and why. Also receipts migt be a good idea.


many Thanks

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