insolvency advice again

towncryer

tondella/addicted to choc anyone ...... who may help

I have some business issues, bank pulled overdraft, for 1000 other day, because i got a small ccj months ago, missed jan payment on a loan took out 6 months ago, (1800 left on that). so technically i am only a couple of weeks behind. Been on edge of overdraft for a few months, they dont like that, and pulled the whole thing, after charging me 75 pound to set up thel oan a few months ago. b....tards

my issue is personal stuff, which had indirectly causedthe above
banks wont help me really, becuase i have poor history

in the thread yesterday, this has led to me having depression for a few years now, would courts take this into consideration before they sent you mad, doubt it

but any help here could make a big difference, i cant get professional help, as cant afford obviously, will try phoning a few, as tipped yesterday,

but i am looking for more impartial advice

my debts are made up of

one CCJ in 2004 (which i am not 100% certain, but tihnk i know what its for, i know it sounds wierd, but i moved, and dont know if its older stuff, but think it was a loan got in 2003) 4.2k

and much older stuff, which my query is really about, pre 2001 i think
about 9 cards mainly of 2-4k total 20-25k
a loan of 10k (which they may have written off ???????)help?)

and o'draft , so i owed anywhere between 30 and 40k

would rather not say to which banks at this stage,

not heard from any of them, and def not written back since 2001, i have olny the one debt of 4.2k since then

no one has really lent ot me or hleped me officially for coming up to 5 years now

I know this isnt ideal, but I really didnt want this either, its al ong story how it happened

i just want to move on

so
WHAT DO PEOPLE THINK WILL BE ON ME

WILL MANY HAVE WRITTEN IT OFF

WHEN I APPLY FOR CREDIT SEARCH, WELL I DONT), I DONT WANT ALL THIS TO COME BACK AND KILL ME

HOW CAN I MOVE FORWARD

how do i get a normal life back

IF YOU DID AN IVA, BUT DIDNT KNOW ALL PEOPLE YOU OWED MONEY TO /IT WASNT ON YOUR CREDIT RECORD, SURELY THEN IT IS WRITTEN OFF? PLEASE PLEASE ADVISE

CONFUSED VERY VERY CONFUSED

STILL WORRIED

NEVER SHOULD HAVE LENT TO ME IN FIRST PLACE,, I WAS SELF MEDICATING WITH RETAIL THERAPY

I HAVE LEARNT MY LESSON, BUT

cant seem to get genuine help

most agencies talk of arrangements, but organisations just wnt ot hound you once they know where you are
i hope someone can help

headchef

Hi Towncryer. Other people will be along soon - more experienced than me. I can guarantee it as sound in need of advice from the heavy weights on here and they will respond.
You seem to have two problems - immediate cash flow and worry over long standing debts. For clarity perhaps we could tackle the two separatley. Perhaps you could give us more detials of your immediate situation? Post a Statement of Affairs (that is, incomings and outgoings) and we can get a fuller picture. If you don't feel up to doing a detailed on yet, just post the basics, like mortage/rent, utilities etc and what you have coming in

Addicted2Chocolate

sorry i dont know the answers to most of your questions. but if you do not include a creditor in a IVA becuase you did not recall the debt, it woud not be written off, the creditor could take normal recovery action including petitioning for bankruptcy. The time limits for recovery of debts are set down in the Statute of Limitations, i think they have 6 years but not sure when this runs from.... i will look up on internet and post again if i can find anything else.

robertbruce

Hi
In my opinion, you need to gather a few more facts. For example, get your Experian OR Equifax record to give you a starting point about what lenders are seeing.

Then add what YOU remember to that list and then post as much as you can up here for people to offer help. If you don't want to give too many details, just list them as LOAN1, LOAN2, CreditCard1, etc. with amounts outstanding, card limit, interest rates to get things going.

ALSO as stated an IVA might not kill the debt if the creditor is not informed but it is killed on a bankruptcy, so see if this course of action is more suitable for your situation. I feel bankruptcy only works well for those with no assets, eg rented house rather than owned, but there is a lot more to it.

Get the credit file first and see what it says. Cheers. Bob.

Jane_M

Towncryer, that's an awful lot of stress you are carrying! My advise may be late, but you could enter into a voluntary arrangement with those that you owe money too and you do seem to owe a lot. I think I am correct in saying that after 6 years you cannot be pursued for a debt. Anything on your credit file also after this time you can ask to be removed. You can write to equifax or experian for them to do this. You could consider bankruptcy. It prevents your creditors pursuing you for money and if you have any assets they will be taken from you to clear your debts. However, you can start again, you can after a period of, I think it is 3 years now, apply for mortgages and credit cards and you can have a bank account. It no longer has the black stigma that it used to as so many people go bankrupt. With your credit history I cannot imagine that you would find it easy to do things such as switch credit cards, take out bank loans, etc. Depending upon your income, you could try living sparsly (necessities only) and pay off your debts. start with the little ones, then you feel that you are achieving something, or at least I did!

Good luck anyway!

Jane

inmypocketnottheirs

OK here goes with my 2pence worth.

Firstly as advised above, do get a copy of your cerdit report from both Experian and Equifax. Without that you will have no idea what is recorded against you and you won't know what potential lenders can see. These reports when they arrive need a lot of looking at as they are not easy to read and understand.

Secondly, there is what is called a 'statute of limitations'. This defines a maximum period of time that a debt can be outstanding, after which time it is written off and cancelled from your credit file. This is six years. That means that any debts from before 6 years ago, that you have not had any contact from the creditors, or made any payments or made any arrangements, will have 'died'. The best measure for this, is once a default notice has been issued, which is normal regarding any consumer credit debt, once six years has elapsed from the date of the notice, you are no longer liable.

However, many companies, banks, credit card issuers, write off these debts long before six years. Under UK company law, any lender who feels that your debt is irrecoverable has to write it off from their books to satisfy their auditors. Otherwise, leaving debts on the books that can not be collected, misleads shareholders and distorts the profits. However, that does not stop rogue operators, like Link Financial, Tessera Portfolio, DMA etc etc from buying these debts for literally pennies in the pound and then harrassing debtors into paying the full amount or making arrangements to pay. These people are leeches and they pray on people caught in a debt trap and do little to help resolve the situation.

I would strongly caution against bankruptcy as it has lasting repurcussions that last long beyond the period of bankruptcy. It will stay on your credit file for six years and make it very difficult to get any credit or banking facilities.

Far better to ascertain what the true picture is by getting a copy of your cerdit file, then you can see exactly what needs tackling and can prioritise accordingly. Without wishing to raise your hopes, it could well be that the picture is not as bad as you think.

Please keep us informed, and the best of luck. You are in the right place!

towncryer

thanks everyone for your advice. most are nearly 6 years old, i am sure. which is good for me.
its funny ive had a couple of great business ideas, but the bank wont help because they only see what expereian etc tell them.

My only concern wth getting a credit report is it showing my current address for the vultures to find me.

any advice on this part.

and thanks again for the other advice. This type of forum, is worth more than any insolvency practiitioner, as they often steer you into more debt/even the organisations who try to help, often just leave you in the way of more probs.

THe lenders should take more responsibility, and also acknowledge, who really cant pay anymore.

they always make their money back well before then, well 99 out of a 100 times. i paid them all plenty before icouldnt pay no more.

thanks for anymore adivce to all.

keep up the good work.

robertbruce

Hi
I know we like to put the boot in on the lenders for irresponsible lending practices, none more than me, but at the end of the day, the strong-willed can resist that and take responsibility for their own affairs. You will be getting stronger every day by being part of this forum.

As for starting your new business idea, look at all the different ways you can make a start without the help of any bank. If you need to discuss further, send me a private mail, or if you want to discuss openly, just post it here. There are many ways to make early progress using Guerilla Marketing tactics as written by Jay Conrad Levinson and others. Check out Amazon for these books as they will save you a fortune on marketing a new business.

On the point of getting your credit report and attracting attention, just make the decision to GET IT or DON'T GET IT then get on with it. If you get it, deal with the flak that creates but use the knowledge it gives you. If you don't get it, just wait until someone contacts you and deal with it then.

Hope this all helps you. Cheers. Bob.

towncryer

thanks again everyone, it all helps, and this forum has made me feel stronger. i have received better advice in one wek, that previous 6 years.