Newbie says Hi and alittle advice please

gattor

Hi,

Am new to the site although have been lurking reading alot of posts.

I unfortunately have found myself in a huge debt problem over (250k including inland revenue debt, residual mortgage debt) since 2003 following break up of my 1st marriage and mental health problems (I'm Bi Polar 1 i.e. an acute manic depressive), since 2003 uptil 2006 I was hospitalised many times for my disorder but during this time I did irrepairable damage to by financial status, ending in 2006 when I lost my home.

Despite my disorder I held down quite high paying jobs during this time hence I was able to borrow large sums of secured and unsecured debta nd ruin myself when I went on massive spending sprees during manic episodes.

I moved into rented accomodation and effectively went 'underground' to my creditors(I just couldn't face tis huge problem and it drove me into a near suicidal depression), who have been unable to trace me since 2006, except one has my mobile phone number and calls me x3 a day, I just ignore them and don;t take their calls. Its the Cap Quest people.

Fortunately with the help of my family, friends, new medication and most importantly a new partner I have turned things around and I have remainded mentally stable for the last 2 years, I am working freelance through a limited company and all my assets are in my partners name including bank accounts and mortgage on a new house we bought last year, we cover all our bills comfortably. I only have a cash point card and an allowance each month and I have not taken on any new debt since 2003. I actually have built up savings for once in my whole life!.

My question then is this, as quite a lot of time has passed since my creditors have been able to trace me should, I know that certain debts are only enforceable for 6 years and mortgage debt is 12 years:

a) keep my head down for the next 5 to 6 years
b) contact them all and come to some agreements where possible (I'm fearfull though of giving them my current address or they might ALL come get me and destroy my new world)
c) declare bankruptcy

or something else??

Thanks for reading sorry post is so long

Any advice gratefull received

Gattor

madmalteaser

Hi. Just wanted to welcome you to the board. Phew! What a lot you have been through! I don't have any advice on your situation, unfortunately, but I'm sure others will be along shortly who are far more knowledgable than me!!

Welcome again!!

beanielou

Just wanted to say hi & welcome to MSE.
Sure the experts will be along soon

LilacPixie

hello.

I am pretty sure debt doesn't become statued barred if you deliberatly avoid companies by not providing them with an updated address.

Have you taken professional advice from some where like cccs or ndl??

lxpeanut

Well done on getting your life back together I know how hard it can be. I think you need to face up to your creditors but you also need support. Contact one of the debt counseling charities or to citizens advice before contacting your creditors.

You look like your situation is a good case for bankruptcy but please do not go into it lightly. You need to consider all options. Take a look at the bankruptcy board and see all the stories on there.

gattor

Hi,

After reading a few sites I found following

"The statute of limitations sets a time limit for a company to take its debt or debts formally through the courts. For most non land related debts such as credit and story cards the period is 6 years from default. So if 6 years passes and the person owing the money does not acknowledge the debt in any way, enter into negotiations, or makes any payment then the debt will become statute barred. All that changes is that the person can no longer be forced to repay the debt. It still exists, they are still liable and can still be asked to repay it as long as this is done in such a way as to not be construed as harassment."

Is there a statutory requirement to keep all creditors and credit reference agencies aware of my current address, or is the onus upon the creditor to trace the debtor?

If so, do I just have to wait for the period to expire from date of default?

I understand that this statute doesn't apply for CCJ's

Thanks