Please....in need of genuine advice and help

lifebeginsnow09

Hi all,



Im 22 i owe 14k debt in total. i have 4 ccjs and numerous defaults none of which i have benefited from.

here is my story


i was 18 when a family member asked me to open a business account. i thought its was great i had my business i was bragging to friends. well that didnt last long the business fell apart and counltess cheques bounced. this family memeber kept alot from me and until i got a credit report last year i was shocked. im not pepared to do anything legal over the relative. i need advice.

i have a girlfriend and we eventually want to settle down sooner rather than later next year being the target and apart from going for a subprime mortgage (which i want to avoid) i dont no what to do

what would you say my options are

i earn 16k a year

do i need to go and see a financial/debt advisor??

is there any way i can get rid of these debts out of my name and into my relatives they said they would happily agree with that.

do i need to see a solicitor

any advise i would be gratefull i really am in a rut i need to get out of asap.


thanks

dancingfairy

Hi. A couple of things - 1) if you relatives left you in such a position it doesn't seem likely they will take over your debts - sorry but words are cheap.
the only real way to do it would be for your realtive to take out a loan for the amount and then use their loan to pay off your finance.
Your relative might say they will pay you x amount per month into your bank account but without any legal powers they could just stop when they fancy it.
The other thing is if you hand responsibilty of paying the debts over to your family member but it is still in your name they could stop paying and your credit file could be ruined ever further so this is not a good option either.
I would phone one of the free debt charities and have a word with them. You will also need to investigate the business and see what you have signed up - I don't know whether you have taken on any of the company debts or signed up to be a director or anything so you need to find out what sort of company it is - ie limited, sole trader etc and maybe give national business line a call to find out where you responsibilities with the debts lies.
Obviously depending on what you are now responsible for for the business then you may want to consider legal action from there.
Oh and it would probably be wise to seek the business advice independently as your relatives might misadvise you either on purpose or by accident.
df

Tixy

Hi

There is no way to change the name on the debts no.

Is all £14k owed to you by your family member? Are they in a position to pay it you back? or take out a loan in their own name and pay you back with that?

If not then you are legally responsible for repayment and need to start planning on how you will repay all the debt.

In relation to the CCJs - did you attend the court? did you ask to pay in installments? what is the current position with these (eg have baliffs visited or what attempts have been made to recover the money owed on the CCJs).

I would suggest you need to speak to one of the debt charities - https://forums.moneysavingexpert.com/discussion/2077631

As it appears you have willing signed your name to these accounts etc I don't think a solicitor will be of any use to you at all.

JasX

*deleted...............

Tixy

Another thought regarding the business element - if your relative has been running a business in your name then you may need to think about whether you have registered with HMRC as being in business and whether you could have any tax penalties and liabilities.

savingwannabe

You poor thing. Please follow the advice of the kind person's above. I hope it works out for you. I am sure it will. At 18 you have a good job and the fact the relatives were willing to abuse your trust in this way shows you are a hardworker and you are clearly more successful than them. Onwards and upwards dear friend, Good luck.