twinparents07's joint diary 'doing it together'!!

twinmum07

twindad07 wrote: »

How rubbish is this, kids sent home home at 2:30 so they can get home to watch the match but staff are not allowed to leave until normal time at 3pm

It could be worse. You could get home to discover your wife has deleted your sky+ recording in favour of a nasty clash between firman sam and bob the builder.

Happytogetdebtfree

Lol that is bad!

kavics17

twinmum07 wrote: »

It could be worse. You could get home to discover your wife has deleted your sky+ recording in favour of a nasty clash between firman sam and bob the builder.

:rotfl::rotfl::rotfl::T

never-in-doubt

twinmum07 wrote: »

Niddy - I think I feel a little unsure about the unenforcability as we are only 30 so I wouldn't want the debt to be hanging over us until we die and i think knowing it is still there somewhere would be too much of a weight on my mind.

It only lasts for 6 years and then becomes statute barred - that is my whole point! A DMP in the wrong situation could mean you're paying back for 10 years with the actual record still showing on your credit file 6 years AFTER you clear the debt meaning over 16 years from now! Obv that was a worse case scenario but the entries will remain on your credit file for 6 years after you've settled the account - therefore it all depends on how long any DMP would last - if it was 6 years then +6yrs CRA record = 12yrs. Unenforceability would be 6yrs - period.

I hope that makes sense.....

Regards to interest etc this is usually stopped once you are in default and it has been sold to a DCA - it is sometimes best to let this happen as it works out better for you.

Good luck whatever you decide.

never-in-doubt

twinmum07 wrote: »

I can see unenforcability was your only real option and it was the perfect route anyway but our date free date is 5 years away when we will only be 35. Our family is now complete, I am looking to work part time and once the baby is at school i can think about full time so our earning potential over the next 5 years should increase quite dramatically so the debt free date should come forward.

Ok this helps - your actual debt free date will be 11 years, not 5 as you are led to believe. What I mean by that is that you'll have the adverse entries on your credit fil for 11 years so in this instace unenforceability is without doubt better for you. It would go along the lines of default in 1010, 6 years later would be statute barred (limitations act 2000) meaning it is then legally unrecoverable, i.e. it's dead and buried. The good thing here though is the CRA entries - these can only stay for 6 years from the default date so assume the default date is 2010 as mentioned, then by 2016 your credit record will be clear - i.e. blank, empty!

The other option (i.e. DMP) means you'll have defaults and accounts showing until 2021 - 11 years from now :eek:

However to beat the system, if you wanted to go down the DMP route is to deliberately default the accounts. Not only does this stop any interest etc being added but it also means that after 6 years the default will be removed and the account gone - regardless of whether you're still in debt - one debt = one default, that it is. The lender cannot extend the entry - after 6 years it must be wiped from your credit file.

Make sense? If not fire away any questions....

twinmum07

I am on page 46 of MouseAnn's thread and was just about to PM you as that is what I have got so confused by. I thought you'd said at the start of MouseAnn's thread that it remains on your file but can't be chased but that wouldn't be a concern for her due to her age so from that i had thought it meant the debt remains attached period but now I am reading further you have linked to replied from companies stating the debt has been written off so i was puddled by that.

I don't think we have actually defaulted - that is more than 2 payments in arrears is it? How would i know if i had defaulted - would it be very clear or something I would have overlooked as it can be tricky to read letters properly when my head is so far in the sand.
If nothing is actually in default at the moment should we wait to default before thinking unenforcability or will things be frozen once we are unenforcable?

Without sounding silly if it is that simple to ditch the debts then why isn't everyone doing it? I know we would stand to take some major hassle but surely to write off debt it would be a no-brainer to most people? We have a loan attached to our mortgage but unsecured - are loans different in terms of unenforcability?

twinmum07

kavics17 wrote: »

Reading other people's diary is really addictive, isn't it? I read Dinah's diaries withing a couple of hours when I found this site:).

I think you're right that you should be able to pay back your debt as your income will increase within a couple of years, you're on the right track.

Aww - just had a quick look and her diaries look like a great read. I will add them to my next to read list once I have made it through MouseAnn's threads.
I am going to save a fortune on books by just reading all the diaries on here.

twinmum07

I think if we went DMP we would self-manage and hope we could try to zero the interest on a couple so am i right that you are saying if we went down that route we would be best to default not just to get the default there faster in order to clear it faster but to put ourselves in a stronger position to bargain for interest freeze?

Happytogetdebtfree

What a result for England come on! Wonder if they will pay our debt lol x

never-in-doubt

twinmum07 wrote: »

I am on page 46 of MouseAnn's thread and was just about to PM you as that is what I have got so confused by. I thought you'd said at the start of MouseAnn's thread that it remains on your file but can't be chased but that wouldn't be a concern for her due to her age so from that i had thought it meant the debt remains attached period but now I am reading further you have linked to replied from companies stating the debt has been written off so i was puddled by that.

You may be getting confused as it is confusing! But lets not confuse unenforceability with statute barred! Point is it remains for 6 years - that is the same with any defaulted account, it remains for 6 years from date of default - no matter if you pay or do not pay. If you don't pay the worse they can do is try for a CCJ - at which point you could haggle for a F&F settlement..... If you do pay and the account has not defaulted then the entry remains longer.

twinmum07 wrote: »

I don't think we have actually defaulted - that is more than 2 payments in arrears is it? How would i know if i had defaulted - would it be very clear or something I would have overlooked as it can be tricky to read letters properly when my head is so far in the sand.

By default, I mean either the lender issues a default notice under s.87 CCA1974 or they sell it to a DCA and default you - either way, to default really means just don't pay anything for like 6 months! It seems mad but you need to be defaulted in order to utilise whatever option, to your advantage. Defaulting is a must so that you know no matter what, in 6 years the entry will be removed from your credit file. If you negotiate now, with the lender, the entry remains live ergo they will update it as an arrangement to pay [A/P] which means that when you eventually pay it off, the entry will show it was in an arrangment for a further 6 years meaning it affects you much longer.

Make sense now?

twinmum07 wrote: »

If nothing is actually in default at the moment should we wait to default before thinking unenforcability or will things be frozen once we are unenforcable?

It does no harm to send off a £1 cheque and request the CCA does it? Whether you decide to proceed with unenforceability after this is entirely up to you - it does you no harm whatsoever....

twinmum07 wrote: »

Without sounding silly if it is that simple to ditch the debts then why isn't everyone doing it? I know we would stand to take some major hassle but surely to write off debt it would be a no-brainer to most people? We have a loan attached to our mortgage but unsecured - are loans different in terms of unenforcability?

Loans are the same as cards - the criteria is anything before April 2007, however bank accounts and other non regulated agreements are exempt such as council taxes, fines, utilities, mobiles etc etc....

It is not that simple you know lol. Don't be disillusioned - it is simply that the consumer is utilising the law to their advantage! You may also have an enforceable agreement so nothing is guaranteed when you look into it that is why I say, what have you got to lose?