Need to face facts

unsure84

Hi there,

I am unsure of what to do I have been running from my debts for nearly 3 years noone knows where I am etc which I truly regret I was 22 when I started the borrowing and didn’t think of the long term of it all.
When I last knew, I had around a total of £30k in debts spread across different creditors and I just couldn’t afford to pay so I stopped as it meant I had spare cash.
I have no idea who owns the debts now or what to do as I have managed around 3 years without hearing anything, I am not on the electoral role and I do not wish to obtain any further credit.
My loan was originally declined however I worked at the bank so it got overturned by my boss? could that stand up as wrongly assessed lending?
In a way I would like to start to pay back what I owe as after all I did borrow the money, I was unemployed for around 7 months which triggered the problems as no creditors could do anything which is why I decided to leave it.

I had a loan of £18000 a CC for £2500 an overdraft of £2500 and £1200 and a sofa for £3500 which my ex girlfriend kindly left with! on top of that I owe BT around £350, 2 parking tickets that were £40 each and a recent debt of £800 to a friend which I can pay back in the timescale given.
I doubt any of these will be with the original debtors and will probably be a greater sum owed and I don’t know whether to continue running from it?
Would bankruptcy be an option?

I earn £20,000 per annum and bonus which is no fixed amount and have rent for £695 council tax of £80 water £30 Electric £30. mobile phone x 4 = £140 (long story) food for myself is £100 per month plus travel at £30 per month my girlfriend is due to move in when she gets a job here as I’ve moved to a new city for work so when she comes it will allow for a little more spare cash however I don’t know what to do.

I would really appreciate some sound advice, I have heard bad things about an IVA option so was thinking bankruptcy however I am unsure if I would be accepted for this as I have not co-operated or contacted ANY debtors.

I look forward to hearing some advice and hopefully start to rebuild the bridges I have broken and put my worry to rest.
Warm Regards
Unsure84:o

bottleofred

Hi Unsure84 and welcome to the forum,

Have you not received any contact from any of the companies you owe money? I think the best thing to do would be to get copies of your credit file, to establish if the debts are on your file as defaults or county court judgements, although doing this will almost certainly trigger some of the companies you owe money to getting your address and possible contact details and you can then expect letters and phone calls. You could also list your statement of affairs and that way you'll get plenty of help/advice on how to save cash, which can then go towards your debts. If you did decide to go Bankrupt, you'd almost certainly have to pay for that and this would then affect your credit rating for a further 6 years. You could decide to do nothing and wait for 6 years to elapse, as a debt becomes statute barred when there has been no written acknowledgement or payment made towards it during this time (5 years in Scotland), although if any of the companies have got ccjs, this changes things a bit. I'm not 100% sure about the ccj thing, so hopefully someone with more knowledge than me will be along soon to advise on this. A debt management plan could also be an option, but go with the non fee paying companies such as the consumer credit counselling service and look at their website for advice on this.

Good luck in whatever you decide, but if you do get a copy of your credit file, the letters and phone calls will almost certainly start!

Red

maryotuam

Facing up to your debt is the beginning of the end. It's a good feeling to be in control of your own finances. We did years ago and drastically cut back our spending to get rid of our debts. Even though we went camping rather than holidays abroad and forgot what it was like to go out for a meal or get a takeaway, they were still wonderful years. Our good habits stayed with us after we paid everything back and we were able to save and never have to pay interest payments again. (Apart from the mortgage)
The best of Luck to you!