Decision Time

DOZYMARE

Hi all, just need to know what you would do in this scenario. I have around £60,000 worth of debt across loans & credit cards (failed business supported personally). They are all being dealt with and have been being paid for a few years now. All is well basically. However, I have worked out that at the current level of my payments it will take me around 122 years to clear them. I can't increase my payments. My mortgage term was originally set to 15 years prior to these problems and is due for renewal/remortgage in 8 1/2 years time. My mortgage is completely up straight. There is very little equity in my property. My problem is that in 8 1/2 years time, all these debts will still be showing and will therefore prevent me from getting a remortgage. Only 1 of my lenders has gone to the ccj stage, the others are all happy to receive a few pounds each month. I am thinking that if I temporarily stop paying them, then they will all go to ccj's and then they will only last 6 years, giving me 2 1/2 years to rebuild my credit rating.

I can't apply for bankruptcy as I am company director and have too much to lose. I know it may appear as if I want my cake and eat it, but I am happy to continue paying my debts I just want to draw a line under it.

Bravehearted_2

Your plan assumes that when you stop paying they'll all want to take out a ccj at once - which is unlikely to happen that fluidly.

Months of missed payments, defaults, sell on to dca, dca calling, writing (all at different times of course) - before you know it's 2/3 years.

You wont even get a remortgage, cos your lender won't touch you as your file will be riddled and you wont have enough time to rebuild jack.

Yeah it does seem have-your-cake-and-eat-it-ish.