Complicated Situation

Tryingtohelp

This is complicated so Ill just list the facts and hopefully somebody will be able to help me. Ive recently begun looking after my boyfriends finances and this is what I discovered.

Home repossessed by Northern Rock, £57k shortfall, shows on credit file as settled even though he hasnt paid it, he has never acknowledged the debt, basically he just left the house one day and that was that. Does this mean that the debt has been written off, possibly due to the fact that they cannot trace him? The default date is showing at March 2010 which from my understanding means it will drop off his credit file in March 2016. I know there is something about the debt being written off anyway under the statute of limitations due to it being 6 years old but then on the other hand I read somewhere that they can chase for a debt for up to 12 years if it was secured on a property?

Second debt is the unsecured loan that Northern Rock also lent him to use as the deposit, think there might be a slight case of mis-selling there as he didnt have a clue what he was doing but thats by the by now. Once he stopped paying it, it looks like they got a charging order and secured it to the property, once the house was repossessed this is also showing as settled.

My main worry is that the total default is showing as just over £90k, I know the house was sold for around £33k which leaves the £57k shortfall? Because these are showing as settled do we just leave it now and wait for them to come off his credit file therefore fresh start?

We considered bankrupcy for him but I dont know if its pointless because that will show again for 6 years starting from the bankrupcy date and will cost £750.00 to go bankrupt.

He also has around £4k of unsecured debt from around the same time, took credit card, loan and overdraft to furnish the house, once he left the house stopped paying these also? Most of these have a default date. Am I write in assuming that once 6 years has passed these disappear even if he hasnt paid them.

He's moved house quite a lot due to circumstances and works away alot which is why I dont think theyve been able to find him. His situation has changed dramatically being that he has now become primary carer for his child which means hell be getting Tax Credits and Child Benefit and will need to be on the electoral roll. Trying to prevent the bailiffs turning up to be honest.

One one hand I think bankrupcy if including the mortgage shortfall or DRO if not then its all done and dusted but eventually I want to buy a house so I dont want that on his file, if we can wait and they will drop off anyway.

To make matters even more complicated his sister took out some catalogues in his name a couple of years ago and these havent been paid. His DOB does show as incorrect on the credit report does this mean I can get them wiped off?

Thanks in advance

RAS

Hi

It is lovely that you want to help him but..................

He needs to do it, not you.

Please note that mortgage providers are much more leery about people with previous repossessions than bankruptcy.

Also note that secured debt can be chased for 12 years not 6 years.