Want to clear my name.

Zachybomb

Seven years ago I set up a retail business with my Brother. All accounts, loans and HP were in my name. To cut a long story short, the business folded in spring 2009. This left me with approximately £60K of debt against my name, which was left to me to pay.

After burying my head in the sand for too long and defaulting on several cards, loans and vehicles (11 defaults in all). I met my now wife who gave me the springboard to get myself straight.

Over the years I have been dealing with different debt collectors in trying to agree payments and settlements for the debts. Although I am now down to just 22K of debt, I have paid most of the debts off by way of a reduced amount settlement.

My aim is...by the end of 2012 I WILL be debt free.

The thing is, I will not be satisfied there. My next goal is to clear my name and credit file if possible. I know this is a tall order but Im not prepared to wait 6 years as I want a mortgage. Before I got in to debt I had a completely clear credit history for 22 years...not a missed payment at all.

Before any 'holier than thou' people want to scald me, I know what I have done is wrong and there are consequences. I am not the first person to suffer at the hands of the recession, and wont be the last. At least I didn't go bankrupt!

For anyone who thinks they cant do it.....you can, but its a long road, and you have to play games with the debt collectors...but dont be scared of them. Always pay your mortgage and council tax first!

Finally I am open to anyone with any ideas how I can move forward. Clear my name, get a mortgage and the home I want.

Thanks for reading.

Ps...Behind every great man, there is an amazing woman!:A

downsizer3

Well done for paying off as much as you have - that's a lot since 2009.
If you were to give us a bit more detail we may be able to offer some advice which may speed the process up eventually.
There are lots of people on here with good advice on improving your credit rating too - when the time comes.
Good luck in your ongoing journey - and keep us posted on your progress. Could you fill out a SOA so we can see the full picture?

Zachybomb

Thanks. Its been hard and Ive made many sacrifices. But one day I want to be free of debt with a clear conscious.

Sorry Im new to this site, what is an SOA?

Oh and whilst were on the subject of abbreviations....what does 'on course to be MF 2016' mean?!! Is it Mortgage Free?? If so that is a dream for me,,,,but nothing is insurmountable! Well done yourself.

Heffi1

Hi Zach,

Have a look in the link below it will explain all about SOA(statement of affairs) MFW is another board where people go to talk about being mortgage free, it is really an eye opener how some are able to pay so much off in what seems like such a short time.

https://forums.moneysavingexpert.com/discussion/562271

Welcome to the boards, everyone is friendly and happy to answer questions. Good luck in getting the last of your debt taken care of.

downsizer3

As per the previous post - SOA is a statement of account - it lists all your income and outgoings / interest rates on debts etc and makes you look at exactly what you're spending and where. Its interesting stuff but you've probably been doing something similar already - it just helps us to give advice really. Follow the link in the previous post.
MFW - yes its mortgage free wannabe - in my opinion completly debt free means no mortgage either - but one thing at a time eh?

poppasmurf_bewdley

Zachybomb wrote: »

Seven years ago I set up a retail business with my Brother. All accounts, loans and HP were in my name. To cut a long story short, the business folded in spring 2009. This left me with approximately £60K of debt against my name, which was left to me to pay.

After burying my head in the sand for too long and defaulting on several cards, loans and vehicles (11 defaults in all). I met my now wife who gave me the springboard to get myself straight.

Over the years I have been dealing with different debt collectors in trying to agree payments and settlements for the debts. Although I am now down to just 22K of debt, I have paid most of the debts off by way of a reduced amount settlement.

My aim is...by the end of 2012 I WILL be debt free.

The thing is, I will not be satisfied there. My next goal is to clear my name and credit file if possible. I know this is a tall order but Im not prepared to wait 6 years as I want a mortgage. Before I got in to debt I had a completely clear credit history for 22 years...not a missed payment at all.

Before any 'holier than thou' people want to scald me, I know what I have done is wrong and there are consequences. I am not the first person to suffer at the hands of the recession, and wont be the last. At least I didn't go bankrupt!

For anyone who thinks they cant do it.....you can, but its a long road, and you have to play games with the debt collectors...but dont be scared of them. Always pay your mortgage and council tax first!

Finally I am open to anyone with any ideas how I can move forward. Clear my name, get a mortgage and the home I want.

Thanks for reading.

Ps...Behind every great man, there is an amazing woman!:A

You have done well so far, but unfortunately you cannot defy the rules and regulations that go with debt.

All debts, defaults, CCJ's etc stay on your credit record for six years and no amount of shouting and pleading will alter the fact.

You will have to deal with this fact, and reconcile yourself to having to wait until they have disappeared before you can do everything you want.