Outstanding debt. What happens now?

cooldad_2

I have been in debt since 2004 to the tune of £30k to 6 credit card companies and banks and I have been paying them off monthly through a DMP. My balance is now £20k. I understand that after 6 years they come off my credit reference, which is what has happened except for Sainsbury's Bank because a default was registered with the CRAs in 2008.

Although I am still paying off these people regularly, what would happen if I now stopped paying them? Can they still take me to court for the balance I still owe for over 8 years?(Except for Sainsbury's, because they are still registered on the CRA's.)

mjm3346

yes they can (they have six years to do from when you stop paying/acknowledging the debt)

cooldad_2

As I am 64 now, I would really like to get these off my back before I reach my pension age next year. Any ideas on the best way of doing this?

CLAPTON

cooldad wrote: »

As I am 64 now, I would really like to get these off my back before I reach my pension age next year. Any ideas on the best way of doing this?

one needs to see your complete financial profile before anyone could offer advice in particular whether you have any assets (property) as bankruptcy may be an option

I would suggest you post your full details on the debt free wanannabe board or even the bankruptcy board if you have no property

opinions4u

Are you intending to use more credit in retirement?

Do you own your home?

Naf

Go to the DFW board, as above.
You could start trying to negotiate lump-sum deals with them. I've heard of people paying as little as 20% to have the debt satisfied. Unless, of course, you can afford 20k in one year?

staffie1

cooldad wrote: »

As I am 64 now, I would really like to get these off my back before I reach my pension age next year. Any ideas on the best way of doing this?

Repay what you owe then.