Old debts - can they be re-raised?

Movingon5464

I still owe 23k The starting balance was 39k so I have paid 16k over the last 10 years. When i started it the plan was for 30 years but i increased the payments a few years in so now I have 10 more to go. I know it is crazy. I was too scared to go bankrupt as i knew that could lead to problems opening a bank account or getting some jobs. I wish i could turn back time but i can't so just trying to find a way out of this mess now. I see the best way forward as sorting out my credit file - should be clear of defaults next month thanks to 2 recent complaints inspired by this site. Then i plan to see what i can get as f&f settlements on the 23k i owe. Similar situation to Bennyhill and also not sure what is the best way forward at this point. Any advice greatly appreciated.

bennyhill_2

sourcrates wrote: »

Benny, what's stopping you going bankrupt ?

A combination of things really:

• i. the fact that the DCA's/creditors have reported the issues previously and so on the credit front I've been snookered for about the last 10 years.
• ii. good old fashioned stigma attached to the bankruptcy.
• iii. I kind of see bankruptcy as an admission of complete failure.
• iv. It seemed at the time not going bankrupt was an 'easy out' - with the DCA's/creditors accepting such low payments in comparison to the amounts owed.
• v. Ultimately my debts were hidden from everyone except myself - this is no longer the case.
• vi. I have a genuine concern that I may inherit a greater cash amount than the debt total, whilst an undischarged bankrupt - plus possibly a property (and presume this would mean the creditors would be able to claim the 'cash' inheritence/lay claim against the property).
• vii. I stupidly assumed that if I were to die whilst owing these old and unsecured debts that my life insurance would clear the debts (no kids or wife) - I now realise the debts would die with me and so the life insurance would go to family/girlfriend and not the DCA'a/creditors.
• viii. Embarrassment at admiting to failing financially.
• ix. I am now currently fully back under control fiscally, but with the glaring exception of these old debts (and don't really want to embark on another 6 year plus journey of being financially screwed).
• x. I own a few cars (3) none of which are worth much (probably £2k, £5k, and £8k, but are appreciating in value), but 1 of which I have had since the early 90's, and which I had previously spent an absolute fortune on - I'm loathed to give this up, as with most old cars I wouldn't realize what had been spent - and definitely wouldn't if they were 'seized' as part of my assets.
• xi. I thought incorrectly that the court would be able to seize my only real investment - a miserly pension pot of just over £50k (to which I don't have access as I'm only early 40's.

I really appreciate peoples time and responses - thank you, humbly :T