So confused don't know where to start

memw17

Hi Guys looking for some advice

Young and naive when I was 18 (14 years ago) I mounted up some debt I could easily pay off with the monthly repayments, or so I thought. I took seriously ill and was unable to work for some time. My illness took over 10 years to finally be diagnosed. Now I'm back to full health and a normal life working hard I am finally looking to sort my finances on to be a grown up and hopefully own my own home some day.

While ill with no money coming in I had to borrow of Peter to pay paul etc till everything ran out and the debts just went out of control and no repayments were made.

I have absolutely no idea where my debt is today. Some were sold off and I've got some letters from various debt collectors but no proof they actually own the debt. I've bought my Experian credit report and for some reason I can't see any of my debt.

I was thinking about finding a financial advisor or a debt clearance specialist to sort it all out for me but every time I google to find a company all the results seem very shady.

I'm fairly sure my debt totals are between £15,000 and £20,000 but my Experian only shows just under £1,500 owed.

I'm so confused. Where do i start? Is it true if a debt isn't paid for over 6 years it gets written off? I find this hard to believe?

Any advice will be greatfully received I really want to lift this mess off my shoulder and be debt free so my girlfriend and I can move on with our lives without my mess following us.

Thanks

M

Arleen

The debt isn't written off at 6 years but it's not shown on your credit file. This generally means that it also cannot be enforced anymore, although it will likely exist in the internal account of the companies you owe money to.

You can of course still repay the debt, and if you can afford to - you should (plus you likely can get a massive break on the price, think 10-30% of its value), but if you will not they can't really do anything about it anymore - other than to refuse to have you as client in the future.

And I am not sure what shady results you mean, people like to paint debt collectors in that light, so maybe you were simply reading those opinions? Most debt buyers are legitimate companies.

[Deleted User]

Remember also that you have three credit files to check.

memw17

Hi thanks for your reply. The shady results were meaning for example that if I google "debt clearance advice in Cambridge" it lists so many companies who have made their website look like they are based in Cambridge but they aren't and they mainly advertise DMPs and IVAs which isn't what I want. If you google the same with a different town their websites appear again. I don't feel comfortable with that.

Are there people you can sit down face to face with that will go through my reports for me and help me clear it completely do you know? I fee like something like that will be the best option for me so I get everything done and do it properly.

Arleen

memw17 wrote: »

Hi thanks for your reply. The shady results were meaning for example that if I google "debt clearance advice in Cambridge" it lists so many companies who have made their website look like they are based in Cambridge but they aren't and they mainly advertise DMPs and IVAs which isn't what I want. If you google the same with a different town their websites appear again. I don't feel comfortable with that.

Are there people you can sit down face to face with that will go through my reports for me and help me clear it completely do you know? I fee like something like that will be the best option for me so I get everything done and do it properly.

Sure there are but that will cost you money and you don't need it. Simply order statutory report from all 3 agencies, look for any acive accounts and send them letters infroming that you want to make good on the debts, willing to full and final settlement at 30% of it's value right now, cash in hand. And when they reply kissing your feet, pay it, and be done with it. Remember to add to your offer that this will be in exchange for removing any trace of the debt from your credit file.

They don't have any right to keep trace of it after 10 years of not paying (unless they got a CCJ on you), but if you want to pay, that is the way. If not, simply make a complaint about those entries as being past statute of limitation.

Pixie5740

If you want Debt advice you contact one of the Debt charities, CAP UK, National Debtline or Step Change. You do not ever pay a company for the advice.