Do I still have to pay debts after 6 years?

StopIt

jonjon123 wrote: »

To save time filling the form in, if I told you my disposable income at the end of the month was £25, would that help?

I am over 20k in debt so I know a debt relief order is out of the question.

Been informed my only option is bankruptcy or insolvency.

Is that the only options available? Otherwise these debts will go on for years and years.

And yes I am making token payments to ALL of them

If you're insolvent, you're insolvent.


You'll need to produce an SOA for an OR in bankruptcy, so you may as well start now.


Go here: http://www.stoozing.com/calculator/soa.php


Click Format for MSE at the bottom.


After that, if you need help with the ins and outs of bankruptcy (I wouldn't say an IVA is for you unless if you need to protect assets like a house etc).


Also, I am tempted to put up a bit of a guide to what 6 years means when it comes to debt, because the amount of people who mix up the Statute of Limitations, how defaults are handled on your credit files etc is pretty high.


Simply put, a debt can be live and enforceable without being on your credit files, and it can also be statute barred while on them, depending on a few factors. Because the timescales for statute barring a debt (6 years of no payments or admission of the debt) and a default falling off your files (6 Years from a default, no more or less), people mix up the two concepts all of the time.