Bankruptcy

tigerfeet2006

Good boy!!! Pleased to hear it lol

tigerfeet2006

webbe wrote: »

anybody know what would happen if i went down the IVA route, insofar as 95% of my debt is with one lender ???

CHRZ

As far as I am aware if the majority of the creditors agree to an IVA then away you go. How many creditors do you have all together?

Have you checked out this article by Martin
http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

rog2

webbe wrote: »

anybody know what would happen if i went down the IVA route, insofar as 95% of my debt is with one lender ???

CHRZ

To be honest, webbe, I doubt whether you'd get an IVA as you are not currently working, unless you've got the sort of cash to offer a 'full and final' IVA. I know that it was not an option for me.
The main creditor could, also, prove to be a problem.

webbe

hi everyone, i went see the IP today and she said that BR is the only option. However, as i took a loan out when i was living at my girlfriends mums address she said that it will blacklist the house, my name will be mud in the family and my girlfriend may leave, my god i am in trouble!!!

betterlatethannever

Houses no longer get blacklisted, only people. She gave you some dud info there.
When the ad goes in the paper though it will included all your previous addresses for the last 5 years and if you have lived at your GF mums, her address will show up. She might not like that, but it won't affect her in any way.

fermi

webbe wrote: »

However, as i took a loan out when i was living at my girlfriends mums address she said that it will blacklist the house, my name will be mud in the family and my girlfriend may leave, my god i am in trouble!!!

That is twaddle.:mad:

Your Credit Reference File is individual to you, NOT the address. I can't believe an IP would come out with such rubbish.

webbe

can anyone enlighten me, a friend of mine simply stopped paying debt 7 years ago (over £70k) and after a a year or so the letters stopped and 7 years later still he hears nothing, as your credit file is clean after 6 years is he in the clear????? it doesnt seem fair if you can simply ignore your debts and start again!!

fiveyearplan

I can't imagine the letters would stop coming but if that's the case and he has not made any payment or acknowledgment in the last 6 years, yes the debt is now statute barred.

webbe

yes, no letters anymore and he is just bragging about it, makes me sick given the predicament i am in!!!

rog2

webbe wrote: »

can anyone enlighten me, a friend of mine simply stopped paying debt 7 years ago (over £70k) and after a a year or so the letters stopped and 7 years later still he hears nothing, as your credit file is clean after 6 years is he in the clear????? it doesnt seem fair if you can simply ignore your debts and start again!!

It depends exactly what the debt was. If it was normal consumer debt, then after a 'Limitation Period' of Six years (Five in Scotland) during which he had niether made any payments towards that debt, nor acknowledged it, in writing, then the debt would become statute barred. That doesn't mean that the debt would 'cease to exist' merely that, once he had told his creditors, or a debt collector who was attempting to pursue the debt, that he was no longer going to pay the debt, as it was now 'statute barred' then the creditor/dca could no longer pursue him, for payment, through the courts and should stop further attempts to pursue for payment.
There are some exceptions, in particular with regard to property related debt, where the legal 'limitation period' is actually 12 years, although the Council of Mortgage Lenders have, voluntarily, agreed to respect a six year limitation period.
Whilst it is not something to 'brag about' it is a sensible law and has helped many 'alleged debtors' who have been pursued by some of the less scrupulous of debt collectors.
It is not a law to condone 'debt avoidance'.