Not sure where or how to start tackling my debts which I have been avoiding for to long, any advice?

DHXDH2

Hi there, firstly I'm a brand new user and not sure I have posted this in the correct place or manner, so if not, I apologise!

So long story short, I got into about 10K of personal debt about 7/8 years go, due to a really bad gambling addiction. At the time I did attempt to sort things out and started a DMP with Stepchange, but I feel behind with payments and stopped it.

My main creditors would have been HSBC and Creation Finance, I'm not proud to admit it, but basically I have been hiding from the various calls, letters and attempts to contact me ever since.

I have moved addresses a couple of times and just been burrowing my head in the sand, so to speak...

Recently I have been working really hard to overcome my addictions and trying to look forward to the future, and part of this needs to include facing my previous debts.

I really want to try and rebuild my credit rating, and maybe someday even hope to get a mortgage but after so long running from the past I'm not sure where or how to even start putting things right!

I run my own business and its a limited company of which I'm a director so I'm also scared that contacting creditors after all this time will have an impact on that???

I have read that some debts become unenforceable after 6 years, and also as I live in Northern Ireland I know different rules / laws apply here to the other parts of the UK.

If anyone can give me any advice I would really appreciate it, so thank you in advance for just reading this, let alone any assistance!

DH

sourcrates

Limitations act in Northern Ireland is the same as England and Wales, 6 years.

Has there been a period of 6 years since you last made payment or acknowledged the debts in writing ?

If so, and assuming no legal action has been taken, the debts will be statute barred.

Defaults only stay on your credit file for six years, after which they are gone forever.

Dobbibill

It might be worth checking your credit files (as you say 7 - 8yrs ago) since you've been hiding from them.

You can check your Experian file free on MSE Credit Club, Equifax free on Clearscore and Call Credit free on Noddle. It's worth checking all 3.

fatbelly

Article on improving credit history here

https://www.moneysavingexpert.com/loans/credit-rating-credit-score

bertiewhite

My biggest help in tackling debt was to create an Excel spreadsheet with a running bank account balance so I could track my outgoings and see not only where all my money was going but what I'd have left in the account at the end of the month.