Buried my head in the sand

Smurray1987

Many years ago I was very stupid and got myself in to roughly £20k worth of debt. I had signed up for an IVA and paid it for a few month then stopped and buried my head in the sand. I really wish I had of continued to pay it although it was roughly £400 a month. I live with my parent and don't have any assets. I've since been carrying on as if nothing ever happened. It is now getting to the stage where I'm thinking more and more about it and how I can sort it out. I really need to get my own place but due to my stupidity I wouldn't even get a mobile contract.

What do you suggest I do?

Thanks in advance.

Willing2Learn

Hello Smurray1987 and welcome to the forum

Have you checked with the three Credit Reference Agencies (CRAs) as to what debts are held on file for you and their current status?
You can see your credit reports for free at the following websites:
Experian - MSE Credit Club
Equifax - Clearscore
TransUnion - Noddle

Depending on how many years have passed, it may be that the debts have become statute barred (meaning they can longer be enforced).

What do you want to do? How do you want to move forward?

Smurray1987

I've ran my details through Clearscore and my debt is in the closed column on there. Does this mean that it is statute barred?
I'm wanting to get things sorted so I can start building my credit. Thank you for the quick reply.

Willing2Learn

[STRIKE]I *think* it is also possible that a Debt Relief Restriction Order (DRRO) may have been made against you, if you broke the rules of the DRO. But I don't know enough about these things. Other MSE members will be along soon to give more information and advice. [/STRIKE]

Willing2Learn

Ignore my previous post. I had it in my head you had a DRO when in fact it is an IVA. Sorry if I got your heart pounding

Smurray1987

Haha no worries. I've registered to Experian and my rating is 668. What would be the best way to get this improved or do I need to wait a specific amount of time to be able to improve this.

Willing2Learn

Ignore the credit scores that you get from Experian, Equifax and TransUnion. They are all meaningless. A potential lender does not use them. A lender looks at the data in your credit report, adds it to any fresh data you supply during an application and then scores you against their own independent criteria and policies.


What does it say in your three credit reports about dates of default for your debts?

Willing2Learn

Here is something for you to read from the Citizens Advice Bureau.

Failure of an individual voluntary arrangement

National_Debtline

Hi Smurray


How many years are we talking about since you last paid your debts? And do you know when your IVA officially failed?


For most debts to be statute barred there must have been 6 years (since court action could have been taken) where you have not acknowledged the debt in writing, no payments have been made towards the debt and where no court action has been started.


If the debts are not statute barred your starting point is to complete a statement of affairs (SOA) so we can understand your financial situation better. You may find it more helpful to post it back on the Debt Free Wannabe board where you'll get more advice on your options. You can complete a SOA here http://www.stoozing.com/calculator/soa.php


Good luck with it all


Susie
@natdebtline