Non payment of unsecured debts

CRBEN008

Hi Guys,

I hope everyone is doing well.

Basically I am in a tricky situation,

I have just noticed a cifas register against my name from a car finance provider I applied for in december 2017.

I haven't been able to get this removed and I have given up hope.

What I have read up is that this will stay on my credit file for 6 years from entry.

This means I won't be able to get any other type of credit until this is removed.

Now what I have also read is that debts are written off after 6 years.

I currently have around 95,000 on credit cards and personal loans due.
So do I have to pay these back?
What can happen if I don't pay them back?
Can I go Prison?

I have a flat in brighton that I live,
I pay £450 a month for the mortgage, £180 for the bills and council tax etc...
I get paid roughly £1000 a month from my job. I am left with around £100 a month after travel and food.

At the moment I have savings and I am using that (25k) to pay back the 95,000 a month (split to £1000 a month.

My question is..
If I don't pay back the money what can they do?
I was thinking to give the 25k to my brother in law and close my account.
Also can they make me sell my flat?
I have equity of around 20k in the flat.

I knoe its not a morally good thing to do, but if I can't get any more credit for 6 years, why not not pay back and it will all reset in 6 years?

I will have a clear score and start fresh,

worried_jim

Contact one of the debt charities such as Stepchange or Christians against poverty for some good free help and advice. Please.

https://capuk.org/

https://www.stepchange.org/

BoGoF

Any lender can potentially get a charge against your property which means you cannot sell before paying the associated debt.

[Deleted User]

They may not disappear after 6 years.

Lenders could apply for a CCJ before the 6 years is up, which will start the 6 year clock again and add on court fees and interest and other charges.

Forget having a fresh “score”.

You need to speak to a debt charity for help ASAP.

CRBEN008

Couldn't I just sell the flat?

[Deleted User]

And then what?

Willing2Learn

You basically have a problem managing your money, your credit accounts, and your monthly budget. You need to address these fundamental issues, if your are going to make much forward progress...

fatbelly

CRBEN008 wrote: »

Hi Guys,

I hope everyone is doing well.

Basically I am in a tricky situation,

I have just noticed a cifas register against my name from a car finance provider I applied for in december 2017.

I haven't been able to get this removed and I have given up hope.

What I have read up is that this will stay on my credit file for 6 years from entry.

This means I won't be able to get any other type of credit until this is removed.

Now what I have also read is that debts are written off after 6 years.

I currently have around 95,000 on credit cards and personal loans due.
So do I have to pay these back?
What can happen if I don't pay them back?
Can I go Prison?

I have a flat in brighton that I live,
I pay £450 a month for the mortgage, £180 for the bills and council tax etc...
I get paid roughly £1000 a month from my job. I am left with around £100 a month after travel and food.

At the moment I have savings and I am using that (25k) to pay back the 95,000 a month (split to £1000 a month.

My question is..
If I don't pay back the money what can they do?
I was thinking to give the 25k to my brother in law and close my account.
Also can they make me sell my flat?
I have equity of around 20k in the flat.

I knoe its not a morally good thing to do, but if I can't get any more credit for 6 years, why not not pay back and it will all reset in 6 years?

I will have a clear score and start fresh,

You have 25k savings.

You have 95k debt

How did that happen?

[Deleted User]

CRBEN008 wrote: »

,

I knoe its not a morally good thing to do, but if I can't get any more credit for 6 years, why not not pay back and it will all reset in 6 years?

The CCJs you'll get in the 6th year will still be visible in 2030.

Then another 6 years of rebuilding your credit history will take you to 2036.

Plus the CCJs mean the debts will remain enforceable.

boo_star

fatbelly wrote: »

You have 25k savings.

You have 95k debt

How did that happen?

It didn't.

Nobody would let someone get into that much unsecured debt.

CRBEN008

I thought that CCJ'S last 6 years and the debt is written off?


so if there are CCJ'S registered in 2019 cleared in 2025? and then I can start to rebuild my credit?

If I sell the flat, take the money after the mortgage is settled at least they cannot take the equity?