Non payment of unsecured debts

boo_star

CRBEN008 wrote: »

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?

CCJ's are not written off after 6 years.

fatbelly

I started to formulate a plan to get the OP debt free last night but realised that could be wasted effort if I'm working on wrong figures or there are other issues.

CRBEN - could you comment on how (why?) you have borrowed £95000 in loans and credit cards while retaining £25000 savings. I mean there are some scenarios I could invent but the back story here could be relevant.

boo_star

fatbelly wrote: »

I started to formulate a plan to get the OP debt free last night but realised that could be wasted effort if I'm working on wrong figures or there are other issues.

CRBEN - could you comment on how (why?) you have borrowed £95000 in loans and credit cards while retaining £25000 savings. I mean there are some scenarios I could invent but the back story here could be relevant.

Don't waste your time. The entire thing is a work of fiction.

fatbelly

boo_star wrote: »

Don't waste your time. The entire thing is a work of fiction.

Good fiction should have a believable storyline.

MEM62

fatbelly wrote: »

You have 25k savings.

You have 95k debt

How did that happen?

Also, £25K of savings built up with a£100 disposable income. A flat in Brighton (an extremely expensive area) with £20 equity and a £450 per month mortgage. Very little about the OP's post is credible in my view.

CRBEN008

Hi guys,

Thanks for your responses.

To clarify a few things and to confirm this isn’t fiction I will give you guys the back story.

I purchased my flat march 2016
Bank balance - 40,000
- £15k deposit
£25,000 remaining.
My debit at that time was £35,000 on 0% cards,
Now once I purchased the flat I had a good job, earning £35,000 a year and all was well.
I had a car on finance which was £313.98 a month however I had a major accident (my fault)
And the car was written off.. as it was a third party insurance, my car wasn’t repaired from the insurance company.
I cleared the finance by taking a loan (4.9%apr) £18,500.
So total debt was £48,500.
Now I don’t have a car, the job I was in (sales, property) required me to have a car for traveling.
I therefore decided to apply for a credit card
Now I applied for MBNA and I recieved a £9,000 limit. 0% 24 months.
Again I know credit scores are meaningless but it was 968.
So I purchased a car for 9,000.

Ok I’m back in my job and everything is OK., but then my long term partner leaves me because she is seeing another man

Great.
January 2017.. I was a wreck, I have never drank in my life and I started to socialise with people to forget the past, how much could I spend on drink?
I didn’t spend much. But my mind wasn’t there.
So I started gambling.

I never touch my savings as it’s the way I think.
I went inside the casino with my monthly wage + commission (4K) and came out with 8K

This is where the downfall happened.
I lost money, won, lost, won.

It came to a point where I went online and applied for multiple cards and loans one night and I waited till the cards came and loans.

I then went to the casino and lost everything over the course of 15 days.

My life was a wreck.

I am now in severe debt.

Almost £100,000

I unsoclailse with everyone that I got involved with, I start working harder and try to forget this dark moment of my life.

Then my boss advises me that the company I work for is going into liquidation.

Brilliant.

I get a small redundancy package.
And I apply for jobs. That’s where I am now.

Earning £900 a month part time. 3 days.
Using my savings (25k) to pay the loans back/cards.

Now I see a marker. I think to myself.
Do I need to pay back?

Sell the flat, get 20k,
25k saved.
45k I have give it to my family to buy a property on there name and don’t pay back.

What can happen.
That’s the story.

[Deleted User]

As advised, what will happen is that the lenders will apply for CCJs. They won't just shrug their shoulders and forget about the debt.

The debts will then never become unenforceable. They may apply for attachment of earnings. Anything not cleared in your lifetime will ultimately be settled by your estate.

Go to the DFW boards and explore your options. It may be that an IVA or bankruptcy is an option, but ignoring the debts certainly isn't.

CRBEN008

Now that’s the hard truth,
I can’t control what happens in life I didn’t expect her to leave. I hated gambling and never drank before.

So what do I do?

1.after 6 years I start fresh?
2. Monthly plan?
3. Some cards are still 0% as they have been extended. Still pay till end of 0% on minimum?
4. If I keep up the payments, for 6 years, when the CIFAS is removed, does this look better, long term cards? All paid? Loans paid?

I don’t want to apply for any More credit now, but I’m wondering what will happen, if I keep the cards paid every month for 6 years will that look better for me in 6 years?

Sorry for the long post.
This is the truth and honestly I don’t no what to do.

CRBEN008

I wanted to do this
Keep the flat,
And pay a monthly £100 to everyone
Is that possible ?
I don’t really want to loose the flat.

CRBEN008

Also does that mean when I come to sell the flat they will take the money owed from the equity?