Help Needed - A overwhelmed mid-20's female

eardleyl1

Hello, I am new to here - thank you for taking the time out of your day to read.

My story could be long, but to keep it short, I am in 30k worth of debt. I was in a relationship at 18 with a man much older than me, who told me to take out everything I could. Young and naive, I lived the high life for a while until I realised I couldn't pay it back.

Though I've been lucky enough to skate by without any CCJ's (so far) - I am still not making regular payments to these debts. Most of them defaulted in the back end of 2015 - am i right in thinking that in 2022 (6 years) these will be written off/I'll get a 'fresh start'?

Obviously I am young, I am hoping to get a mortgage one day and my current partner doesn't have a clue about the situation I am in. I know it's awful and I am thoroughly ashamed.

Any help would be hugely appreciated. Thank you x

sourcrates

Hi,


The accounts would only become statute barred if you hadn`t made payment or acknowledged the debts in writing, for any period of six years, that may not be the policy to adopt here, it depends what your end goal is, do you want a workable solution to clear the debt or are you just looking to stay hidden until the limitations act kicks in ?


Its not clear from your post what advice you want.

Sea_Shell

Is your current partner someone you're serious about having a future with?

If so, you need to come clean with them ASAP. If they really are serious about you too, then they won't judge and will want to help you (maybe not financially though) sort this out.

They might be shocked or hurt at first, that you've kept this secret, but hopefully that will pass.

If they don't know, they might carry on suggesting holidays, meals out etc. that you can't afford and you'll just get in deeper.

db2016

just to say i read it as...



will the defaults, clear, as in will the bad mark be gone from the credit file?


just my thought on how i read it.

fatbelly

db2016 wrote: »

just to say i read it as...



will the defaults, clear, as in will the bad mark be gone from the credit file?


just my thought on how i read it.

And of course the answer to that is yes.

If the OP does not make a payment or acknowledge the debt in writing, and the creditor does not start a court claim, then the debts will also become statute barred and unenforceable at that point.

Could easily go wrong though. And a ccj would create a fresh mark on the credit file

Karonher

You say you are not making "regular payments." When did you last make a payment?

eardleyl1

Hi

I have made odd payments here and there mostly to collections agencies

The advice I wanted was will the debt disappear from my credit report when the 6 years is up?

fatbelly

eardleyl1 wrote: »

Hi

I have made odd payments here and there mostly to collections agencies

The advice I wanted was will the debt disappear from my credit report when the 6 years is up?

Yes it will disappear six years after default or settlement, whichever is sooner.

But a ccj will create a fresh mark

Karonher

eardleyl1 wrote: »

Hi

I have made odd payments here and there mostly to collections agencies

The advice I wanted was will the debt disappear from my credit report when the 6 years is up?

You have the best part of 3 years to hope that nothing happens and you avoid a CCJ.

What will you do if your new partner suggests a mortgage while the defaults are still showing? How will they react to having their plans spoiled by something they knew nothing about?

fatbelly

Karonher wrote: »

You have the best part of 3 years to hope that nothing happens and you avoid a CCJ.

Probably longer. The clock would have started ticking when the default notice expired but each odd payment would have restarted the clock.

Onemanandtwolittleladies

I would say that starting off a new relationship with such a big secret will doom it to failure.

I’d be furious if I had been in a relationship with someone for some time then found out they’re unable to get a mainstream mortgage etc and they’d kept it secret.

I read your post as you’re hoping to ride it out until the debts are gone from your file. A bad idea as the companies are very likely to seek CCJs and this will be years. You may even have bailiffs calling round. You’ll very quickly hit your early-mid thirties and be wanting a house/family.