Debt free

tim_london

Yes you are correct.

I was in the same situation, racked up £30k debt from student overdrafts back in the days when it was way too easy to get them.  Had no way to pay it back and by the time I could it was pass the 6 year mark.  All the lenders that blacklisted me are happy to have me back.  My credit score is 999.  Now getting a house.

Getting hounded by creditors is a mental pain.  Thinking back I wish I was made me bankrupted, rather being made 'just defaulted' so I could be hounded non stop for 6 years, making me feel like I'm a worm of society that cheated money out of the system.  Tip: don't get dragged down by it.

These company bought the debt for £1, the banks don't care anymore.  These are professional folks to squeeze anything out of you before the 6 years is up.  You should be getting calls to clear your whole debt for £1k, £500, £200 then please anything as you near that date.

My tip is that not having the defaults is not the same as improving credit score.  It's hard to imagine right now because your credit file is 'polluted'.  But making sure you never touch your overdraft, get a credit card and always pay back in full.  Getting good credit score for mortgage is a game of baiting the bank, make it look like you could be borrowing money but then don't. 

Bossofmoney

tim_london said:

Yes you are correct.

I was in the same situation, racked up £30k debt from student overdrafts back in the days when it was way too easy to get them.  Had no way to pay it back and by the time I could it was pass the 6 year mark.  All the lenders that blacklisted me are happy to have me back.  My credit score is 999.  Now getting a house.

Getting hounded by creditors is a mental pain.  Thinking back I wish I was made me bankrupted, rather being made 'just defaulted' so I could be hounded non stop for 6 years, making me feel like I'm a worm of society that cheated money out of the system.  Tip: don't get dragged down by it.

These company bought the debt for £1, the banks don't care anymore.  These are professional folks to squeeze anything out of you before the 6 years is up.  You should be getting calls to clear your whole debt for £1k, £500, £200 then please anything as you near that date.

My tip is that not having the defaults is not the same as improving credit score.  It's hard to imagine right now because your credit file is 'polluted'.  But making sure you never touch your overdraft, get a credit card and always pay back in full.  Getting good credit score for mortgage is a game of baiting the bank, make it look like you could be borrowing money but then don't. 

Thanks very much for your reply. 

Bankruptcy wouldn't be a great idea because of my line of work. I don't get hounded at all, they seem to have stopped. I can't see them escalating any of these to CCJs but you never know, I will deal with that should it come to it. Majority are high street banks, iv been told these are the companies less likely to push for a CCJ.
My partners savings could pay off what I owe but this is my problem, not theirs and our finances are completely separate at the moment. 

I don't have an overdraft, wouldn't manage to get a credit card either. I do owe money on 2 credit cards but again these haven't been touched in years. 

Going by my MSE report, 
£15,284 becomes statute barred in January 2022
£28,039 then is May 2023

So really on paper I could be debt free May 2023 should none of them push for a CCJ before then, with it all dropping off my credit report a year later, May 2024. 45 months time. Alot can happen in this time, should my business recover from this pandemic then I will certainly look at ways to clear these quicker, even F&F is surely better than just leaving them to "expire" by going the 5 years with no payment or contact. 



Sounds like you've learned a very valuable lesson from this so hopefully I am the same. 

Family member loan is still to be paid off, that is taking priority in the meantime. That's one person I will make sure is paid. 

Thanks for all the messages, advice and support. 

Brow_2

Hi.. I have a few credit card debts that have now been sold onto debt collection agencies. I live in n ireland and was wondering how old does the debt have to be before it becomes unenforceable by law and what date would that be from. Also in n Ireland does anyone know what action can be taken to recover the debts.. Thanks 

Bossofmoney

Brow_2 said:

Hi.. I have a few credit card debts that have now been sold onto debt collection agencies. I live in n ireland and was wondering how old does the debt have to be before it becomes unenforceable by law and what date would that be from. Also in n Ireland does anyone know what action can be taken to recover the debts.. Thanks 

I can't advise on this, sorry. All I know is from the recent communications with some very helpful board members on here and doing my own research via google. Have a search and see what you can find, hope you manage to get sorted. Good luck.