We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Ignored debts, ready to pay
Options

AB85
Posts: 5 Forumite
Morning everyone. New poster looking for some advice.
During my mid/late 20's I ran up various debts with 3 bank credit cards, student overdrafts on 2 High Street banks and a few pay day lenders.
As they became unmanageable. I did start to repay some of the debts through informal agreements after the debts no longer accrued interest and after most had been passed to collection companies but about 5 years ago, I stopped paying after paying minimal amounts on most sporadically.
I have subsequently moved house a few times and the debts have been passed back and forward by various collection agencies etc. I still have had various correspondence via letter from some asking me to make agreements etc but have never responded . They don't seem to be able to recover anything from me unless I do it voluntarily. All assets aren't in my name etc.
I have lost communication with most of the companies who initially were chasing me. So have totally lost track of who and what I have to pay. Best estimate is I owe 20k to 30k overall.
I am now fortunately in a position were I think I can repay this, having now secured a regular income and saved some money over the last few years.
Should I pay now and try to get back to debt free and if so how do I find out who and what I owe or should I continue to ignore and just not look to take credit out again?
Thanks in advance.
During my mid/late 20's I ran up various debts with 3 bank credit cards, student overdrafts on 2 High Street banks and a few pay day lenders.
As they became unmanageable. I did start to repay some of the debts through informal agreements after the debts no longer accrued interest and after most had been passed to collection companies but about 5 years ago, I stopped paying after paying minimal amounts on most sporadically.
I have subsequently moved house a few times and the debts have been passed back and forward by various collection agencies etc. I still have had various correspondence via letter from some asking me to make agreements etc but have never responded . They don't seem to be able to recover anything from me unless I do it voluntarily. All assets aren't in my name etc.
I have lost communication with most of the companies who initially were chasing me. So have totally lost track of who and what I have to pay. Best estimate is I owe 20k to 30k overall.
I am now fortunately in a position were I think I can repay this, having now secured a regular income and saved some money over the last few years.
Should I pay now and try to get back to debt free and if so how do I find out who and what I owe or should I continue to ignore and just not look to take credit out again?
Thanks in advance.
0
Comments
-
The best way to find out is to get a copy of your credit report and look at the defaults on there, it should show who and how much.LBM Debt Total : £48,326.50
Pay All Your Debt Off By Xmas 2023 - #50 £1,495.29 / £12,000.00
Saving For Christmas 2023 - £1 a day challenge - #6 £100/£1095.001
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards