Nervous and need help on where to start with £25k debt

[Deleted User]

elsien said:

I think you will find renting more difficult with any sort of debt solution because the credit checks will show your defaults which will make landlords concerned about your ability to pay. As will being on universal credit.
It’s not impossible but you may need to look at how you can allay those concerns, such as if there is anyone willing to act as guarantor for example. 

Landlords and letting agents can’t see defaults. All they have access to is your public credit file and that only shows CCJ and insolvency.  If the op does want to rent in the near future and is considering bankruptcy she would be better moving into a rental first and then applying for bankruptcy. 

fatbelly

Laura721 said:

fatbelly said:

The record stays on your credit file for six years, as it does with DRO and IVA.
With a debt management plan, the defaults stay for six years.
I don't think there's a lot of difference in practice

Thank you! 

So the defaults will be 3 years old now but I’ve not been able to pay any of this off since then. Is bankruptcy the way forward for me? I don’t want to make a mistake and choose something that ruins my future. I’d like to re build my future at some point. Obviously the word bankruptcy just naturally scares me. 

Bankruptcy is nothing to be scared of (why does that sound like an Adam Ant song?)

It's hard to give proper advice without the full picture and that is difficult on a forum like this.

You could perhaps chat with a free  impartial service that does not have a product to sell. Try
https://www.nationaldebtline.org/

But someone with no assets, in rented accommodation, with over 20k debt and minimal surplus income would normally need a good reason not to go for bankruptcy. It's an online process these days.

Having said that, if you have not been paying anyone anything for three years, then you are half way to the debts being statute barred. Is anyone actively pursuing you for payment? Or do they know you moved abroad and don't know you have returned?