Bankruptcy

Hi2021

February 2017 started as missed payments until August 2017 when they were marked as default and every month after.
I will check Equifax thank you.

Hi2021

I've checked equifax and it's on there too

fatbelly

Ok, so no payments after Aug 2017, and that's when it was defaulted. So not statute barred till 2023.

This was joint, but the other party has been through an IVA so they're chasing you.

I'm pretty sure this is a together loan and they gave them out up to the credit crunch in 2008. There was a lot of fuss at the time, with talk of unenforceability. A lot were for more than £25,000 and people were misled that these were regulated loans when they were not. But I think ultimately the courts did not side with the consumer.

Where to go from here?

You could ignore them. If it's only standard letters you are getting, then if it gets to Aug 2023 then they're out of time to take court action providing you do not acknowledge the debt by payment or in writing. 

You could offer a monthly payment but if you don't have a few hundred per month then this is going to drag.

You could offer a lump sum in full & final settlement, if you had one.

You could possibly do a Debt Relief Order if this is your only debt and your surplus income is less than £50 per month and you do not own assets worth more than £1000. There's a £90 fee. If you do qualify, then you could hold this in reserve in case they start a court claim

Bankruptcy at this stage on this debt seems a bit of a sledgehammer to crack a nut. 

I wonder if it's worth sending a prove-it letter and see what comes back. I presume they've not shown you how they calculated the 19k

Hi2021

Ok. So if I inform nram that I would be going bankrupt but at £5 a week to pay for the bankruptcy at £680 it would take over two year which would take me to 2023 then they wouldn't chase me for it?

Hi2021

No they haven't shown me any breakdowns at all. 

fatbelly

I wouldn't just write to say you're going bankrupt.

I think your choices are

1. Continue to ignore them

2. Send a prove-it letter (it's in the stickies)

https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter

The only thing that matters from them is a formal pre-action letter with a standard response form. Until then it's just a lot of dancing around standard letters.

https://debtcamel.co.uk/letter-before-claim-ccj/

I did have a thought - was that August 2017 default date reasonable? You said there were no payments after that date. When did they actually stop? The default should have been issued 3-6 months afterwards, not several years.

JCS1

Need to know exactly what the debt is for, as I thought mortgage shortfalls could be chased for 12 years rather than 6.

fatbelly

It's an unsecured loan - is the latest thinking

Hi2021

Sorry it's vague, but I haven't had any dealings with the house since I split up with my ex. I didn't know he had missed payments until nram got in touch with me. Apparently he stopped making payments from Feb 17. Then from aug 2017 is was marked as default. So from Feb to aug it's marked as missed payments. I asked him if the money owed was capital or interest and he just said the unsecured loan??

fatbelly

The default date is about right - 6 missed payments.

I can believe it's the unsecured loan. Sounds like the mortgage was cleared when the house was sold and the 'together' loan became delinked

http://www.n-ram.co.uk/loans/together-loans/delinked-loans