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Accumulating debt whilst going through diagnosis.
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Thank you for the responses so far.
I have considered insolvency, but I don't just want to sit and rot away. My goal is to rebuild my life from this new perspective, and from what I understand, that would deal a hammer blow to any hopes of getting a mortgage, though I seem to be getting conflicting messages where later-aged mortgages are concerned, and I am coming up to fifty.
If some further details would help, then I am happy to provide them. Again, I am new to all this. I find social media tedious, so I haven't had an education in digital media, and I believe I am the only person on the earth who isn't involved in a podcast. Ironically, if I had embraced it all those years back, my life would now be far easier today.
Where the age of the debts is concerned, the majority are between four and six years old, but there seems to be a delay in registering them as defaulted, for example, the last payment was in 2019, yet it wasn't defaulted until 2021. I was aware of the six-year rule, but I am unfamiliar with the nine-year rule. What is this?
My goal was never to stay out of work this long, so I didn't make payments initially, and then it became about fighting the fires immediately in front of me, and then, I'll be completely honest, downright defiance. I've been diligent with my finances over the last three years, not missing a solitary payment, admittedly dealing with the very bottom of the credit facilities available. Bizarrely, I think I would be happier, regardless of whether I can change it or not, if I just had clarity.
It wasn't my intention to be curt with anybody; I am humbled that people have taken the time. However, my more pressing need for credit facilities is that I can't get any form of meaningful medical insurance, and the coverage which I have been offered starts with a long list of prior conditions that I wouldn't be considered for, this to me adds a significant element of ambiguity, a minefield which I do not want to get involved in when I may need the help the most, there are some hereditary conditions in my family history, none related to my current diagnosis and I would like to protect myself in the future.
Apologise for the biblical-length response.
Many thanks!0 -
Can you please put up a Statement of Affairs which includes a list of all your debts. https://www.stoozing.com/soa.php
I've been diligent with my finances over the last three years, not missing a solitary payment
So you have been making payments to every debt? Then it's unlikely many of them will be statute-barred, possibly none.
I am unfamiliar with the nine-year rule. What is this?
There is no 9 year rule. @fatbelly mentioned 9 years as you said your debt problems started in 2016, which is 9 years ago.
You have said you are 100k in debt, aged nearly 50 and your income is from benefits. You have no chance of being able to get a mortgage, even when all the debts are defaulted and off your credit record as a mortgage lender will still see you are making payments to them from your bank statements.
And it sounds highly unlikely that you can afford medical insurance either.
I don't just want to sit and rot away.
Insolvency gives you a clean start, it does not mean you cant do anything for the rest of your life. Unless you can get the large majority of your debts written off on health grounds, it is likely to be your only practical way forward.
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Whatever your personal circumstances or the reasons for the debt, then with that amount of debt and living on benefits then the chances of any reputable company being willing to lend to you are practically non-existent. I am sorry if that sounds blunt but that is the reality. There is a huge difference between you considering that you need it and someone being willing to give it to you.
Putting the debt to one side for the moment, it would be helpful if you were able to say what your current difficulties with managing your money are as there may be suggestions that people can make that might help. No-one here will judge, that is not what this place is about. There might be some answers you are not ready to hear, but no-one is going to be making judgements about past life circumstances and decisions. Many people here have been in large amounts of debt for various reasons - the aim is to help you to find the way forwards that works for you. Within the limits of the income that you have.
With regards to medical insurance, are there conditions that you are concerned that the NHS may not cover?All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
Good evening, everyone,I may need a reality check—preferably a blunt one. I'm completely open to that if it helps me better understand my situation. My primary goal is to find direction and purpose.Regarding my condition, I am a high-functioning autistic individual with severe ADHD, and I am currently taking large doses of medication.
Additionally, I struggle with six other psychological issues. I was able to work in hospitality because it provided a perfect environment: I lived on-site and had no financial responsibilities.
Insolvency might be the best solution, especially if I have no long-term chance of obtaining a mortgage. There seem to be two narratives: one beliefs held by the general population and the other discussed in more specific forums. For example, the conversation around credit scores varies widely.Regarding medical insurance, my perspective is similar. If it's an option that is simply not available, then so be it. The issue is not that the NHS doesn’t address my needs, but after spending a total of eleven years on their waiting lists, I've hoped to stop being a burden on society. Again, this might be an unrealistic expectation.
My payments for household bills have been consistent; however, I was unable to maintain regular payments to my creditors, and subsequently, my debts were transferred to debt collection agencies. I believe it is unlikely that these debts will be forgiven. However, I welcome alternative perspectives.I will gather the requested information. I appreciate the level of engagement and expertise; I initially anticipated interacting with individuals in similar situations. I am not particularly adept at paying attention. 😂1
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