Name Change - Does it wipe debt?

Poosmate

Well Tobias, I guess it's about time you grew up and be a man!

You are so worried about getting credit again and, from your first post, you are not even attempting to face up to the debts that YOU have run up. Sounds like you just want them taken away so that you can, no doubt, do the same again with impunity!

Ok your second post is better, at least you are saying you want to pay the debt off but there is still this obsession about your credit record!

Is this predicament you are in not a good enough lesson to teach you the perils of credit?

Lets just say that it's most likely going to take you longer to pay off your debts than it did to run them up. Should give you enough time to re-evaluate your whole way of thinking about your spending and your use of credit in the future.

You really need to get professional advice. The people on this site are a fantastic source of help and support and it's free! Most are or have been in similar or much worse situations than you. Don't take the p*ss out of them by blatently trying to evade your responsibilities.

Face up to the situation you got yourself into and help will be here in bucket loads.

Harsh, I know, but true.

Poo

jak

I'm with Poo on this one! How would we ever learn from our mistakes otherwise? This site is more about a whole shift in money thinking- a lifestyle change- not a quick fix!
J
X

Billy_two_speakers

tobias1184 wrote: »

I have got bad credit history and im 23 years old! Its depressing even if i get out of debt i will never ever get credit again thats what im afraid of im 15,000GBP in debt roughly.



Regards

Most people after having so much debt so young would not want to see another credit card in this life time :cool:

Bismarck

Yeah, the bit about still wanting the keys to the tuck shop after over-doing it was alarming.

Still, the original hope that a quick name change would solve everything made me chuckle....

Poosmate

Well said Bismarck!

Poo

tobias1184

Ok i have read through these posts and they are very alarming in some cases but also your very true i need to face up to the facts and pay them off.

But will i ever have the chance to use credit again , I mean build up a credit in a good way to get a mortgage if i work hard and get these debts paid will it show good even though im still even in such a bad situation?

I mean is it worth me paying them off will this benifit me?

I dont just mean peace of mind and standing up for myself and my problems i can admit that i know im a !!!! for doing so and i will pay them off.

But i need to know will my credit build back up and how long will this take?

Sorry for keep repeating myself i also thank everyone for there advice so far.

Honesty and hard comments are fine they hit where it hurts and always move me in the right direction so dont be scared to be direct!

Thanks

rog2

tobias1184 wrote: »

But will i ever have the chance to use credit again , I mean build up a credit in a good way to get a mortgage if i work hard and get these debts paid will it show good even though im still even in such a bad situation?

Future 'credit', including a mortgage, will not be 'out of the question' but it will depend on how you deal with your current situation, tobias.
You have been given some very good advice - most notably to talk with one of the Debt Counselling Charities, whose advice is professional, impartial and free.
However, even that advice is only good if you act upon it. Your original post indicates, to me, that you would be quite happy to simply walk away from your debts, but this forum is not about 'avoiding' debt - it's about 'dealing with debt', so do not be surprised if your opening comments are not recieved too warmly.
There are several solutions open to you - whether they be in the form of a Debt Management Plan, IVA or even, as a last resort, the option that you appear to have rejected out of hand - 'Bankruptcy'.
We are, unfortunately, not in the best of positions to advise you on your best options as you have given us very little information to work on. You will, I am sure, forgive us for thinking that we see a very angry young man who appears to be 'cocky' about his 'debts'.
So how can we redress the situation?
May I suggest that you sit down and take a few minutes to write out your SOA (Statement of Affairs) listing your income, your expenditure and your individual debts, with their 'status'.
Then we will be more than happy to help you find a solution for your current situation.

redpete

tobias1184 wrote: »

I mean is it worth me paying them off will this benifit me?

I think you'll get a more sympathetic response if you ask something like "How can I pay as much of the £15k I owe as is reasonably possible and as quickly as is reasonably possible?"

instead of what reads like "Can I get away with not paying the £15k I owe?".

You'll see from other threads that you will get plenty of good advice if you post details of your income, expenditure and debts.

Sorry but I don't know the answer about how long it takes a credit rating to recover.

cassy

IMO

the best thing you can do is work out your statement of affairs
look at how much you can pay each month and get stuck into it,

it will probably take u a year or 2, then another 5-6 yrs getting your credit report looking ok, so in about 10yrs you should be ok,

btw bankruptsy is not the easy way out, it allways stays on your file (just for info purposes though after 6 yrs)

Save4ArainyDay

Put simply - you have spent the money and had the benefit of it. Now face up to things, get a plan and pay it back - otherwise it is tantamount to theft. This is real life - get used to it.