Bankruptcy or iva?!

2

Comments

  • Johnsmith2016
    Johnsmith2016 Posts: 436 Forumite
    https://debtcamel.co.uk/statute-barred-debt/
  • Johnsmith2016
    Johnsmith2016 Posts: 436 Forumite
    How does your credit file look? Any CCJs?
  • Rugby13
    Rugby13 Posts: 6 Forumite
    My credit file is good. No ccjs and no mention of the repossession. I'm thinking from what I'm reading that bankruptcy will be my best option. As it says they can chase me for the capital for up to 12 years
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
    Hi Rugby13

    Rugby13 wrote: »
    How will I find this out? Is there some sort of register? And do you have any ideas on where to go for further advice regarding the statue barred? As most people seem to just want to get money out of me. And citizens advice wasn't much of a help previously. Thanks alot for all the advice from everyone so far


    You can find details of free and impartial organisations you can contact for help here http://forums.moneysavingexpert.com/showthread.php?t=4228011


    Susie
    @Natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • BrightLights14
    BrightLights14 Posts: 52 Forumite
    What are your income and outgoings like? If you're comfortable enough to save for a deposit you'll most likely have a huge IPA hanging over you for a number of years if you go bankrupt, making it really difficult to get back on the ladder.

    I'd definitely check out the statute barred route before jumping into bankruptcy.
    LBM August 2013 - debt: £27,181
    May 2017 - debt: £8,208
    DFD - December 2018 :j
  • GDB2222
    GDB2222 Posts: 24,660 Forumite
    Name Dropper First Post First Anniversary
    Rugby13 wrote: »
    My credit file is good. No ccjs and no mention of the repossession. I'm thinking from what I'm reading that bankruptcy will be my best option. As it says they can chase me for the capital for up to 12 years

    Change your name and emigrate?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • LincsPaul
    LincsPaul Posts: 131 Forumite
    GDB2222 wrote: »
    Change your name and emigrate?

    Just do your research first and don't go to a country which has debt agreements with the UK!
  • TheGardener
    TheGardener Posts: 3,303 Forumite
    Name Dropper First Anniversary First Post
    You really do need expert help here as this is an unusual situation and whatever you do - may impact you life for many years to come. It is not a straightforward "should I go BR" question. There are many excellent posters on this board who can offer tried and tested solutions based on personal experience but you should arrange to see a legal insolvency professional or one of the excellent free debt charities such as stepchange or National debtline.
  • Johnsmith2016
    Johnsmith2016 Posts: 436 Forumite
    Why when people are saying there is a possibility this is statue barred do you feel bankcrupty Is your best option? Surely you would explore this avenue first ?
    With no ccj I suspect you may have gotten away with this but please for the love of god seek some proper advice before choosing bankcrupty .
  • mwarby
    mwarby Posts: 2,048 Forumite
    First Anniversary Name Dropper First Post
    Even if there are if theory another 6 or so years in which they might chase you, there's a high likelihood they won't. 3 years of being pennyless(and 6 years of having a very poor credit history) vs 3 years of saving. If anyone does come after you it could also very well be a debt collection agency, who would have brought it very cheap and you could settle from savings

    Of course it's possible that they could wait until year 11 month 11, and that could force you into bankruptcy, bits it's also very possible they wrote the debt off years ago.

    Imho you need to find out the state of this debt, not get sold a debt solution. Note I'd strongly suggest not asking the creditor!
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