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    • Rugby13
    • By Rugby13 15th May 17, 12:38 PM
    • 6Posts
    • 0Thanks
    Bankruptcy or iva?!
    • #1
    • 15th May 17, 12:38 PM
    Bankruptcy or iva?! 15th May 17 at 12:38 PM
    First ever post on here but desperately need some advice!!

    I got my first mortgage at the age of 20, a few years later due to financial difficulty I surrendered and gave the keys back to the mortgage company and stupidly burried my head into the sand. They chase me for the outstanding 35k for a few years and now 5 years on they seem to have given up? Since giving back the keys and hiding I've never been in any sort of debt since and and now I'm at the stage in my life where I'm wanting to face the music. I've been saving for a mortgage again. But I know i need to clear my name before I can buy again. I'm 31 now with two young children and would like to get back on the ladder asap. Do I go bankrupt? Or is there another solution?? Any help would be truly grateful
Page 2
    • mwarby
    • By mwarby 17th May 17, 8:26 AM
    • 828 Posts
    • 309 Thanks
    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!
    • Johnsmith2016
    • By Johnsmith2016 18th May 17, 9:10 PM
    • 436 Posts
    • 224 Thanks
    Yes do not open lines of communications with the creditor .
    • Rugby13
    • By Rugby13 17th Sep 17, 5:02 PM
    • 6 Posts
    • 0 Thanks
    How can I find out the state of this debt without contacting the creditor.?
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