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  • FIRST POST
    • CRBEN008
    • By CRBEN008 7th Nov 18, 8:54 PM
    • 8Posts
    • 0Thanks
    CRBEN008
    Non payment of unsecured debts
    • #1
    • 7th Nov 18, 8:54 PM
    Non payment of unsecured debts 7th Nov 18 at 8:54 PM
    Hi Guys,

    I hope everyone is doing well.

    Basically I am in a tricky situation,

    I have just noticed a cifas register against my name from a car finance provider I applied for in december 2017.

    I haven't been able to get this removed and I have given up hope.

    What I have read up is that this will stay on my credit file for 6 years from entry.

    This means I won't be able to get any other type of credit until this is removed.

    Now what I have also read is that debts are written off after 6 years.

    I currently have around 95,000 on credit cards and personal loans due.
    So do I have to pay these back?
    What can happen if I don't pay them back?
    Can I go Prison?

    I have a flat in brighton that I live,
    I pay 450 a month for the mortgage, 180 for the bills and council tax etc...
    I get paid roughly 1000 a month from my job. I am left with around 100 a month after travel and food.

    At the moment I have savings and I am using that (25k) to pay back the 95,000 a month (split to 1000 a month.

    My question is..
    If I don't pay back the money what can they do?
    I was thinking to give the 25k to my brother in law and close my account.
    Also can they make me sell my flat?
    I have equity of around 20k in the flat.

    I knoe its not a morally good thing to do, but if I can't get any more credit for 6 years, why not not pay back and it will all reset in 6 years?

    I will have a clear score and start fresh,
Page 2
    • CRBEN008
    • By CRBEN008 8th Nov 18, 11:52 AM
    • 8 Posts
    • 0 Thanks
    CRBEN008
    Also does that mean when I come to sell the flat they will take the money owed from the equity?
    • BoGoF
    • By BoGoF 8th Nov 18, 11:56 AM
    • 3,617 Posts
    • 2,969 Thanks
    BoGoF
    Take the advice given in the first reply you received in this thread.
    • bigisi
    • By bigisi 8th Nov 18, 12:28 PM
    • 425 Posts
    • 763 Thanks
    bigisi
    Also does that mean when I come to sell the flat they will take the money owed from the equity?
    Originally posted by CRBEN008
    Why do you just keep posting rambling new posts rather than reading and responding to the people who are trying to help you?

    Why do you think you should be able to get away with not paying back money you have borrowed? Why should those companies suffer because you can't handle being an adult?
    • worried jim
    • By worried jim 8th Nov 18, 5:24 PM
    • 9,652 Posts
    • 14,861 Thanks
    worried jim
    Take the advice given in the first reply you received in this thread.
    Originally posted by BoGoF
    I don't why I bothered! You can lead a horse to water......
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • CRBEN008
    • By CRBEN008 9th Nov 18, 9:49 AM
    • 8 Posts
    • 0 Thanks
    CRBEN008
    Thank you for your responses.

    I have contacted a debt management agency.
    They have said that my home is at risk, if I do not pay.

    I have been advised to contact each creditor individually and ask for a lower minimum monthly payment due to circumstances.

    They can ‘freeze’ the interest for a Druid if time and also reduce the monthly minimum (all discretionary)

    I will call each of them today,
    Just worried as I don’t no if loan companies will reduce the monthly.
    It would be great if I could extend the loan term I.e from 24 Months to 36 months so less monthly payments.
    I think they would credit score me ?
    Which I would automatically fail.
    • zx81
    • By zx81 9th Nov 18, 10:00 AM
    • 19,350 Posts
    • 20,673 Thanks
    zx81


    They can ‘freeze’ the interest for a Druid if time and also reduce the monthly minimum (all discretionary)
    Originally posted by CRBEN008
    Are you a Druid though?
    • Willing2Learn
    • By Willing2Learn 9th Nov 18, 12:21 PM
    • 1,750 Posts
    • 1,336 Thanks
    Willing2Learn
    I have contacted a debt management agency.
    Originally posted by CRBEN008
    Just dropped by to make sure you are not paying a debt management agency for advice and support. You can get the same service for free from StepChange...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Gary_Dexter
    • By Gary_Dexter 9th Nov 18, 12:41 PM
    • 2,576 Posts
    • 1,449 Thanks
    Gary_Dexter
    OP is not reading nor responding to posts and help

    It's beyond pointless providing advice now
    • worried jim
    • By worried jim 9th Nov 18, 4:08 PM
    • 9,652 Posts
    • 14,861 Thanks
    worried jim
    Just dropped by to make sure you are not paying a debt management agency for advice and support. You can get the same service for free from StepChange...
    Originally posted by Willing2Learn
    First bit of advice given in post #2.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
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