advice on my huge mess of debt!

[ajr_82]

If I have posted in the wrong section then please feel free to move it!

 

Ok, here is a quick overview of my situation:

 

Back in 2004 I bought a house with my ex's mum as my ex could not get credit.

 

The relationship lasted around 2 and a bit years, in this time she bled me dry financially and resulted in me having over 100k of unsecured debt.

 

The relationship broke down back end of 2006 and I also lost my high paid job around the same time.

 

She moved out taking all my assets that she could - most of if not all the debt I had was to buy things for house or for her.

 

I did manage to sell the house before things got too bad and got pretty much nothing out of the sale due to the market etc...

 

I was forced to move back in with mum and due to having no money/job I did not pay any of my debts at all - they did have my new address though.

 

I did have one good bank account as it were with halifax and did keep on my car hp as I needed a car to get to interviews etc... the car finance was with inchcape who at the time i was unaware were connected with halifax.

 

Anyway....i didnt open up any post in this 2 years and i was in deep depression with a bit of a drinking problem but after a while i started to contact the collection agencies with offer of small payments etc and after a while all my old creditors were recieving some kind of payment.

 

The payments i am making will never pay off the debt in my lifetime as i will never earn the kind of money i was earning back then.

 

things were going "ok" in the sence that people were getting money up till recent when my income went down so as i was paying the collection agencies via standing orders i just reduced the payments.

 

as you can tell i am in a huge mess but there are a few key questions I want to ask:

 

Ok...i am kind of aware of the 6 year rule with defaults, i know everything defaulted on me as i got a copy of my credit report. I am paying the agencies every month but after the 6 years is up would my credit report be clean again?

 

what would be the best course of action with my debts? i know my post is a bit jumbled but so much has happend i just dont know what to do.

 

many thanks

[EkoChef]

Dude I don't know too much, but you can look around the web for companies and if you get to a phone which is not your house (so you don't get call after call) then you can probably wipe off about 60% of your debt immediately, so to speak. Bankrupcy may be an option for you as the debt is so high...if you never expect to earn serious money and the thought of it all is crippling you then you would loose it all and be able to get basic bank account like Bank of Scotland take on anyone surprisingly! The main point I see here is you believeing the end will come...because it's actually the new beginning you are looking for isn't it ;~)

Basically hold your head up high and say man it wasn't me...there are so many ways out of financial crisis as ultimately it is only a man made thing...money is paper doesn;t really exsist so you can scrap it all and start again but you have to look at a frugle life for a few years...then if you want to burden yourself once more with betting on your fufture then go ahead...

All I say is that there are loads of ways out and they are all willing to help you, coz without you the world's economy is weaker...as you wouldn't be spending like you would if you were a confident person...

Good luck m8

[debt4get]

we are going to need to know what debts you have? are they credit cards, secured, unsecured loans, overdrafts etc. if we are going to be able to help you will have to let us know what they are..without revealing personal details..

[boswell]

I agree with D4G lets know what the debts are for and caggers can advise accordingly.

I would only consider Bankruptcy as a last resort so have a look at IVA's or Debtplans to get some knowledge of how they work.

 

Free Debt Management Plans, Free IVA Debt Advice and Free Debt Help | Debt Advice | Payplan

 

But post the info up before you do anything.