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In 2006, eveything went wrong, we were both (my wife and I) made redundant which resulted in us not being able to repay our debts, including our mortgage, so like anyone we looked for help.

 

After weighing up all the possibilites we finally talked with Baines and Earnest and set up an IVA solution. I was working again, so we had a some money to pay back. Unfortunately, Northern Rock, who we owed the majority of the debt, refused so the IVA was declined. In the end, we sold our house and northern rock got their money back, but we didn't have any spare for the others. The total amounted to approximately 70k to compaines such as Lloyds, Egg and MBNA, (yes we were stupid back then and credit was thrown at us!!).

 

Anyway, we continued to keep everyone happy but we just couldn't afford to pay everyone back. It resulted in our marriage breaking down, and we needed to rent two houses which made the situation worse.

 

Eventually, we just gave up paying anyone and tried to live our lives again. It worked, the stress disappeared and we got back together. This was in 2007 and we still haven't paid anything back.

 

The defaults are shown on my credit file but the companies dont chase us. We haven't heard from lloyds or TSB for about 3 years. We are on the electrol register so we are not hiding.

 

What is the reason for the lack of interest in us? And any help on how to sort this out would be appreciated as we do want to pay the money back at some point.

 

Thanks.

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Unfortunately, I am not too sure why they have not contacted you, but see this as a good thing. You can either hold off with any form of communication with them until they contact you - dont forget that if they do not contact you for 6 years, the debt can become statute barred. Or you can contact them and make an offer of payment, however this may set things going again which may not be the best thing for you.

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