A total debt of £120,000

[sheztedbear]

Hi, I have a total debt of £120,000 which my lovely ex-husband has left me with while he's sunning himself in Spain with his new family. This debt is now coming up to six years in the summer, should I go bankrupt or just hang on for that bit longer, help and advise on this please, as I would like to think about getting a mortgage sometime soon. S

[cerberusalert]

Have you made any payment or written acknowledgement towards these debts in the past six years?

[sheztedbear]

None what so ever, we moved to Spain, I returned to face the music, but they dont have my address yet.

[citizenB]

Try and establish the exact date that you made the last payments on these debts - they become statute barred 6 years after the first missed payment as long as you have neither made payment or ackowledge liability.

 

Many DCAs will argue that limitation accrues from the time when the "default notice" is issued. It does not.

 

Limitation clock starts ticking from when the payment is due and not paid not when they send a default notice.

 

We see often that CRA entries will date 5 or 6 months ahead of when the payment was missed.

 

People need to be sure that they aren’t being hoodwinked and that the DCA is extending limitation so they can sue when they are not allowed to.

[sheztedbear]

We stopped paying in July 2007, but I have had to acknowledge one debt from the Tax man for £16,000 which I am paying back at £100 a month. Another debt is a repossession order, they have found me at my address but I haven't acknowledged them at all, but we stopped paying that in Nov 2009, so I know that's a bit longer. So is it best just to ignore them?

[citizenB]

I doubt you will be able to escape from a tax bill.

[unclebulgaria67]

We stopped paying in July 2007, but I have had to acknowledge one debt from the Tax man for £16,000 which I am paying back at £100 a month. Another debt is a repossession order, they have found me at my address but I haven't acknowledged them at all, but we stopped paying that in Nov 2009, so I know that's a bit longer. So is it best just to ignore them?

 

In your position, I think I would deal with the ones that have caught up with you and for those that have not, I think I would leave it. The repossession shortfall debt can be enforced up to 12 years from Nov 09, if that is when you stopped paying that. This presumes that you were on the mortgage.

 

Are all these debts jointly held ?

 

You could get your credit record, but in doing that you would be supplying your new address and you are guaranteed then to have all the creditors writing to your new address, pretty soon after.

 

You could speak to a debt registered charity such as CCCS, but you will be required to obtain all the information on your debts. They would then recommend what actions you could take. If you became bankrupt, then you will have all the problems that this entails and getting a mortgage to buy a house would be difficult. If the debts are joint they could still go after your ex.

[sheztedbear]

I was actually going to apply for bankruptcy in the New Year but now I think I wont bother. I did think about getting my credit report but thought better of it. I want to pay my tax bill anyway even though my ex half is also responsible for it, I'm really not a bad person just things got out of any control. Thank you so much for your help, you have really put my mind at rest.