Walked Away from all my debts.

[sirbob10]

Hi

 

I know I've done the wrong thing in moving home and not informing any of my creditors but I was just so ill and stressed.

 

my husband and I lived in our home which was mortgaged with our 3 daughters.

I work but my husband is on benefits (ESA SG, DLA MRC and LRM)

 

We had a secured loan and charging order but due to my husbands illness and lack of money we decided to give up our home and rent.

 

Our home was repossessed and we have moved but not informed any of the creditors.

 

do I just wait for them to find me?

Or do I contact them all to tell them my new address. I'm scared they will write to my employer and get an attachment of earnings.

 

We are finally starting to feel happy again and are children are settling nicely but I'm worried this is all short lived.

 

Can anyone offer me any advice on how to proceed.

 

Many Thanks

[SabreSheep]

Hi there

Sorry to hear about what has happened.

 

First of all, we need to know the following information on your creditors. People here may be able to offer advice on how to tackle various ones. Your best bet may be to start tackling a few of them at a time head on. People here can help do that.

 

First stage is always information.

 

Apply for the £2 statutory credit reports form all three of the Credit Reference Agencies. (This is important to see if any CCJs were awarded in judgement due to paperwork going to old address) It will also help see what the picture looks like.

 

Second, Once we have a list of current owners of the debt and work out where they came from there is the CCA routes and Subject Access Requests looking for penalty charges (Credit cards and things) or PPI which are reclaimable WITH INTEREST. IN some cases esp with credit cards these can wipe the balance.

 

 

Orignal Owner of the DEBT

Curent Owner of the debt (If known)

Is there a CCJ on the debt

Type of debt (Overdraft, credit card, loan, phone, catalogue)

Rough amount.

Rough Date of the agreement.

As you home has been reprocessed im assuming that all debts remaining are unsecured.

 

Time to stop waiting for the "axe to fall" and instead take back control

 

Also no phonecall discussions with any creditor. ALL IN WRITING even if they try and trick you into talking over the phone.

[BankFodder]

I'm afraid that it probably is fairly short-lived. They will find you.

 

Best thing to do would be to go bankrupt. The you don't need to hide anymore and after a year or two, you can start out again from zero

[BankFodder]

By the way, if you apply for statutory credit reports, you will have to give your new contact details and although they are acting unlawfully because they would be doing it without your permission, this new data will be added to the database and your creditors will be after you again before you can say a very short word

[unclebulgaria67]

If you want to check for CCJ's without your new details being registered with the credit reference agencies, you can use the Trustonline site. But they do charge per search.

 

http://www.trustonline.org.uk/

 

If there was a debt left behind related to the mortgage, this can be subject to court enforcement for a period of up to 12 years. As Bankfodder suggests going down the bankruptcy route might be a way to deal with all the debts over a relevant period and not be living in fear all the time for many years to come.

 

If you phone National Debtline they can advise you on the way forward.

 

https://www.nationaldebtline.org/EW/Pages/default.aspx

[sirbob10]

Hi

 

Many thanks for the advice. Our home was only repossessed in Sept 2014 and is currently up for sale.

 

 

The mortgage company is aware of our new address but the others aren't.

 

We were with Payplan so my plan was to contact them and they have a list of all our creditors as I couldn't list them all off hand.

Our secured loan is with Picture and the charging order was from Natwest (Irwin Mitchell deal with this)

 

We do plan on going bankrupt but the only thing is our car.

 

 

The finance is in my dads name and I know if we went bankrupt they'd take the car leaving my dad paying for this.

I'd rather die than do this to my dad, not because I fear him but I'd couldn't deal with disappointing him.

 

I'll contact Payplan and see what they advise is best.

[unclebulgaria67]

Hi

 

Many thanks for the advice. Our home was only repossessed in Sept 2014 and is currently up for sale. The mortgage company is aware of our new address but the others aren't.

 

We were with Payplan so my plan was to contact them and they have a list of all our creditors as I couldn't list them all off hand. Our secured loan is with Picture and the charging order was from Natwest (Irwin Mitchell deal with this)

 

We do plan on going bankrupt but the only thing is our car. The finance is in my dads name and I know if we went bankrupt they'd take the car leaving my dad paying for this. I'd rather die than do this to my dad, not because I fear him but I'd couldn't deal with disappointing him.

 

I'll contact Payplan and see what they advise is best.

 

If the car is your Dads and he has the finance for it, I don't think they could take it. It is only your property, which the court appointed officials want to seize to sell to pay towards the debt. Plus it is a financed car and if the finance is registered against the car, it is the property of the loan company, so could not be taken.

 

You need to continue to gather information and work out a way forward. When the house is sold and the amount of debt is worked out, then that is probably the best time to take forward any bankruptcy.

 

With Payplan, if you are still paying via them, then ask them for an up to date statement of payments being made to creditors. Payplan are a company and not a debt charity. You should check whether all of your payments would go towards the debts, as Payplan may be taking a fee. If you moved to Stepchange debt registered charity, all of the payments you make go towards your debts.

[citizenB]

Please do not let any of the DMPs bully you into an IVA - you want to go Bankrupt - this gives you a fresh start after the BR period. IVA drags on for years and almost always we have people come to us advising that the IVA has failed and they still have problems.

[theoldrouge]

is the car finance hp/conditional sale in fathers name

 

if so car belongs to hp co till final payment,and as paid in his name with proof of agreement

 

it could not be taken

[sirbob10]

Hi

 

I think the car is HP. We pay 4 years then 1 final payment. I understand the can't take from me but they can force me to hand it back to my dad leaving him paying for the car.

[theoldrouge]

no agreement is in fathers name, father is, in effect, hiring the car at the moment,

 

you are merely using with his permission

 

they have no say in his affairs

[sirbob10]

Well 1st creditor found me. It's a letter from Arrow regarding a Very account. I'm going to hang on until the rest start to turn up before tackling them head on.

 

I'm hoping that my husbands application for PIP goes through. He's currently on DLA but had to apply for PIP. He gets low rate mobility but we are hoping this is upped so we can apply for a mobility car then my dad can sell the one we pay him for and we can go bankrupt without the threat of loosing the car.

 

Does anyone know what is classed as income when going bankrupt. I work part time and receive CB ESA, DLA, WTC, CTC, Child Benefit and housing benefit

 

Thanks

[theoldrouge]

as regards the car,

 

if you are sucessful with the mobility car

 

and if your father finds there is not enough money to sell and pay off the finance

 

do come back here and consider Voluntary Termination of the agreement under s99cca1974

 

we can help with this

[sirbob10]

I've heard about VT but thought you have to pay so much and have had the car for so long.

 

We've had the car 1 year on Dec 13 and only made 11 payments.

[theoldrouge]

you can VT at anytime

 

you would have to make up the shortfall to 50% of the total agreement

 

but this includes the deposit

 

1)add the total of the repayments you have made to the deposit

 

2)look at the total of the agreement

 

and divide by 2

 

take 1 away from 2,

 

that is what you would be liable for

[sirbob10]

I've just looked at the paperwork and we paid £16500 for the car + £500 for service package. Plus the interest we borrowed = £20,038. We've paid £3509 to date. We didn't pay a deposit we just put in our old car and they gave us what was outstanding on the finance for that car.

 

The settlement figure is £15045 and we were offered £13000 as a px on a newer car but we are waiting to see what happens with our PIP claim.

[theoldrouge]

ok, way too short for vt then