I owe about £40,000 on cards and loans. I have had these debts for about 6-7 years and haven't paid any off as have had my head in the sand for this period! I have not been employed in this period and have no bank account. I am now facing up to things and have taken steps to get life back on track like getting back on the electoral roll, and opening a bank account. I have not been registered at an address for a few years and have moved around staying at friends houses etc... There are only 2 debt collection agencies that are currently still asking for money, the others seem to have gone quiet. Should I go bankrupt or are the creditors unable to get the money out of me now? Thanks for any help!
Hi crazeekev - welcome to the forum! I think it need to be more than 6 years from your last contact/payment with the creditor before they cannot pursue you for the debt. (A BR expert will verify this shortly) If this is not the case (or I am wrong!) then with your debt and no income, BR is certainly an option to clear your debts and start a fresh. You will need to give your current address so you'll need to consider this when petitioning your BR if staying with friends. Hang on there for an expert to come online - hope this helps in the meantime
now facing up to things
Posted - 30 June 2008 : 19:36:41
