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Original poster

so i have bad credit history.........

58 replies

misdee · 26/11/2004 16:16

and have been working hard for 2-3years to clear all debts etc. how long after last debt is cleared will i have good credit record again?

and yes the bad credit is very very bad. but all being sorted now.

OP posts:
spacemonkey · 26/11/2004 18:03

THANK YOU SWANLAKE!!!

swanlake · 26/11/2004 18:03

payplan

swanlake · 26/11/2004 18:04

honstly they saved us from going bankrupt - and the repayments scheme means we can actually enjoy live at the same time as paying everything off - we owe in the region of £15.000

spacemonkey · 26/11/2004 18:04

That sounds great. I will look into this in more detail later. Thank you so much

Original poster
misdee · 26/11/2004 18:07

dh owed around 15k. he went bankrupt as he was unable to work so was on IB and just couldnt see a way out of it. spent the morning in court, they asked what happened as to why he couldnt pay, and sent him on his way. it wasnt an easy decision and he spent about 4months thinking it thro.

if you are working and go bankrupt i think your legal person who deals with your bankrupty (cant remember what they are called) can take a certain amount of your pay to pay your creditors.)

tho what swanlake suggests sounds good.

OP posts:
spacemonkey · 26/11/2004 18:09

I'm not on any benefits and I'm not working either, so have no income at all at the moment. I am not sure if I will qualify for IB, more likely I will have to claim Income Support until I find another job. I am not up to working full time yet, so am looking to work part time and claim WFTC.

Original poster
misdee · 26/11/2004 18:10

if your on benefits gthey wont touch your benefits as far as i am aware (if you do claim IS) but once you start work u have to let them know.

OP posts:
spacemonkey · 26/11/2004 18:11

thank you so much for the advice and again sorry to hijack your thread misdee XXX

Original poster
misdee · 26/11/2004 18:12

hi-jack away. long as you get some advice as well its all good

OP posts:
spacemonkey · 26/11/2004 18:14

My financial problems are one of the main reasons I'm sick now, so it would be wonderful to find some way to sort it all out, whether that's bankruptcy or an IVA (which is what the payplan thing is I assume).

Original poster
misdee · 26/11/2004 18:16

money worries made me cvery depressed and ill. i'm lucky that i;ve not gotton on top of it and an end is in sight (one lot finsihes in march, the other big loan weill be finished in 2.4years time, but am hopin to clear it early with the extra cash after loan 1 is delat with)

OP posts:
spacemonkey · 26/11/2004 18:22

Glad to hear you've got on top of things now misdee, well done to you for sorting it all out. It seems so overwhelming at the time, it's an inspiration for me to hear of other people like you who have managed to get through to the other side

Gomez · 26/11/2004 18:25

Spacemonkey have you seen this site - all info relates to England/Wales (Scotland different and I am Scottish...)
insolvency info

Also this explains some of the problems really well:
problems

spacemonkey · 26/11/2004 18:32

Thanks for that gomez. Tbh reading about the implications of bankruptcy makes me want to avoid it at all costs. I am going to look into IVAs though.

Gomez · 26/11/2004 18:53

Should always be viewed as a last resort Spacemonkey - most reputable lenders are very sympathetic and will try as much as possible to help. Good luck.

Original poster
misdee · 26/11/2004 19:05

SM, why wont payment protection pay out btw?

OP posts:
spacemonkey · 26/11/2004 19:07

Because it doesn't cover any form of mental illness.

Original poster
misdee · 26/11/2004 19:08

arses!!!!

thats what i found as well. i had bad PND and was off work a lot, which is when we got into really bad problems. now i have cancelled payment protection insurences.

OP posts:
spacemonkey · 26/11/2004 19:09

yeah, what a bunch of bastards!

I suppose they think that everyone would start sticking pencils up their noses and pretending to be mad in order to claim on their insurance.

Original poster
misdee · 26/11/2004 19:11

i do that on daily basis. make sure the kids dont copy.

OP posts:
spacemonkey · 26/11/2004 19:12

CACKLE!

Nutcracker · 29/11/2004 11:13

Can i join the club and ask for a bit of advice please.

I have very very bad credit to and so does dp.

I'm not even sure how much we owe as i ma much to scared to request my credit file.

What i wanted to know is that if they don't find you for x amount of years then what happens to the debt ???

We have only ever been traced by a couple of people. The catalouges and credit cards don't seem to have bothered.

I have managed to obtain credit since. Actually got a loan last year with my bank which was apparently because i had kept my account in good oreder for along time .

Also managed to get a Next catalouge BUT cannot get any credit cards or other catalouges.

I did owe barclaycard about 600 quid but unbekowns to me, when i had my loan and the money went into my account barclaycard were alerted as they had place a tracker on my account to let them know when there was enough money in there and they took it straight out.

Original poster
misdee · 29/11/2004 23:09

bump for nutty.

OP posts:
WigandRobe · 30/11/2004 11:50

Message deleted

Nutcracker · 30/11/2004 17:46

Sorry what is GAIN & CIFAS ???