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JimLawyer
JimLawyer, Solicitor
Category: Bankruptcy Law
Satisfied Customers: 10529
Experience:  Senior Associate Solicitor
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I have debts which I have been paying for the last 10 years

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Hi I have debts which I have been paying for the last 10 years plus on a monthly basis, originally it was with the banks but they passed it onto individual companies. I need to know how much longer I am liable
JA: Where are you? It matters because laws vary by location.
Customer: London
JA: What steps have you taken so far?
Customer: I have a plan setup to send payment monthly to each company
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No just how much longer I am liable for them

Hello, this is Jim and I am a dual-qualified lawyer (UK and Republic of Ireland) and happy to help you today.

Do you know roughly how long the debts are for each (in years)?. And any defaults on them?

Customer: replied 6 months ago.
Hello Jim the debts are over minimum 10 years and no defaults

Thanks, ***** ***** long as you are paying them off, how long you have depends on the balance owed. It could take many more years. If you suddenly stopped paying and stopped all communication with them, they then have 6 years to issue a claim at court to recover the money. Once they have a court order, that lasts for another 6 years (on the credit registers) after which it is wiped clean.

If there is no prospect of paying them off then bankruptcy could be an option (easy to do, an application can be made online). The alternative is to ask Step Change (free to use as they are a debt charity) to speak to your lenders and agree a repayment plan - this would mean marks on your credit record but potentially they may agree to an easier repayment schedule. An IVA may also be an idea as after 5 years the debts are wiped. Bankruptcy means the debts are wiped after only 1 year, so is quicker (though there is an impact on your credit rating for 6 years).

It is difficult to say without knowing more about the debt. Do you want the contact details for Step Change?

Customer: replied 6 months ago.
My plan was set up by a company but now they do not exist so i just pay them monthly, but after i gone can they claim against my family or property for the debts
Customer: replied 6 months ago.
Im paying them a token amount so ill just keep paying it.

Do you mean if you were to die with debts? They can't pursue your family as you are the only person on the loan agreements. You can keep paying a token amount and lenders are usually fine with this as it shows willingness to continue paying even if it is a low amount.

Is there anything else I can help with?

Customer: replied 6 months ago.
Thts fine ill carry on that way and once im gone thd debts are gone. Its on my name only.
Thank you Jim you have been very helpful.

No problem, I hope this helps – if you can please give a positive rating by clicking 5 stars (at the top of your screen), I can answer any follow up questions at no extra charge and I will be credited for helping you today.

Many thanks,

Jim

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