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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?
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?
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?
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.