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I have a CCJ from 2010 for a Mortgage shortfall to Santander. I have been paying £20 a month since 2010. Although I stopped paying in back in early 2022 when Enact stopped collecting the Standing Order. Then Moorcroft started chasing the debt and I agreed to set up the same £20 a month payment from March 2024. Having checked with Moorcroft I am aware they only manage the debt and the debt is still with Santander. I was looking at the option of sending Santander a F&F offer to clear the debt as it is an annoyance.
My question is this. A CCJ only sits on your file for 6 years, so it has long gone now and has zero effect on your credit score. I am aware there is no option of the debt being statute barred and that the debt will still remain.
The outstanding debt is just short of £60k and at £20.00 a month would take a further 250 years to pay off. What happens if I simply stop paying the £20.00 a month? Can they go back to court? Could they look to increase the repayment further down the line?
I own another property now and am also in an IVA. I am aware that as unsecured debt this should have been captured at the time of the IVA inception (but it wasn't) and I thought as it was debt in both mine & my wifes name it should stay outside the IVA. I turn 55 next month so I have the option to access my pension pot. With this in mind i have sent a F&F to my IVA and will find out on May 08th if I am successful with my offer. If accepted then I could go back to Santander and offer a F&F if needed. I am in the middle of a 5 year fixed term on my present mortgage hence trying to tidy up my credit file before remortgaging in 2027.
I am also aware that my IVA does in fact protect me at present. In the fact that if they looked to go back to court for CO they would be unsuccessful as it would show favoritism as opposed to all of the other unsecured debts captured within the IVA. So what would happen if I settled the IVA and then approached Santander with a F&F and they refused. Could they then go back to court as the only debtor and look to get a CO or are they governed within the rules of the IVA?
I am also aware that the IVA protects me only and I do not want this debt merely to be passed to my wife soley.
Looking forward to your thought?
My question is this. A CCJ only sits on your file for 6 years, so it has long gone now and has zero effect on your credit score. I am aware there is no option of the debt being statute barred and that the debt will still remain.
The outstanding debt is just short of £60k and at £20.00 a month would take a further 250 years to pay off. What happens if I simply stop paying the £20.00 a month? Can they go back to court? Could they look to increase the repayment further down the line?
I own another property now and am also in an IVA. I am aware that as unsecured debt this should have been captured at the time of the IVA inception (but it wasn't) and I thought as it was debt in both mine & my wifes name it should stay outside the IVA. I turn 55 next month so I have the option to access my pension pot. With this in mind i have sent a F&F to my IVA and will find out on May 08th if I am successful with my offer. If accepted then I could go back to Santander and offer a F&F if needed. I am in the middle of a 5 year fixed term on my present mortgage hence trying to tidy up my credit file before remortgaging in 2027.
I am also aware that my IVA does in fact protect me at present. In the fact that if they looked to go back to court for CO they would be unsuccessful as it would show favoritism as opposed to all of the other unsecured debts captured within the IVA. So what would happen if I settled the IVA and then approached Santander with a F&F and they refused. Could they then go back to court as the only debtor and look to get a CO or are they governed within the rules of the IVA?
I am also aware that the IVA protects me only and I do not want this debt merely to be passed to my wife soley.
Looking forward to your thought?
