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12 Year rule?

from Rue (rue@nowhere.co.uk)
My repo left a 30k defecit in the 80's recession. I received (8 yrs ago) a statement asking for the balance along with a form asking for my earnings etc.

This letter scared the sh*t out of me and I ignored it. I was living in a rented house at the time and couldn't believe they had tracked me down after all that time. Anyhow, rightly or wrongly I ignored the letter along with any others and to date have made no contact with the lender. If I remember correctly, one of the letters mentioned interest charges that blew the whole thing way out of my reach which drove me even further underground.

I've moved again (still renting) and haven't heard anything for about 2 yrs. This whole thing is ruling my life right now (and has done since that letter 8 yrs ago). I'm too scared to go on the elctoral role, too scared to apply for a credit card or anything else that might require a credit reference.

I've got to stop this as I'm not getting any younger and can't go on living in rented houses for the rest of my life.

I'd give my right arm for a mortgage right now but I'm too scared that if I try to get one it will all come out and not only will I not get that mortgage but also the debt collectors will undeniably have me cornered and screw me over.

I saw in a previous post something about a "12-year rule" - could that possibly be my saving grace here?

If I apply for a mortgage right now what will likely happen?

I appreciate I have an outstanding debt here but I'm trying to find a 'realistic' way out of this situation.

Any help/tips/advice GREATLY appreciated.

(posted 7984 days ago)

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