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| Stress Head |
Posted - 24 August 2009 : 17:11:49
I'm very stressed and anxious as I'm sure everyone is who posts here, so here is my situation. My husband and I are in debt to the tune of over £60,000 through credit cards and unsecured bank loans. When my husband was made redundant we remortgaged our house to pay for my husband to retrain and change career which is why we have such large debts. Because of the housing crash we will either be in negative equity or zero out any equity at the moment so the house is worthless. My husband is currently working in Africa and renting a house but salaries are low so 50% of that goes on rent, leaving around £500 for everything else. I earn around £1,900)per month, but want to move out there to join him with our two children, if I do this my company will only pay local salary around £900. I have managed to rent out our home for £850 per month but mortgage and associated costs for that house are around £1,600, which if I move to Africa then we simply can't afford to pay credit cards or loans, and if I stay still won't be able to pay the bills and have to rely on family to house me. I feel so ill with the situation need to know a) is bankrupcy an option b) do we need to tell them about David's job abroad and c) do I have to appear in court as not sure I could do that as never been in court in my life. Lastly is it better to appoint someone to act on my behalf or will I still be stressed and asked to attend interviews etc or can this all be done remotely. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Stress Head |
Posted - 25 August 2009 : 06:31:42
It sounds like we need to take some professional advice in this instance, as I don't want to put myself in a position which is looked upon badly by the courts.
Thanks for those who replied its been very helpful, now I know that I have to start taking some action to sort this out. |
| Reviva UK |
Posted - 24 August 2009 : 21:42:36
Hi
It sounds like you need to work through the options carefully to decide:-
1. do you want to keep the house
2. if so how do you go about doing that
3. do you petition for Br before you go to Africa or after you have moved there
4. do you petition after the leave of absence in January
5. does hubby fly back to petition himself or are you better getting someone else to hold your hand through the process and petition on your behalf.
I would suggest you speak to one of the forum experts to get a plan together and then you can decide whether you need help or are you OK doing this by yourself.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Stress Head |
Posted - 24 August 2009 : 20:07:24
Hi thanks for the reply.
My husband has been out there around 2 years but only working in the last two months. We are prepared to walk away from the house if it makes things simpler (but I'm even getting upset about what the tenants will do) they only moved in 2 months ago. Also I doubt there is any equity so not sure how interested the bank will be.
It's good to hear that I can appoint someone on my behalf to go to court I just don't think I can go through with that part.
Since the debt is in joint names for the most part we will both declare bankrupcy together I guess. The only issue I can now see is that I am in UK for next few weeks and he is in Africa. I have a current temporary assignment so will be going out there for next couple of months to join him (but as I said within 3 months) if I want to stay I will then have to localise - so there is the complexity that my salary will decrease by 56% overnight.
Also I was planning to take leave of absence in Jan 2010 to spend a year or so with my children, now I'm confused that if I do go ahead with this it will be seen as deliverately putting myself in a position where I can't make payments so more stress as now I'm letting my children down too.
It's a living nightmare - being someone who has always had a very good credit rating (or so the bank tells me) to this seems so wrong morally and the thought of me having to come back to UK to deal with courts and officials scares me - I guess I want to bury my head to some extent. |
| gettingoutofdebt |
Posted - 24 August 2009 : 18:49:21
Hi,
Try not to be so stressed as there are always options out of your current situation.
To answer your questions:
a) BR is an option
b) If your husband is declaring BR as well then he will need to inform the OR of his job abroad but this isn't a problem provided he hasn't moved abroad more than 3 yrs ago.
c) You will need to go to court however in a lot of courts you don't need to go in front of a judge. Even if you did need to see a judge, this isn't like a trial on TV, it would only be in front of a District Judge. If you decide to appoint someone to act for you they could only do this in the court. You would still need to attend the telephone interview with the OR.
How long has your husband been working in Africa? I would recommend contacting your local court (http://www.hmcourts-service.gov.uk/HMCSCourtFinder/CourtList.do) to see if they would declare him BR there.
Normally for people who reside outside the EU and UK they need to declare BR at the High Court in London but they may let him declare BR in your local court.
What have you decided to do with the house in the UK? Are you prepared to give it up when you move to Africa or do you want to try to keep it? |
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