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mrd
Starting Member
27 Posts |
 Posted - 25 September 2008 : 10:42:58
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| What can i do about my debts in the uk , i owe about 10,000 in loans,credit cards, i lost my job in the uk and could not find another one since then i have left the uk and am living abroad and do not plan on coming back to the uk. The job i have here barely pays my rent i can not even afford to make a contribution towards my uk debt. What should i do , should i declare bankruptcy in the uk. |
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John
New Member
United Kingdom
73 Posts |
Posted - 25 September 2008 : 11:28:39
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Hi
bankruptcy is one way of dealing with your UK debt.
The problem being you will either have to find the funds to return to the UK, accommodation, court fee and expenses, or, appoint someone to have Lasting Power of Attorney over your affairs who could conduct your case in your absence.
As I don't know exactly where you are in the world I can't estimate the cost for option 1 but to appoint someone in your absence you are certainly looking at a 4 figure sum plus £500+ in Court fees.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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pix1
Average Member
689 Posts |
Posted - 25 September 2008 : 14:56:48
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| Chances are you could petition your br during a holiday then keep the or informed of your whereabouts abroad. If the OR is not aware of your whereabouts any discharge might be suspended in the future. |
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karis
Starting Member
30 Posts |
Posted - 25 September 2008 : 18:13:53
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What would happen if you just ignored your debts and stayed out of the country? Wouldn't someone just make you bankrupt anyway and save you the expense! ..... not that I would ever do such a thing  .... but you can always dream  |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 25 September 2008 : 18:28:32
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Hi Karis and welcome to the forum.
It costs a creditor about £2k to BR you, so they'll only do it if they're reasonably sure they'll get a return (it also depends on who your creditors are).
However, there is a Statute of Limitations on unsecured debt of 6 years. This means that if there is no contact with your creditors for over 6 years, then the debt ceases to exist. But, if the unsecured debt was originally secured (ie. shortfall from a house reposession), then the Statute of Limitations is 12 years. That's all great if you don't plan to come back to the UK.
I would advise you looking into BR and do things "by the book".
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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John
New Member
United Kingdom
73 Posts |
Posted - 25 September 2008 : 20:08:49
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Hi
I would also add that if you have disappeared from your last known address and not informed the creditor then the Statute of Limitations doesn't apply. Likewise if you were made bankrupt in your absence the restrictions of bankruptcy remain indefinately until you return to the UK and "face the music" so you would have to be sure that you were never going to return.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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karis
Starting Member
30 Posts |
Posted - 26 September 2008 : 10:09:45
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| It's not a solution, but I can understand why people would want to leave their problems behind. It sounds like good advice would be to keep in contact with your creditors and then deal with it properly when you're able to do so. At least they won't be able to come knocking on your door! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 26 September 2008 : 11:35:20
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Absolutely
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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should i declare bankruptcy in the uk
