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chris41
Starting Member
1 Posts |
 Posted - 06 June 2009 : 16:06:06
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Hi
I was wondering if you could help me with a question. I've been living and working in Norway for the last 8 years. When I left England in 2001 I had credit card debts of about £5000, which I intended to pay off with the higher wages I would be getting working in Norway. Unfortunately, this never happened and then I took out a consumer loan of £5000 to pay off the credit card debt, which I did but slowly but surely the credit card debt increased so that now I'm in a situation where I owe almost £8000 to Lloyds TSB, where the minimum repayment is about £500 a month (mostly paying interest), £5000 to my Norwegian bank repaying £120 a month. I'm self-employed, and earning a low wage working in the music business of around £1000 a month. My rent is £500 a month. So, you can see with my rent, credit card and loan that I can't make ends meet and that's not to mention household bills, telephone, food, travel etc.
So, my question is could and should I make myself bankrupt in the UK to get rid of, or at least manage the credit card debt? I've been paying the minimum amount to them for years now, and it's crippling me.
Look forward to hearing you advice. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 June 2009 : 16:18:04
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If you have not lived in the UK during the last three years, then I don't think you can declare yourself bankrupt.
I think you will have to get in touch with your creditors and try to come to some sort of arrangement with them.
The glimmer gets brighter all the time
Jan
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 06 June 2009 : 18:26:05
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Kallis3 is correct, if you haven't been resident in the UK for during the last 3 years then you cannot declare BR here.
You could apply for an IPA but that would only cover your UK debts and any Norwegian debts would not be covered. You would also need a minimum of £200 to pay the IPA each month and this doesn't look like it is possible for the figures you have mentioned.
Other options are:
- Speak to your UK creditors and work out lower repayments. This may work in the short term but eventually they may want the full monthly payments.
- Ignore your UK debts (i.e. don't pay them) and let the creditors chase you for the money. Do they have your Norwegian address? If not then it may take a while for them to find you. This isn't a recommended solution but is an option.
- Declare BR in Norway. I don't know what the consequences of BR are in Norway but you would probably be able to include your UK debts in the BR as well. If you declare BR in the UK then all debts worldwide can be included in the BR so it may be the same in Norway.
- Return to the UK for 6 months and then declare BR here after that time.
If I were you I would speak to the UK creditors and advise them of your situation. Draw up an I&E without incomings and outgoings including rent, electricity, food, etc. and your Norwegian debt repayments and then offer to pay them a certain amount each month. If they refuse to accept this then you know where you stand. You can either somehow try to continue to make the repayments or just stop paying them and wait for them to declare you BR. |
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Deedee
New Member
United Kingdom
60 Posts |
Posted - 06 June 2009 : 19:05:27
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| If you have not had any contact with any of your creditors in England fo more than 6 years then the debts become unenforceable and can't be chased unless any of them have sucessfully got a CCJ. |
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living and working in Norway for the last 8 years
