IVA/Bankruptcy/moving within EU

[Gingi1]

Hi,

I have a pretty complex situation here. I have 16000 odd debt with my bank and 20000 odd with a credit card. I work in the UK, but live abroad. I am considering filing for bankruptcy. Here are a few questions I would like answered if anyone can help.

1. If I were to declare bankrupt and move abroad, when I finally manage to get straight and buy a property there could they come for any assets I have? I would be moving within the EU.

2. When/if I file for BAnkruptcy, do I have to provide proof of what I pay for rent/food/bills etc,.? As none of these things are in my name (for obvious reasons).

3. I am taking the bank to court to mis-sold PPI and have lodged a complaint with the FO about the credit company (basically they gave me a consolidation loan and should have closed my credit card but instead sent me personal reserve cheques a few months later, leaving the credit limit as it was before, they have since apologiesed for this - fat lot of good that is now) - should I wait for the outcome first as it could drastically reduce my debt or go ahead now?

Any advice appreciated

[payingonlyencouragesthem]

Your best bet would be to avoid bankruptcy like the pox and ignore these debts as they won't be able to chase you if you live overseas. They won't be able to get a charging order on an overseas property in a UK court either so such drastic action is totally unwarranted.

[Gingi1]

But I would still be employed by a UK company and have a UK salary - can they get a payment order on that?

[payingonlyencouragesthem]

Originally Posted by Gingi1

But I would still be employed by a UK company and have a UK salary - can they get a payment order on that?

If they sued you they could theoretically ask the court to make an attachment of earnings order - if you didn't pay the installments the court set. However the chances of being sued when you not showing up on the UK Land Registry as a homeowner are small. I would ignore them until they sell the debts and then CCA whoever buys them for a copy of the original credit agreement. Come back here for advice if things don't go to plan. Even if you are taken to court you would only be told to pay what you can afford.

[Gingi1]

One of the banks has already passed the debt to 'Metropolitan' - had any dealings with them?

Any Advice, could this affect a criminal record check in the future?

[sequenci]

A uk court judgement can be enforced overseas, either via a european enforcement order or via an order with any county the uk has a reciprocal agreement with. Many judgments are enforced overseas, especially in Europe.

If you are considering bankruptcy, you should check with the embassy for the country you are thinking about moving to ensure there are no implications and restrictions with moving.

Metropolitan are in-house to HSBC/First Direct. Same firm.

[Gingi1]

Thank you. I am thinking about bankruptcy. What happens though? I have read so many conflicting stories, some say the judge will order payments for three years, others say you will be discharged after a year, what exactly can I expect and what is the first step? Also as I made an arrangement with the banks a few years ago and they continued to charge me interest so in the end I have made loads of payments but the debt has not reduced, will the judge take that into account?

Any advice appreciated

[sequenci]

have a read of this factsheet, it should answer all your questions.

National Debtline England & Wales | Debt Advice | Factsheet 01 Bankruptcy

the payments for three years having nothing to do with when you are discharged, your sources are correct, most people are discharged within 12 months (providing there has been no dishonest or unfit conduct)

take a read of the factsheet and pop up any other questions you may have!