Thank you both and also thanks for the link I will be calling them today.

Thank you for getting back so quickly. I have another question. A family member (nephew) gave me 60K pounds which is also tied up in my house but he is not on the paperwork. Can he put a charge on my property for the full amount and then at least if we are forced to sell he will at least recover his money second after mortgage. Could he file bankruptsy against us and just leave a charge on the property indefinitely ie to be repaid one day.... He would be in agreement with this if it was possible. I dont really understand what the procedure is after bankruptsy is filed. Does the creditor filing the bankruptsy get priority claim? What would happen if I sold everything now before anyone has filed anything against us and lost the cash left over?. Thanks again in advance

Hi All. I have been reading all other threads in similar situation so have some insight but would like advice on my situation. In brief. Had Ltd Company in Oz that collapsed due to credit crunch. Managed to sell business on to largest customer for enough money to pay off all my suppliers but not the bank. Left Oz 2010. I have around $300 000 AU in unsecured debt of credit cards, a car loan (car returned and balance outstanding after they sold it) and an unsecured line of credit with Bank. The debts all have my husband and myself as guarantors. The Car company has registered a debt of 35000 with the magistrate court in OZ and I have received notification in post here in uk. I have no doubt they and others will come after us for the rest so want to be prepared. My UK situation is house with 20% equity and a mortgage. Leased business. Both in joint names. Never ever had a bad debt previously in Oz or UK. My questions are these Will UK bankruptsy clear Oz debt? If it is included and we go bankrupt now and they chase much later will this still be covered? Will bankruptsy effect my current business and loans if they are all clean and up to date? We wanted to declare bankruptsy in OZ but were scared they wouldnt let us leave the country. We have dual passports. Do you think it could be an option to return there, do it and then leave after paperwork done? When they do chase, can they make you sell your house if there is no equity in it and there are first charges with another bank in place ie my mortgage in uk meaning they wouldnt get anything? I do have lots of other questions but will start with these so thanking you in advance for taking the time to respond and look forward to receiving any and all advice.