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Hi,

 

Due to my own poor and inexperienced business decisions, being too generous with customers particularly in this economic climate I have been forced to close my business. I am/was a sole trader. I now work in Asia and have no plans to return to the UK at all. The job I have, for the moment, is enough to survive here and contribute with payments to my ex wife for my sons upbringing but not pay the debts I have in the UK, either business or personal. I think I will earn more as time goes by but right now this is all I am able to cover realistically without going into serious hardship. Much as I tried to keep up payments on all personal and business debts, eventually at the end of last year it became obvious that it could not be done.

 

I would barely be able to spare £50 a month to all my combines creditors and think it is very unlikely that they would accept any offers. Further down the line I would be able to increase payments but am wondering if I would be better off going down the route of bankruptcy from abroad. I have spoken to national debtline and they say try and negotiate with the creditors or go for bankruptcy but be very careful which company I choose to do this for me.

 

On the personal debt side of things, I think it would be possible for me to negotiate considering I am in a non reciprical country and I think they would either accept or if not then I doubt very much for the amounts involved it would be worth them pursuing me, if indeed they can. I will summarise these below and would welcome any advise. After this I will go to the business debt and the one Debt collector I am concerned about and would be expecially interested to know what people think. Many of the personal debts are now with debt collectors.

 

PERSONAL DEBT

 

CREDIT CARDS

 

BARCLAYCARD £4000

 

MBNA £5000

 

LOAN

 

SANTANDER £1500

 

OTHER

 

VODAPHONE £1200

 

OVERDRAFT BARCLAYS £500

 

In regards my business debt, I owe one of my suppliers about £12,000. I was paying them off as much as possible but not enough as far as they are concerned and my debt has been passed to a specialist business debt collector and is now increasing with interest being added. This collector has offices all around the world and collect debts both in the UK and obviously internationally. Now that this company is involved it has made me consider bankruptcy as opposed to trying to negotiate whatever small payments I am able to offer as I do not feel they would accept them. I am concerned about what they can do to me in the country where I am now. I have no assets in the UK and no money for them at this point but this may change in the future.

 

Would bankruptcy be the best option or making a token offer. Should I reveal to all the creditors where I am? In doing so it would hopefully stop any visits or calls and letters to the address in the UK they have for me, where family members reside.

 

Any advise much appreciated on all aspects.

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Any UK assets ?

 

Any joint financial contracts with your ex-wife ?

 

I suspect that if you don't give your foreign address, they will hassle your ex-wife at some point, as they will see a link from your credit record. If there is any UK CCJ in your absence, they could try to enforce and bailiffs could attend her house trying to obtain payment.

 

You are always best to advise all creditors of your foreign address, as they can only apply for CCJ's if you are resident in the UK. They can apply for your bankruptcy in your absence, but they would have to serve the relevant paperwork to your foreign address. Advising of your address, should stop the problems with the ex mentioned.

 

Without any court judgement in the UK, they cannot touch you where you are living abroad. They can pass to debt collectors, but all the can do is enquire whether you want to pay or not.

 

Given your situation, I would suggest that you discuss your position with a debt registered charity such as Step Change (formely CCCS) and then you can see whether bankruptcy is an option you wish to pursue.

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Hi underpressure1,

 

In the event that you'd like some assistance with the Vodafone side of things you're welcome to email me with your details via the Contact us form here quoting the code WRT135 - CAG Forum in the subject line.

 

Once sent you'll receive an automated reply with a reference number. To ensure that it reaches me could you update the thread with this and I'll get back to you as soon as possible?

 

Kind regards,

 

Lee

 

Web Relations Team

 

Vodafone UK

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