Should i declare bankruptcy?

[donoharm]

Dear cag,

 

I have significant debt in UK. I am overseas and has been 4 years since the default. My house was repossessed.

 

1-Is it worth declaring bankruptcy now. what are the pros and cons?

 

2- If i were to declare bankruptcy and came to work in uk ,i am worried that i will not be able to open a bank account with out which i will not be able to get paid among other difficulties. any solution to this problem?

 

3- What if i continue to work overseas for another couple of years and then come back, will that change anything?

 

I really need some sound advice on how to plan my future.

[unclebulgaria67]

I don't think you can. I think the limit for declaring bankrupty in the UK from abroad is 3 years.

 

You will be able to open a basic UK bank account to have your wages paid into. If you search online for basic bank accounts you will find details.

 

Property related debts can be enforced in court for 12 years. Other debts can be enforced in court for 6 years.

 

If I were in your position, I would contact Experian to obtain a copy of my credit record, which I think costs £2 plus the cost of sending it abroad. You have to complete a form and provide proof of indentity, so they can action your request. I would then come back to CAG to supply rough details of all the debts, so that they could advise me further.

 

You need to know what is happening with all debts at the moment, before you can get advice about what the best course of action is.

[BRIGADIER2JCS]

Repossession short falls: The Council of Mortgage Lenders has stated that its members will not pursue such short fall debts after 6 years if there has been not contact made with the debtor for 6 years.

 

This is to bring such debts into line with other debts on which the limitation period is 6 years.

[donoharm]

If I were in your position, I would contact Experian to obtain a copy of my credit record, which I think costs £2 plus the cost of sending it abroad. You have to complete a form and provide proof of indentity, so they can action your request. I would then come back to CAG to supply rough details of all the debts, so that they could advise me further.

 

You need to know what is happening with all debts at the moment, before you can get advice about what the best course of action is.

 

Thank you for the quick reply.

 

I have a recent report from equifax. Most of my debts default date from 4 years ago.

 

A few have been sold to what i think is a credit collecting agency called PCO Holdco S A R L.

 

My mortgage account now shows as settled.

 

I had one CCJ and a full and final settlement was reached on it.

[unclebulgaria67]

Thank you for the quick reply.

 

I have a recent report from equifax. Most of my debts default date from 4 years ago.

 

A few have been sold to what i think is a credit collecting agency called PCO Holdco S A R L.

 

My mortgage account now shows as settled.

 

I had one CCJ and a full and final settlement was reached on it.

 

Debt purchasing company - SARL

 

Mortgage settled or just the account cancelled off the mortgage companies records and passed for debt collection. Was there a shortfall after the sale of the house ? i.e do you think you owe money due to the repossession, as the sale price would not have covered the mortgage, plus their costs.

 

In your position, I think I would stay away from the UK for a couple of years, unless I could clear up the debts sooner. If you don't then the risk is that as soon as you have a UK address, these debts will come out of the woodwork.

[BRIGADIER2JCS]

SARL Societe a Responsibilite Limitee a company limited by the contributions of its members, shares are not 'openly' traded.