French Bailiffs failed leaseback scheme

[Frenchnightmare]

Can anyone give us some good advice? We have paid two solicitors over the last few years and it's got us no where. And we are now unsure if we need a French solicitor to see us through the bailiff stage.

 

Our failed leaseback meant we had an unfinished property. We have never been able to pay the E30,000 to finish the property and after about 18 months had to stop paying the mortgage. We tried to negotiate with the bank but to no avail.

 

Now it's gone to bailiffs. We have had the first letter from the bailiffs. The debt is 140,000 Euros.

 

We had to sell our UK property in connection to this disaster, so we now have no significant assets.

 

I have drafted a letter with two options: 1) trying to offer a payment scheme and 2) offer of them taking our unfinished apartment which wont be worth much but will be something - maybe 40,000E.

 

Have I done the right thing? I haven't yet sent it... We are reluctant to go bankrupt but this has been hanging over us for three years now. Should we just stick it out a little longer and hope the bailiffs will liaise with us? Might they just turn up and try take our possessions?

 

If it goes to court in France - do we need to attend or must we take on a solicitor in France?

 

Is this all worth it? Should we just go bankrupt?

 

Has anyone been through this and come our the other side?

 

We just want to move on with our lives, yet also we dont want to have to bankrupt.

 

Just can't see a way out...

 

Please help! Thank you so much in advance for any advice.

[unclebulgaria67]

Sounds like this debt could keep on increasing with interest and charges. Suggest you get proper debt advice about bankruptcy, as I think this may best option, unless there is a better way within the French legal system. I am sure there are Solicitors in the UK, who have knowledge of the French legal system. The law society will have details of who might be able to help.

[Frenchnightmare]

Thanks for such a speedy reply! I guess we are hopeful we could negotiate our way out of it. But I don't know how realistic that is. Bankruptcy seems such a tragedy.

We have tried UK solicitors who never got anywhere. We could try again. We are in touch with, who appears to be, a knowledgeable French solicitor - but it's all so much money and we just dont have it.

Does anyone know if French bailiffs are open to negotiation. Maybe only time will tell?

If we go bankrupt are we 100% safe? Will it all go away?

Thank you!

[unclebulgaria67]

Thanks for such a speedy reply! I guess we are hopeful we could negotiate our way out of it. But I don't know how realistic that is. Bankruptcy seems such a tragedy.

We have tried UK solicitors who never got anywhere. We could try again. We are in touch with, who appears to be, a knowledgeable French solicitor - but it's all so much money and we just dont have it.

Does anyone know if French bailiffs are open to negotiation. Maybe only time will tell?

If we go bankrupt are we 100% safe? Will it all go away?

Thank you!

 

I think you can declare bankruptcy here in the UK or in France, as there is some EU wide allowance for this. But you would need to know pros and cons of which route to take.

 

Have you thought about talking to Stepchange the debt registered charity, as I believe they may be able to put you in touch with people, who have more knowledge on bankruptcy and foreign debts.

 

Don't know much about French bailiffs or their legal system. I think it is quite a lot different to the UK. Bankruptcy would release you from debt, but only after the relevant period.