Debt in Germany now living in Uk

[unclebulgaria67]

Ok - can you only earn a certain amount after bankrupcy or can u continue earning the same amount regardless of bankrupcy ?

This is a complete mindfield sorry for all the questions

 

I think all that happens is that he sits down with an insolvency practitioner. They run through details of income/expenses/assets/debts. It he has no assets such as property to sell, it then just a case of working out what he could afford to pay creditors. An offer is them made to pay the relevant amount over a period.

 

Not an expert on bankruptcy. But have read that if you get a really good local bankruptcy practitioner, it can be a better experience that you thought it was going to be. I read recently of a lady who thought she would have to cancel mobile phone contracts and other things which might be considered discretionary spending, but she was allowed to keep much of her basic spending commitments. ]

 

Your partner is going to have to find someone who can handle the bankruptcy and to ask them for the information. It might be the case that because it involves German debts as well, that it might cost more to go bankrupt.

[Gdb]

Ok thank you again for all your advice - really really helpful

[oleg]

Your partner has no assets or disposable income. He has no realistic prospect of being able to repay, at least not for the foreseeable future. In his position I would cease attempts to continue. No more contact, no more payments.

 

Plenty of threatening letters may ensue but he need do nothing unless / until a claim form or statutory demand is served. The worst that could happen is bankruptcy but that is highly unlikely as a creditor will not spend money on bankruptcy proceedings when they will not get anything back.

 

I know you are keen to wipe the slate and get on with your lives but I just present this as a viable alternative. All you need is the nerves to ignore [empty] threat letters. Look on the bright side, statute bar of just 3 years: English debtors will be green with envy.

 

The one caveat I would caution in this case would be to delay any censure action against the lenders until S B unless you are confident of being able to do so without compromising your no-acknowledgment stance. It can be done, but you would have to tread very carefully. It would be easier to wait or drop it, depending how strongly you feel.

 

If you sense prospects of lush compensation, you may wish to pursue but do not make the mistake of assuming that the German regulatory regime is more or less the same as that of the UK. It isn't: you'd find a steep learning curve to negotiate.

 

I am not seeking to counter all the steps which Uncle B has outlined. That is a sound and valid strategy. I merely wanted you to be aware that there is another way.

[unclebulgaria67]

Your partner has no assets or disposable income. He has no realistic prospect of being able to repay, at least not for the foreseeable future. In his position I would cease attempts to continue. No more contact, no more payments.

 

Plenty of threatening letters may ensue but he need do nothing unless / until a claim form or statutory demand is served. The worst that could happen is bankruptcy but that is highly unlikely as a creditor will not spend money on bankruptcy proceedings when they will not get anything back.

 

I know you are keen to wipe the slate and get on with your lives but I just present this as a viable alternative. All you need is the nerves to ignore [empty] threat letters. Look on the bright side, statute bar of just 3 years: English debtors will be green with envy.

 

The one caveat I would caution in this case would be to delay any censure action against the lenders until S B unless you are confident of being able to do so without compromising your no-acknowledgment stance. It can be done, but you would have to tread very carefully. It would be easier to wait or drop it, depending how strongly you feel.

 

If you sense prospects of lush compensation, you may wish to pursue but do not make the mistake of assuming that the German regulatory regime is more or less the same as that of the UK. It isn't: you'd find a steep learning curve to negotiate.

 

I am not seeking to counter all the steps which Uncle B has outlined. That is a sound and valid strategy. I merely wanted you to be aware that there is another way.

 

This is also valid, however, if creditors did take forward standard court proceedings, before the debt is statute barred, then there could be hassle dealing with this and possibly costs, if you need Lawyers. It is then trying to include the court judgements and other debt in a bankruptcy. It may be more complicated.

 

Given that the debts exceed £30k, I should imagine that the creditors will take some action. Atleast bankruptcy by your partner allows you to move on and you would not be waiting for creditors to take the action.

[Gdb]

Hi thank you for your comments - my partner telephoned the bank a few weeks ago to ask for the loan to be extended due to the stress....does this void the non acknowledgement side? Are u suggesting we simply ignore all letters? What if they send bailiffs round to my house? How can we live or move forward by just ignoring this? My point was that they lent him 50k in 7 months knowing he was working part time and a single parent... Is this normal?!?! Have they not broken affordability and irresponsible lending rules?

[unclebulgaria67]

Hi thank you for your comments - my partner telephoned the bank a few weeks ago to ask for the loan to be extended due to the stress....does this void the non acknowledgement side? Are u suggesting we simply ignore all letters? What if they send bailiffs round to my house? How can we live or move forward by just ignoring this? My point was that they lent him 50k in 7 months knowing he was working part time and a single parent... Is this normal?!?! Have they not broken affordability and irresponsible lending rules?

 

Not if it were just a phone call. Bailiffs can only act with legal legitimacy, if there is a court judgement.

 

That is what they suggested, which is to ignore and hope that they don't take any action for the required period of atleast 3 years. For a debt of that value, I personally would advise against this 'head in the sand' non action. I suspect that the creditors would get a court judgement in Germany and try to get it transfered to a UK court for enforcement.

 

Up to your partner to now look into the options and decide the action he wants to take.

[Gdb]

I am so confused !

Edited October 6, 2014 by Gdb
Duplicated

[Gdb]

There is no way i can just ignore this its way 2 stressful and probably not going to help me because i know it will come bk and bite us in the arse - how cd he visit Germany if he needed to in future he may get arrested ? There are way 2 many issues around ignoring?

[unclebulgaria67]

There is no way i can just ignore this its way 2 stressful and probably not going to help me because i know it will come bk and bite us in the arse - how cd he visit Germany if he needed to in future he may get arrested ? There are way 2 many issues around ignoring?

 

You cannot be arrested for a civil debt. Debt was decrimalised in Europe many years ago. So no problems at airports.

 

If he owed money to the German government e.g taxes that would be a different matter.

 

Some people do ignore debts and they manage to get away without paying. But this is not a great idea anymore, as creditors are becoming better at enforcing debts. There are now loads of Lawyers out there who chase debts and will take action on behalf of creditors.

 

My advice would be for partner to look into bankrupty and if it is the best way forward, then to go for it.

[Gdb]

Yes i agree but i also feel so strongly about the bank and the way they lent this money to him that i am going to make a formal complaint, whether or not the German ombudsman feels that we have a case or not i still want to complain. I will advise that he goes for bankruptcy but i am going to ask for the debts to be wiped first on the basis of my complaint, or at least investigated first.

[unclebulgaria67]

Yes i agree but i also feel so strongly about the bank and the way they lent this money to him that i am going to make a formal complaint, whether or not the German ombudsman feels that we have a case or not i still want to complain. I will advise that he goes for bankruptcy but i am going to ask for the debts to be wiped first on the basis of my complaint, or at least investigated first.

 

Yes makes some sense. I don't know how the German ombudsman works. Don't leave it too long. If your partner wants to pursue bankruptcy in the UK for German debts, I think he has to do this within 3 years. After that, I think he would have to go through the German bankrupty system by visiting Germany.

[Gdb]

Ok i hear you thanks again

[gerson]

Hi Gdb,

 

I posted a document on German debt process here (post #53)http://www.consumeractiongroup.co.uk/forum/showthread.php?333134-Uk-citizen-with-debt-in-Germany-please-help.&p=3674780#post3674780

 

Hopefully it will help you understand the process in DE

 

Viel Glück

[Gdb]

Hi Gdb,

 

I posted a document on German debt process here (post #53)http://www.consumeractiongroup.co.uk/forum/showthread.php?333134-Uk-citizen-with-debt-in-Germany-please-help.&p=3674780#post3674780

 

Hopefully it will help you understand the process in DE

 

 

 

 

 

 

Viel Glück

 

 

Thank you very uch