at wits end! please help!

hunt85

Ok so i've posted about my own situation and its pretty clear cut and i'll be sorting that out soon through bankruptcy. But the issue now is my parents. They have UK credit card and loan debt of approx £140k and they now live in republic of ireland in a house they own worth 240,000 euros with a small 80,000 euro mortgage. They both now work full time there for a financial organisation earning 20,000 euros each. my dad also has a good £1400 per month pension paid into the UK account that all the direct debits to pay the debts come out of each month (their ireland income goes into an irish bank account) they cannot afford it anymore, even after setting up agreements with each creditor, its still too high each month and even when i try and help them cover payments etc they still can't keep up (they now owe me approx £1000) they arr proud people, in denial and not wanting to lose their house/jobs. if it was me i'd sell the house and pay off the debts over here and rent over there, but the house is their only asset and they're desperate not to lose it. I just need some help on what will happen if they did go bankrupt etc, i think its too far gone to consider an IVA - plus i assume thats out if they now live outside the UK. Any help please? thanks. By the way they are in their 50's so not too far off retirement etc if that makes any difference!

dojoman

How long have they lived in the ROI?

debtinfo

yep thats right, they cant use the english insolvency laws, i know its difficult but the obvious answer is to sell the property

hunt85

they have been in ROI for 1 year. how does it work aside from this though? can they not even go bankrupt at all? can they just stop paying and the creditors can't come after them? surely everyone would do this if that was the case?

debtinfo

The can go bankrupt but they would have to do it under irish laws (or move back to the uk for some time) which tend to be a lot sterner than english laws (not that im an expert). The companies can make them bankrupt but again they would need to apply in ROI

some_mothers

My wife has a loan in her name only. It has been a longterm thing, she had it before we got together and is around £8000 left on it.
We moved to Canada two years ago and she continued to pay it although she had no job due to pregancy etc.
After the first year she called the loan company and told them she wouldnt be able to afford it much longer. They told her that there was nothing they could do for her until she had no money and to call back!

she gave her updated address and telephone and they sent her regular statements.
eventually she was unable to pay and she received a few letters of late payment then eventually it went to their debt collection agency. Each time the outstanding balance went down and down. The last offered a 40% discount if paid within 28 days etc.
Strangely the company was from Birmingham but each letter was sent via Germany or Hungary??
The last letter from the debt agency stated that they had been unsuccessful in communicating/obtaining funds with her and they would contact an agency in Canada to call at her address in person.

I have a couple of questions about this.
1. Can a loan agreement in the UK be legally chased overseas?
2. As my wife has no way of paying the remainder of the loan until she starts working again I am wondering if she should file for BR.

Neither of us have any intention of returning to the UK but we dont want to run away from anything.

Thanks in advance.

debtinfo

1. Yes they can, it i more difficult, but if the money is legally owed then they can chase you, they themselves have to decide if it is worth doing.
2. If you have been there for 2 years, then she has 1 year left in which she can still apply for BR in he UK, she can appoint someone to do it for her at the high court in her absence. After that she will be subject to whatever the laws are in canada

hunt85

Bump! thanks!