Bankruptcy from Abroad

badgerdan

I've been discussing this with an official at bankruptcy from abroad website and he believes that going bankrupt is the better option for me as I'd be debt free in 12 months where as an IVA would be 5 years of payment etc plus I'm not living in the UK so would'nt be that noticeable.

He also said to me that as I'm living in another country it won't appear on my credit history here and says he knows of many people who buy a house in another country while being bankrupt in the UK; does anyone have any first hand knowledge of this?

Ineedaname

You may be debt free in 12 months, but did your advisor mention the possibility of you having to pay an IPA for 3 years? If you have more than £20 surplus per month over and above the allowances the OR agrees with you, then it's something to consider.

As I understand it the BR will only show up in the country where you petitioned. I don't think countries search each other's BR files as a standard practice.

philnicandamy

and the chances of further credit once discharged would be zero for 6yrs..

which country are you based in?

thefoolonthehill

badgerdan.

I have thought about this quiet a few times but have yet not gone down that route. When i left the uk my credit rating was shot to pieces. Prior to leaving the uk i was advised by CCCS to go bankrupt, however, as my application to emigrate was under way at that time i decided against it as i was not sure if it would affect my application.

I have been abroad 4 years now and have a car loan and a mortgage, granted i was not bankrupt prior to leaving but i would never have got these in the uk.

badgerdan

Thanks for your replies. Ineedaname, I didn't realise that about paying an IPA for 3 years, I'll get him to clarify that with me.

philnicandamy I'm in Norway and having no chance of credit for 6 years in the UK wouldn't be a problem as I'm not living there anymore.

thefoolonthehill do you pay anything to the creditors in the UK? I'm only paying two out of five (the ones that accepted my minimum payment) but the others don't get anything as they never answered me when I offered them a smaller payment.

I'm really stuck as to what to do, don't want to go bankrupt but can't afford to pay the usual amount per month; I owe £18,000

thefoolonthehill

badgerdan wrote: »

Thanks for your replies. Ineedaname, I didn't realise that about paying an IPA for 3 years, I'll get him to clarify that with me.

philnicandamy I'm in Norway and having no chance of credit for 6 years in the UK wouldn't be a problem as I'm not living there anymore.

thefoolonthehill do you pay anything to the creditors in the UK? I'm only paying two out of five (the ones that accepted my minimum payment) but the others don't get anything as they never answered me when I offered them a smaller payment.

I'm really stuck as to what to do, don't want to go bankrupt but can't afford to pay the usual amount per month; I owe £18,000

I don't anymore. i got a tax return and offerred them all F&F. only one accepted. the other two ignored my offers. I was on a dmp for the first two years but stopped as the cost of the bank transfer was ridiculous.

Obviously the debt is still there and if they track me down i will start making payments again, only if they can provide the cca tho!

badgerdan

I had set-up automatic payments within my bank account over here every month to the 2 that accepted my offer but for 2 months it stopped working and I didn't notice as had no error messages and the company then "sold" my debt to an agency here; that obviously really sucked as they aren't that nice and every 2 weeks started charging me for not paying the total amount!!!!!

So beware as if they do track you down then they'll sell it to someone there

I managed to sort it out and carried on payment with the company in England so the one here !!!!ed off; think it's quite expensive for them to then "sell" the debt here so they were ok with me just carrying on; but could have also been because I told the Norwegian company I was moving back to the UK in the summer and asked what was best to do; they then changed their tune and just said they think it's best I take contact with the original place. phweeee!

Ninkynoo_2

You have to have been a permanent resident in the UK in the 3 years before applying for the bankruptcy and you have to attend that local court to submit your statement of affairs. You would also be expected to attend the insolvency service office for an interview and may have to provide proof of the residency in the UK.

debtinfo

Ninkynoo wrote: »

You have to have been a permanent resident in the UK in the 3 years before applying for the bankruptcy and you have to attend that local court to submit your statement of affairs. You would also be expected to attend the insolvency service office for an interview and may have to provide proof of the residency in the UK.

I'm afraid that this information is very out of date

OP - How long have you been out of the UK

Ninkynoo_2

debtinfo wrote: »

I'm afraid that this information is very out of date

OP - How long have you been out of the UK

Been out of UK for 6 months but checked the info on Insolvency Service website today so very much up to date information.

debtinfo

which bit? point us in that direction