Bankrupcy abroad with Uk debts

papito

can anyone tell me if Myvesta Uk is a legal company, they claim to be a non-for-profit organization and that canhandle your petition to BR while you live abroad. thanks

shameless-about-money

Yes Myvesta is a legal Company and are absolutely wonderful.

They handled all of my debt management affairs from DMP through to an IVA. I have had not one jot of problem with them. They are friendly and very approachable and work with the top accountancy firms in the business. My IVA was done through Grant Thornton.

They are a not-for-profit organisation, yes. They never charged me one penny piece for my DMP. The IVA fees were dealt with through GT anyway.

You will not go far wrong with Myvesta at all, I can highly recommend them.

plumduff-2

Im pretty sure you have to be in the UK when you file for BR... check the rules on the insolvency service website...

plumduff-2

Im pretty sure you have to be in the UK when you file for BR... check the rules on the insolvency service website...

shameless-about-money

You can file for bankruptcy whilst overseas -


I think that this might help -


Myvesta Foreign Bankruptcy Service

go to https://www.myvesta.org.uk and look down the index under Programmes and Services you will find the link.

This system won't allow me to put the url in to pick it up correctly!

Here is the piece -


"In the past it has been difficult, confusing and very expensive for people who no longer live in the UK to deal with problem debts back home and go bankrupt in the UK. Many embarked on expensive trips back to the UK to petition for bankruptcy, or did nothing to resolve their financial situation back in the UK after they moved abroad.

Recognising the hardship that this situation has caused, Myvesta has created an inexpensive solution that provides people who have lived outside the UK for less than three years with affordable personal representation in the High Court to submit bankruptcy petitions on their behalf.

So this now means that if you are unable to meet the obligations on remaining UK debt there is no need to return to the UK to deal with this situation or ignore the debt any longer.

Through this service you will receive experienced and expert lay representation in the High Court in London to submit your case, a year of unlimited telephone support and advice and the confidence in knowing that you are in good hands.

Often time is of the essence in these cases so we urge you to not delay in utilising this service as quickly as possible. Putting together these long distance cases often takes longer than anticipated and we don't want you to miss any critical deadlines. "

plumduff-2

Copied the following from DebtQuestions (FAQ's)...








I am now living overseas – what will happen to my debts in the UK?

Ideally you should have dealt with all of these matters before leaving and the usual long term result for moving to the abroad leaving debts in the UK is that the creditors sell the debts on to local firms who can use the local legal system against you which can be anything from 6 months to 6 years to come to fruition. So the fresh start and new life you are building for yourself will one day be at risk.

If you have already moved (and do not have any substantial assets) you might consider returning to the UK to present your own bankruptcy petition here under UK law. You would have to present yourself at the High Court office in London with the necessary forms (available from https://www.insolvency.gov.uk). The present cost for petitioning your own bankruptcy is £390.00 rising to £450.00 or more from April 2004.

You would only have to stay in the country a few days just enough to visit the Insolvency Services offices and have an interview with the examiner dealing with your case. They will want to know who you owe what to and why your circumstances changed so that you could not afford to maintain your debts. The only remaining issue would be whether you personally (not your partner) have any surplus income to repay your debts each month once you have met your essential expenditure. If you have then they will ask you to pay between 50% and 60% of it to them for up to 3 years. If not then you will not have to pay anything further at all.

You have the option to do this up until the point that you have been permanently absent from the UK and resident in another country for 3 years although it is likely that local action will have been started against you long before this deadline is reached.

Once discharged which could be as little as a year away you would be free to build you new life free from debt or worries about any comeback in years to come.

UK credit referencing information does not travel well, if at all, so once your bankruptcy is discharged you should encounter no more problems than normal in obtaining credit in your new place of residence.




I think the thing to think about here... is..... how much are Myvesta going to charge you to do the petition... To do it yourself would cost £450... How much is Myvesta going to add onto this for their costs to fill out the paperwork and take to the court...

Depending on where the OP lives now, it may be cheaper to fly back to the UK and petition themselves than pay some company to do what they could do themselves..

Personally... I have always been informed (and by IP's) that you need to be in the UK to file for BR unless perhaps if a creditor makes you BR...

The Insolvency Service website states this...

Bankruptcy petitions are usually presented at the High Court in London or at a county court near
to where you trade or live. A petition can be presented against you even if you are not present in
England or Wales at that time. This can happen when:
you normally live in, or within the previous 3 years have had residential or
business connections with, England or Wales.
Sometimes government departments start bankruptcy proceedings in the High Court in London or
in one of the District Registries. If you did not trade or do not live in the London area, your case
will usually be transferred to the appropriate local county court and, if a bankruptcy order is
made, it will be dealt with by the local Official Receiver.

I would definately check this out before making any agreement with Myvesta... and look forward to being corrected... ;D

papito

thanks for your comments and advice, actually Myvesta charges £600 to due it for you, and i believe it does not include the other fees (£475 in total).

what about a car I brought to Spain? I cannot sell it here and will be impossible to return it to the UK is has a value of no more than £2000.

I currenlty have DMP, but cannot afford to pay more and creditors are are demanding more payments since I reduced the value to the minimun. I opened an account at HSBC and credit card. I had to used it in Spain due to not finding a wwork and difficuties, if this is not in the DMP, should I pay it first? and cancelled or can I add it to the BR petition?

Thanks again

shameless-about-money

If you wait one of your creditors will make you bankrupt, which will cost you absolutely nothing.

They can still go for your bankruptcy whilst you are out of the country.

The OR wouldn't be that interested in your car at only £2K value anyway.

All you need to do is stop paying your creditors anything at all. It may take them a few months to go for a statutory demand since it costs them a lot of money to do so.

This would leave you just to get on with your life.

I don't know what effect this would have on a bank account you might try to open in Spain, though. Perhaps you could speak to someone there about this.

Hope all goes well for you.

Alba_3

Just to say Myvesta are now saying you can do this up to 3 years only if you live outside the EU and the UK. If its within the EU then you have to have been resident less than 3 months in the other country or you have to go through that country´s courts. to be honest I am a little way of Myvesta. They also told me to do a runner.

I´m now checking with the Insolvency people and Bankruptcy Services.