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Bankruptcy Nightmare - Abroad PART 2
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not in a serious way, at elast.
If you have no assets, no surplus income, what can they do?
I suspect they will pursue until it is [legally] obvious nothing will be re-paid....then they can off-set the apparent debt against tax.
Whilst the debt is 'live', they cannot do that.
To be honest I thougth they would hassle me at work in my new country? Can they come for me and take my wages off me? Bare in mind I get about the equivalent of 750pounds a month, my rent is 200 pounds a month. So will they sell the debt on to someone? I mean the laws here will be different that in the UK. If i wa not getting married id of sent the keys back. People have said just hand the keyrs back but surely its a wolrd of pain afterwards?
No i have no assets here and i rent also. I literally own nothing bar an old computer.
If I give the house up now im sure the shortfall will be high. I presume that the housing market will go up and up although we all see no sign im sure it has to. Is it worth letting these tennants pay my mortgage and make keep them on. theyve already asked if they can stay a further 6 months. So if this situation did arrise again then surely it will be less financially painfull in the future as prices rise.
Thanks Again...0 -
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If you keep the tenants, can you afford to cover any maintenance issues that arise?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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SeniorUnit1 wrote: »when will it end being live? surely if £30 odd K is at risk they will go to the end of the world and back to get it?
They can sell the debt to a collection agency and close their books.
Most likely case is that they repossess and sell the property, then they start chasing you to agree a repayment plan for the shortfall. So you have some months of freedom, then you communicate with them. Agree xx per month and get on with your life.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If you keep the tenants, can you afford to cover any maintenance issues that arise?
I receive 525, I receive 470 after paying the lettings company (full management scheme), mortgage is 400 included the arrears. So yes in a sense i can. Because ive stopped paying by bank loand of 110 a month. (1600 left).0 -
They can sell the debt to a collection agency and close their books.
Most likely case is that they repossess and sell the property, then they start chasing you to agree a repayment plan for the shortfall. So you have some months of freedom, then you communicate with them. Agree xx per month and get on with your life.
can it be in the region of about 25 quid,Ie do they have to take what I offer?. seriously is it possible?0 -
SeniorUnit1 wrote: »can it be in the region of about 25 quid,Ie do they have to take what I offer?. seriously is it possible?
They don't have to take what you offer. They will ask you for details of your income and outgoings and try to agree a suitable repayment plan.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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