Going forward after BR

Decry

Hi all, I have a few worries. I moved here 3 years ago to be with my partner, I have a job and we have a child. We would like to buy our own place one day. However I moved from Ireland leaving a mass of collapsed property debt behind. I Just bought before the bubble burst and boy did it burst! It's practically impossible to go bankrupt in Ireland as you have to go through an IVA first so am thinking about going through the much simpler UK bankruptcy process to get rid of the Irish debt. However I am worried this will prevent myself and my partner ever buying a house in the UK in the next 6 years at least. Is this the case? Or at a much higher interest rate. Could I just leave the debt there and carry on with my new life here or would they catch up with me eventually? Just don't know what to do for the best. I have a full clean credit rating here in the UK (I wouldn't being writing off any UK debt) and don't want to mess it up but want to get rid of the Irish debt.

Decry

me again! Been thinking about it, Basically if I go bankrupt in the UK to get rid of past Irish debt, does it show up on my credit score and effect my credit rating even though I have never defaulted on a UK debt?

cheers,
D

Birdie23

Hi D

Not sure if I can be of much help but didn't want to read and run. I'm from Ireland too, but lived in NI for a number of years and like you got badly stung in the property crash! As we were in NI we had to declare bankruptcy there (we've since moved to England). Personnally if I was you, I wouldn't go bankrupt here to get rid of ROI debts as you will be declared bankrupt here and when it comes to mortgages etc you won't get one! And I don't think anyone in ROI is going to chase you, when there are so many of us in the same boat. Obviously if you want to go back to Ireland in a few years it'll be a problem then.

Not sure if that's any help, hopefully someone with better knowledge will come along.

Best of luck.

dancingfairy

Hi you might not get many answers as obviously yours is not the most common situation. It might be worth speaking to someone at StepChange to go through your options. If they can't help then they might be able to suggest a similar organisation that would help with the Irish debts. I don't know whether you can go through the Irish system living here or not.
df

alastairq

Hi..as far as I can recall, petitioning for BAnkruptcy in the UK doesn't dispose of debts originated in another country.

However, the UK BR does mean that creditors from another country cannot pursue you for the debt, in the UK itself.

They can, however, pursue you for the debt within ..for example, the ROI.

So be careful if you return to the ROI?


You cannot choose what debts are covered in a UK Bankruptcy, and what are not.

The UK Bankruptcy covers all unsecured debt [originating in the UK?]....regardless.

So, if you do owe an unsecured creditor, then that debt will be included in a UK BR regardless.....

There are also strict rules with a UK BR regarding the 'favouring' of creditors.