IVA and the Isle of Man

jlukek

Good day to you all-
A year ago to the day I had 4 credit cards. I only used one- an Amex- and the others were put aside building up my credit score. Life was good. I ended up separating from my partner, who proceeded to max out the other three cards without my knowledge before departing back to Ireland where I cannot press charges. I ended up taking out two more cards to transfer the balances to buy me more time- but unluckily for me my Boss disappeared a few months later and the business dissolved. My debts staggered over the next 8 months as i struggled to pay off the minimum amounts (around £1200 a month) whilst the interest sky rocketed. I considered suicide. It was a dark place.
Then I read about IVA's and decided that was the best action for me. During this time I was offered a job opportunity in the Isle of Man (I didn't even know where it was at first) and have since moved over here.
Now I've heard that with the IOM being ring fenced and Bailiffs cannot operate here, I can move completely and ignore all threats for the next 6 years.
Morally I feel that the debts should be repaid even though for the most part they were not my fault, but legally it is something to consider.
Do i cancel the IVA and start to rebuild my credit on the IOM or do I proceed with an IVA? Thanks!

Brock_and_Roll

The information you have about the IoM is incorrect. Overseas judgements (which ultimately is what you will get against you if the IVA fails etc) can be enforced.


See:


Enforcement of Overseas Judgments

Judgments of overseas courts are enforced in the Isle of Man using either:

1. the Judgments (Reciprocal Enforcement)(Isle of Man) Act 1968 (!!!8220;the Reciprocal Enforcement Act!!!8221;); or
2. the Common law.

The Judgments (Reciprocal Enforcement)(Isle of Man) Act 1968 (!!!8220;the Reciprocal Enforcement Act!!!8221;)

The Reciprocal Enforcement Act applies in respect of money judgments from the superior courts of the United Kingdom, Italy, Jersey, Guernsey, Israel, Suriname and the Netherlands.
The judgment creditor can apply for the overseas judgment to be registered in the Isle of Man High Court at any time within 6 years of the date of the judgment, or where there has been an appeal within 6 years of the date of the last judgment in those proceedings.
The judgment must be final and conclusive and not be in respect of taxes, a fine or a penalty.
Once registered the judgment has the same force and effect as if it were a judgment of the Isle of Man High Court.
The application is made by claim form and may be made without notice to the judgment debtor. The application must be supported by written evidence exhibiting the judgment together with an English translation if the judgment is not in English.
The written evidence must include the grounds upon which the judgment creditor is entitled to enforce the judgment, the amount of the judgment that remains unsatisfied and the interest sought.
In addition the written evidence must also :-

1. confirm that the judgment can be enforced by execution in its country of origin;
2. confirm that the registration could not be set aside under the Reciprocal Enforcement Act (discussed below);
3. confirm that the judgment is not a judgment to which section 5 of the Protection of Trading Interests Act 1980 (an Act of Parliament) applies (this seeks to prohibit the enforcement of judgments for multiple damages);
4. where the judgment contains provisions that cannot be registered the evidence must set out the provisions to be registered.

Once the judgment has been registered the registration order must be served upon the judgment debtor. In the case of an individual service is effected by delivering the registration order to him personally or in such other manner directed by the court. In the case of a company service is effected by leaving it at or posting the registration order to the company!!!8217;s registered office. Where the company has abandoned its registered office service can be effected by posting the registration order to the last recorded addresses of the directors.
The judgment cannot be enforced before the end of the period within which an application to set aside the registration can be made which is generally between 14 and 21 days.
Where the Reciprocal Enforcement Act applies to a judgment no proceedings for the recovery of a sum payable under that judgment can be dealt with by the Isle of Man courts until the judgment has been registered.

jlukek

Thanks Brock- just as a side note I only moved in the last week or so, so the only address/details my creditors have for me is in the UK. I was advised that under the Limitations Act it was simply a matter of staying away for the due amount of time?

[Deleted User]

Not really, unless you mean until death.

Assuming they get a CCJ for you within the 6 years, the debt will remain enforceable.