Bankruptcy and dealing with it while outside the UK

Gazza1970

Help please,

I have a house in Scotland that Was getting rented from a family member, we had a bit of a fall out they have now left my property. I am unable to cover the mortgage and secured loan. Mortgage and loan not been paid for since January 19. I hadon't an estate agent value property in February 19 and house needs work on it.

Property will fall short on what I owe.
I have read not to send keys to mortgage company, really not sure what to do as I am the other side of the world. I have family in England.

Thanks for advice.

Minkym00

Do you live abroad permanently? Are you planning to return?

You can’t declare bankruptcy in the UK if you don’t live here. But there’s nothing stopping you declaring bankruptcy in the country you live in. However bankruptcy restrictions can be far more onerous in other countries.

kazwookie

Gazza1970 wrote: »

Help please,

I have a house in Scotland that Was getting rented from a family member, we had a bit of a fall out they have now left my property. I am unable to cover the mortgage and secured loan. Mortgage and loan not been paid for since January 19. I hadon't an estate agent value property in February 19 and house needs work on it.

Property will fall short on what I owe.
I have read not to send keys to mortgage company, really not sure what to do as I am the other side of the world. I have family in England.

Thanks for advice.

Why not rent it out to someone else?

Sell it?

Move back to the UK and live in it?

Gazza1970

Estate agent valued property and it needs abit of modernisation but is in good condition. I don't have the money to do upgrade for selling or renting. I have read that I shouldn't just send the keys back or sign anything.

I was given a few weeks notice from family member. Really has turned into a right mess.

Looks like I won't be returning back to the UK any time soon. I don't have any extra money to give them and no savings. Just working to get by.

silvercar

Speak/ email the lender, just because you are the other side of the world doesn't mean you can't communicate.

Aim to transfer the mortgage to an unsecured loan by getting their agreement to sell the property in the state it is in. At least that gets the property out of your hands.

Then you only have unsecured loans to deal with. If you default on them then that is the worst that can happen.

Annie35

Do you have the money to pay the estate agents & sols?

You absolutely can just send the mortgage co the keys & they will deal with everything, sell the property, pay the fees etc. Absolutely.

They will bill you at the end & the debt will be higher then if you dealt with it yourself (& your uk credit will be shot by the default but that is no different to just not paying now!)

But if you are abroad there may be little else they do but send you a statement time to time. If you decided to return to the UK you could think about the debt then

debt_doctor

Hi,

You should consider all of the options above and get advice from a debt charity. Here is some information about becoming bankrupt in England & Wales whilst living elsewhere.....

https://www.nationaldebtline.org/EW/factsheets/Pages/bankruptcyandforeignissues/bankruptcyabroad.aspx

DD