Living in uk - does a Brexit make it more difficult for bank to chase debts?

A

Adecco

Registered User
Messages
61
I'm living in uk for last number of years and in big debt - and failed to come to an informal writedown with my bank as I viewed their writedown not enough. Ice decided bankruptcy is a better alternative.

I'm single, I've no assets - but I do have good earnings potential.
All my investment properties are sold. Effectively I've a lump of residual debt to one Irish bank of around half a million euros.

It's possible that while the bank may issue judgements against me, it's also possible they may not bother in practice given I've nothing of substance to give over anyway (at least not right now)

Should the uk leave the EU does this make the job of the bank in chasing me more difficult ? Or does it have any impact at all?
 
Adecco,

In Uk what number of years ? If past 6 and you have paid nought for 6 years ,I think debt is effectively dead (other posters will correct me if wrong)

Brexit is unlikely to have much extra effect in your case.

Suggest spend a few bob on UK Bankruptcy expert , if only to get certainty and move on with your life.
 
I doubt very much there will be a Brexit, it will be a bit like the Scottish referendum, plenty of hype before hand and then a complete u turn on the day of the election.
 
Golly It's been a while since I've been on here.

On this point, debt pertaining to a mortgage can last for 12 years before Limitation kicks in (12 years for the capital element and 6 years for the interest) and before it becomes statute barred.

This is a long time to wait to write off your debt.

As you live in the UK you can apply online to go bankrupt. You will generally get an order from the Adjudicator within a week. I have processed 6 Irish bankruptcies through this new system already. It is a complicated and time consuming form, but the process of then getting your bankruptcy order is very simple.

Even in cases where my Irish clients have not been in the Uk very long, all that has been required is to scan and email in when asked, copies of a tenancy, utilities bank statements and wage slips.
 
You must log in or register to reply here.
Back
Top