Steps to take now we have decided to leave for the UK

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Samwise1

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I would like some advise on steps to take, as we have made the decision to leave for the UK, and not return to Ireland. We are originally from the UK, and will be returning with our family, including 2 school going age children.

We plan to be over in the UK before Sept this year for school purposes.

We have been in an agreement with our mortgage lender paying €130 per week, as we are both unemployed (Husband finishing his honors degree in in may)

We will go bankrupt in the UK once we have been there long enough.

My questions are

1. I am going to stop paying the mortgage very soon, so I can use the money to pay to get us set up in the UK etc, should I tell them I cant afford to pay it? or wait for them to ring me, and then tell them?

2. How long approx do I have before I would have to be out of the house?

3. Do I tell them my new address once in the UK (probably living with family until we sort a rental etc)

4. When I leave the house of my own accord do I post the keys back?

5. Do I tell them I will be declaring bankruptcy at all? What stage?


Any advise appreciated in getting our fresh start.

thanks
 
Hello, it seems AIB bank now have quite a quick response to recieving keys. I know of one case where keys to buy to let apartments were posted back to the bank and within a week the bank had its agents out to change the locks and serve eviction notices on any remaining tenant.
 
Samwise we went to uk and got set up renting etc, got through about three month of our COMI before we went back for a weekend and sorted out storing possessions with family and then posted back keys explaining we were surrendering the house to them as could not keep up payments and that we had moved to the UK and gave our address. We did and IVA and when they got that paperwork we did say that if they refused the offer we would be doing bankruptcy a month later, but they went with the IVA.
 
I can obviously answer these for you Samwise. see below

Samwise1 said:
I would like some advise on steps to take, as we have made the decision to leave for the UK, and not return to Ireland. We are originally from the UK, and will be returning with our family, including 2 school going age children.

We plan to be over in the UK before Sept this year for school purposes.

We have been in an agreement with our mortgage lender paying €130 per week, as we are both unemployed (Husband finishing his honors degree in in may)

We will go bankrupt in the UK once we have been there long enough.

My questions are

1. I am going to stop paying the mortgage very soon, so I can use the money to pay to get us set up in the UK etc, should I tell them I cant afford to pay it? or wait for them to ring me, and then tell them?

yes there is no point in paying money on an asset you are going to hand back

2. How long approx do I have before I would have to be out of the house?

if you are going to move across later this year, I would have thought you would have quite a few months before they took any action which would initially be letters then escalating to possession. By the time the latter happens you would be in the UK

3. Do I tell them my new address once in the UK (probably living with family until we sort a rental etc)

tell them your new address at some point. I generally advise at about two months in

4. When I leave the house of my own accord do I post the keys back?

I suggest a voluntary surrender just after you tell them of your new UK address

5. Do I tell them I will be declaring bankruptcy at all? What stage?

never, no need


Any advise appreciated in getting our fresh start.

thanks
Click to expand...
 
Newgirl2014 said:
. We did and IVA and when they got that paperwork we did say that if they refused the offer we would be doing bankruptcy a month later, but they went with the IVA.
Click to expand...


That's very interesting, which bank is it? Good result, and fair play to the bank for not forcing you into a bankruptcy.
 
Thanks everyone for answering my question. I have been reading up on as much as I can, so I go into this armed with as much knowledge as possible.

Steve Thatcher, thanks for answering my individual questions - Can I just ask additionally -

1. Do I still talk to the sub prime lender regularly while in the house, and keep telling them cannot afford payments?

2. We don't have a huge amount of money behind us, and as we only pay a little each week, that will not add up to a huge amount once the mortgage is not being paid, is it possible to find an advisor in the UK who would not be too expensive, to help us with filling in the bankruptcy forms, and any questions we might have?

3. I am following the blog of the person who moved to Scotland from Ireland to declare bankruptcy, and he never mentioned having to go to court? Is it different in scotland? Or has he just not mentioned that part?


thanks in advance!
 
Hi Bronte, I have posted about it in a separate thread in this section, UK IVA for Irish debt. Not many seemed to be interested though. It was AIB, 40k for circa 4 million of debt which was in the form of a personal guarantee.
 
Also Bronte the bank got everything, property, investments the lot, surrendered before we did our IVA as that works well for unsecured debt such as PerGuars. They would have got nothing on bankruptcy remember. Also we always did everything right, we always paid in the rents from the buy to let's for example right up to the end.
 
Samwise, there is a bit more to it than you might think. I can recommend Steve Thatcher as we used him and found him excellent even though at the last minute our is was accepted and we didn't have to go to bankruptcy court the following week, but we were ready to. The forms etc are all online on the UK courts services website. A little bit of googling and you'll find them.
 
Samwise1 said:
Thanks everyone for answering my question. I have been reading up on as much as I can, so I go into this armed with as much knowledge as possible.

Steve Thatcher, thanks for answering my individual questions - Can I just ask additionally -

1. Do I still talk to the sub prime lender regularly while in the house, and keep telling them cannot afford payments?

2. We don't have a huge amount of money behind us, and as we only pay a little each week, that will not add up to a huge amount once the mortgage is not being paid, is it possible to find an advisor in the UK who would not be too expensive, to help us with filling in the bankruptcy forms, and any questions we might have?

3. I am following the blog of the person who moved to Scotland from Ireland to declare bankruptcy, and he never mentioned having to go to court? Is it different in scotland? Or has he just not mentioned that part?


thanks in advance!
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Samwise1 - Just to confirm for the record that I have been declared bankrupt in Scotland and have never stood inside a court. As mentioned in my blog, ALL correspondence with the Scottish bankruptcy authorities has been by letter, phone and email.
Hope this clarifies the matter for you.

irishbankrupt.com
 
Newgirl2014 said:
Samwise, there is a bit more to it than you might think. I can recommend Steve Thatcher as we used him and found him excellent even though at the last minute our is was accepted and we didn't have to go to bankruptcy court the following week, but we were ready to. The forms etc are all online on the UK courts services website. A little bit of googling and you'll find them.
Click to expand...

Thanks for your posts, I know from reading on here, that Steve Thatcher would be a fantastic adviser to have.

One of my worries is as we have been unemployed for quite a while, and so have only been paying €130 p/w to our sub prime lender, stopping paying this will not add up to any great amount, and we have no money in savings etc?

How do we pay for the adviser?

Any money we do manage to save up, would need to pay our rent, deposit, removals (as we do not intend to return to Ireland) and storage, as we may move in with family for a while first.

I understand what you say about there being more to it, but this money issue worries me.

Thanks
 
Samwise1 said:
How do we pay for the adviser?
Click to expand...

Well if you cannot afford one you have to go it alone. It cannot be that difficult, you are from the UK so that's a plus already, because the courts won't think you are forum shopping. There must be the equivelent of citizen's advice in the UK which will outline what you need to do. Plus a website like AAM must exist where you can find out what you need to do. In addition there is plenty of info here on AAM on the process.

Do you actually need to go bankrupt? Will the bank pursue you I wonder.
 
me and my husband were discussing if we should just not go bankrupt, and see if they just dont catch up with us in the UK, but thought there was a good chance they might be able to. I also thought maybe its best to have a clean slate? We don't intend to come back to live in Ireland, but like I say I am unsure if they would find us?
 
Samwise1 said:
Thanks for your posts, I know from reading on here, that Steve Thatcher would be a fantastic adviser to have.

One of my worries is as we have been unemployed for quite a while, and so have only been paying €130 p/w to our sub prime lender, stopping paying this will not add up to any great amount, and we have no money in savings etc?

How do we pay for the adviser?

Any money we do manage to save up, would need to pay our rent, deposit, removals (as we do not intend to return to Ireland) and storage, as we may move in with family for a while first.

I understand what you say about there being more to it, but this money issue worries me.



Thanks
Click to expand...

DM me if you want some info personal to you.

Steve Thatcher
 
Thanks Steve, I would like to contact you - I am not sure I can send you a PM? due to being a new user.
 
Hi
Can someone advise me... we decided to go to uk to go B/rupt and the bank will not take back the house even though no payments made for a year due to lost jobs... If we send back the keys with the OR take this into consideration in NI/UK bankrupcy or should we sell it first to ensure they don't drag heals... we can get no one to advise us on what to do here!!
Thnks
 
HarymetSally said:
Hi
Can someone advise me... we decided to go to uk to go B/rupt and the bank will not take back the house even though no payments made for a year due to lost jobs... If we send back the keys with the OR take this into consideration in NI/UK bankrupcy or should we sell it first to ensure they don't drag heals... we can get no one to advise us on what to do here!!
Thnks
Click to expand...

Hi there, on the day you are declared bankrupt the house will come under the control of your bankruptcy trustee. Therefore it will not be your problem. As for the bank, you can forget about them too. Your assets and liabilities all come under the control of your bankruptcy trustee. Hope this helps.

www.irishbankrupt.com
 
Thank you IB2013... will follow your blog too - thanks for link..
I heard that the BANK can delay releasing the details to the OR and hold proceedings up by not releasing the property to sell so that your Year/3Year period expires and your property still has not crystalised , can the property be handed back to you after bankruptcy period as a result of this....The property in question is in Negative Equity you see... does this matter
or
should we just put all into the Bankruptcy and fingers crossed as the prop should sell as in fab city location
Cheers
 
HarymetSally said:
Thank you IB2013... will follow your blog too - thanks for link..
I heard that the BANK can delay releasing the details to the OR and hold proceedings up by not releasing the property to sell so that your Year/3Year period expires and your property still has not crystalised , can the property be handed back to you after bankruptcy period as a result of this....The property in question is in Negative Equity you see... does this matter
or
should we just put all into the Bankruptcy and fingers crossed as the prop should sell as in fab city location
Cheers
Click to expand...

What happens to your formerly owned property is not of concern to you after you have been declared bankrupt. The legal facts are that on the date of your bankruptcy all assets and liabilities vest with your trustee.

I have no idea what has happened to any of the properties I used to own, and frankly nor do I care. They are no longer my concern. I have moved on with my life and the relief at having done so is difficult to articulate.

I apologise if this seems rude/ gruff but I think you are making a mountain out of a molehill here. If you have taken the decision to bankrupt yourself, your priority should be to get an adviser who can help you through the process and get yourself declared bankrupt. Once you cross this hurdle, the house is no longer your problem. Good luck with it.

www.irishbankrupt.com
 
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