# Work part time in UK?



## lim (18 May 2013)

I'm pretty much hopelessly insolvent due to investment properties and reduced income and considering the UK route, as advised by an independent financial advisor.

Obviously the idea is to avoid an IPO, but what I work at is generally paid at a fairly high hourly rate. I'd rather work in my field if possible as it's what I know and it would keep up my skills, as it could be an issue for me later if I was to do something totally different for 18 months or so.

I am a single parent, and if I take the UK route I would be taking my child with me, leaving behind all the familiar and family supports we have here.

Would it be reasonable to work the minimum number of hours to earn enough to (just about) support us, or would I be expected to work full time as I do here?

The idea of a year or two to spend mostly with my child, even if we are broke, is very appealing compared to the constant struggle and stress of life as a single parent working full time.


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## Luternau (19 May 2013)

Sorry to hear of your difficulties.  
You dont have to work and if you do, it does not have to be full time. See this thread and others like it-all very informative;

http://www.askaboutmoney.com/showthread.php?t=179218.

You really should post up full information on your finances in case study format-perhaps you could avail of the soon to be implemted new insolvency/bankruptcy regemes here?


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## Steve Thatcher (21 May 2013)

lim said:


> I'm pretty much hopelessly insolvent due to investment properties and reduced income and considering the UK route, as advised by an independent financial advisor.
> 
> Obviously the idea is to avoid an IPO, but what I work at is generally paid at a fairly high hourly rate. I'd rather work in my field if possible as it's what I know and it would keep up my skills, as it could be an issue for me later if I was to do something totally different for 18 months or so.
> 
> ...



Hi Lim in simple terms nobody can make you work more than you want or need.
I think it is a great idea to avoid an IPO, I always try to advise and set clients up to do this.
It is really important to get some sort of work though as it makes it clear where you are resident and where your COMI is

Steve Thatcher
www.helpwithdebtuk.com


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## lim (21 May 2013)

Thanks for that. I can't really post full details of my situation as to post enough to get useful feedback would also identify me to anyone who would know me, which I'm keen to avoid at this stage.

Would renting a home and having a child in school in the UK be enough to establish COMI? 

The work I could get would most likely be on a casual basis through an agency, so I wouldn't have a regular wage slip.


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## Steve Thatcher (21 May 2013)

lim said:


> Thanks for that. I can't really post full details of my situation as to post enough to get useful feedback would also identify me to anyone who would know me, which I'm keen to avoid at this stage.
> 
> Would renting a home and having a child in school in the UK be enough to establish COMI?
> 
> The work I could get would most likely be on a casual basis through an agency, so I wouldn't have a regular wage slip.




All of those things would be enough. How can anyone say you dont live somewhere when you have a child at school

Steve


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## lim (28 May 2013)

Thanks Steve. One other question if you don't mind - my oldest child would stay here as he's in college, and wants to stay in the family home for as long as possible, maybe even take over the mortgage long term if theres any way that could happen. Sharing it would bring in enough to cover the mortgage, but not sure if there is any way that would be possible? How do you think that would be treated in a uk bankruptcy? Is there any way to hold on to it without having a spouse? That's the only thing holding me back at this point - while I'm not attached to the house, and it's in huge negative equity, the family resistance to letting it go is hard to deal with.


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## Steve Thatcher (28 May 2013)

lim said:


> Thanks Steve. One other question if you don't mind - my oldest child would stay here as he's in college, and wants to stay in the family home for as long as possible, maybe even take over the mortgage long term if theres any way that could happen. Sharing it would bring in enough to cover the mortgage, but not sure if there is any way that would be possible? How do you think that would be treated in a uk bankruptcy? Is there any way to hold on to it without having a spouse? That's the only thing holding me back at this point - while I'm not attached to the house, and it's in huge negative equity, the family resistance to letting it go is hard to deal with.



Nothing wrong with leaving the lad behind house sitting. The problem with trying to keep the house is if it is in your sole name and the mortgage is yours, then on bankruptcy the house will vest in the OR. He will probably disclaim it meaning that it will revert to the bank.
In all honesty I can't see how you can save it unless you were able to get a white knight to be able to buy it for fair value off of the bank now.

Steve Thatcher
www.helpwithdebtuk.com


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## lim (28 May 2013)

Thanks again Steve. Yeah, that's what I was afraid of  And not too many white knights in this part of the woods unfortunately..

And what's most frustrating is if it was rented/shared the mortgage would be covered. Would there be any point in approaching the bank to make some sort of arrangement, maybe add him to the mortgage? That way they would actually get the mortgage paid eventually, rather than having to take a hit on it now? Yet on the other hand I'm wary of tipping them off to my plans.


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## Kev (29 May 2013)

As you probably know bankruptcy in NI and Scotland rules are different from England and Wales. Hope all goes well for you and the links helps a bit.

Kev

https://www.gov.uk/bankruptcy/overview

http://www.adviceguide.org.uk/wales/debt_w/debt_help_with_debt_e/debt_dealing_with_urgent_debts_e/bankruptcy.htm

http://www.trapped.co.uk/bankruptcy/index/v4.phtml?tracking=TL0ORVSFB7

http://www.telegraph.co.uk/finance/personalfinance/9842985/Bankruptcy-lite-is-up-7pc-in-a-year.html

http://www.housingadviceni.org/repossession-portal-diy-tools/what-happens-in-court.html


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