# Can't afford personal debt



## Quadrinity1 (1 Feb 2011)

I owe approx €12000 to a big Irish bank, an amount I built up through my own financial ignorance/naivete over the last 10 or 11 years. My earnings in the last year or so have been seriously cut, plus my expenses have risen since I stopped cohabiting - and I then lost my job a few weeks ago. I had previously been paying back this credit card debt/loan at approx €75 per week - a figure I simply can't afford anymore, even if I do find work. The bank are currently looking into restructuring the loan, but from some of the figures being bandied about, I don't they're going to cut me a great deal.

Can anyone advise me on what my options are? I'd like to pay the loan back and I don't want to be blacklisted for the rest of my life, but obviously escaping it altogether and starting again would be most favourable. I'm strongly considering moving to London, but I don't see how I can do that if I'm being burdened by having to pay off a loan every week. Is it possible to declare personal brankruptcy? What's the procedure for this? And how would it work if I was in London? Would it ruin my financial reputation for the rest of my life or affect any banking in the UK? Or what if I just say that I can't pay back the loan at anything more than a small amount each week and that I might need a sabbatical too while I set myself up in London?

Any advice would be appreciated - I feel like I'm up sh*t creek without a paddle at the moment


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## MANTO (1 Feb 2011)

Hi There,

I would suggest you fill out the money makeover and repost

http://www.askaboutmoney.com/showthread.php?t=61289


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## Quadrinity1 (1 Feb 2011)

Thanks


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## Billo (1 Feb 2011)

Talk to MABS


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## missthrifty (5 Feb 2011)

Hello, why don't you try to set up a uk bank account now to see if your application is successful.  Research the various institutions etc.  Then if and when that is in place deal with the current situation here at home.  Investigate all options etc. Good luck


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## finn2101 (7 Feb 2011)

I owe out a similar loan on a loan for house improvement . Rang them, sent them in the budget. I told them I could pay 12.50 per week on the loan by direct debit. (pathetic i know) one year on they seem happy will take me for ever to pay though!


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