That sounds like an extremely raw deal and shoddy treatment on the part of Ulster Bank. Though without having been there it is hard to not view it through the emotionally charged lens that you would naturally have experienced it. It does put the kibosh on any suggestion of taking up residence in your former home in the short term given you can no longer stay where you are staying and it does lend more urgency to putting a more permanent arrangement in place.
Have you had an opportunity to investigate job opportunities in the North?
Given you said previously that you depend on driving for your current post would the sale of your car hamstring you in gaining employment?
Hi Defeated, you may be defeated in a few battles but there's a war out there that you can win.Firstly to get some real replies you need to clarify your situation by filling in the following
A couple of things jump out at me, is the mortgage jointly held with your partner? If it is the shortfall on any dealings will pass to her. You will need to sort this with her and not alone if this is the case.
I'm not really sure if it is still the case, but Steve Thatcher (a regular poster on here regarding bankruptcy ) seemed to be having problems with people, after a seperation, moving to the north to file for bankruptcy. The process was being delayed by the judge until direction was recieved from the EU. At one stage Steve refused to deal with any seperated people with the other half living in the south. If this is still the case a UK bankruptcy would be the better option.
Also on the car, if you file for bankruptcy it is very likely the car will have to go and a cheaper one purchased. If you decide on the UK route it is better to sell it anyway and buy over there and I wouldn't spend any more than 2k on one,it is a buyers market, I've been looking myself.
Defeated you said you handed over the keys and they were not accepted. Send them by registered post. Keep the receipt. Send them a copy of the receipt a week later.
I would have thought a bank is not allowed to refuse the surrender of a property by so declaring and handing in the keys?? Does anyone know?
I don't believe NI bankruptcy is an option for you, because it has been pointed out by those who deal with bankruptcy, particularly Steve Thatcher on this website that a man in the situation the OP is in will not work, as he is separated and has kids in the republic. A single man with no ties, or a married man who moved his whole family North would work.
Therefore his option is UK bankruptcy. It's the quickest easiest and simplest. Yes it's going to be a hell of a year for you, but haven't you lived through far worse in the last couple of years.
I don't agree with the advice on renting out the house, Ulster bank already rejected this offer from you, but in any case, as a landlord myself, it's not just simple a matter of paying the rent as mortgage to the bank. You'll run into all sorts of costs, NPPR, PRTB, tax, the list is endless. Despite what many people think, there is a cost to being a landlord. Furthermore, the rent is way below the mortgage, all you'd be doing is running up more and more arrears.
You need to be VERY careful about handing back the keys. As this could impact future entitlement to rent allowance from social welfare. So it could be that repossession is better for you.
I'm not a bit surprised at Ulster banks attitude to you. They are a waste of space. It's all about shifting goalposts and avoiding crystalisation of their losses.
Some questions.
You are entitled to a basic standard of living, including renting your own place. How come Mabs did not take this into account. Could you please do the money makeover thread as it will give us a better idea of your finances. Are you sure you would get 4K for the car. Have you made a list of what you will need to have financially to live in the UK for a year. I think the advice of getting some kind of job over there is a good one. You are allowed hold down a job in the UK while you go bankrupt. When you've come up with a figure of how much you need you may need to consider stop paying the Mabs amount in order to build up enough cash. While the kids are young is a very good time to go. Think of the positive, in 18 months you come back debt free, you can start again, you're relatively young and you can then contribute to your family in a more meaningful way, rather than being at the mercy of the bank, their attitude, and robbing peter to pay paul. That is not healthy.
I would like to second that point on the mabs payments, you are insolvent, you need to save as much as you can to fund a move to the UK if that is what you finally decide on, it's not cheap.So stop paying your creditors as agreed with mabs.
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