P
May I suggest that if you have no problem moving abroad I would sell your house and keep the proceeds. Spend 4 to 5 months in the Uk as a first step to moving abroad. At the end of this period you can declare bankruptcy in the UK and this will completely wipe all your Irish debts. You will be discharged in 12 months and can then get on with your life and not have the debt hanging over you forever. Just google for bankruptcy and read related articles
While theoretically they can progress legally to obtain a judgement and put this against your house this is a last ditch scenario and provided you co-operate with them is unlikely.
I thought you could only declare yourself bankrupt on unsecured debt?
With regard to Luternaus reply to my bankruptcy suggestion I suggest his comments "make no sense at all".
POD says that when P&I kick in the bank will come after and take his home and he will be left with nothing - but he will have a damaged credit rating. Is it not better to have money in the bank, no overhanging large debt and an equally damaged credit rating. I know which I would prefer.
If he starts a new debt free life he has a far better chance of approaching a bank for credit when he has no borrowings whatsoever. He will never get a loan with all the existing debt in place.
I say, get rid of the debt now and start a new life. Nearly 3000 people per week file for bankruptcy in the UK and they then start a new life. Its about time Ireland caught up with the rest of the World
When you declare bankruptcy here in the UK you fill in the statement of affairs in which you have to state if you have disposed of any property in the last five years and where the proceeds have gone.
Presumably he can just spend the money? On whatever he wants?
What would happen if he didn't declare the disposal to the UK receiver? Which I presume some people are doing. Would it make the bankrupty invalid. Would that be a criminal offense I wonder.
If no disposal is admitted on the form, this is a bankruptcy offence. The Or can ask for a suspension of the discharge for up to 15 years. Also, it may be hard to disquise as there is other information that is asked for on the forms such as bank statements, which could show the flow of money. If these are left out, this would be very grave.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?