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| T O P I C R E V I E W |
| mozart |
Posted - 07 January 2009 : 10:56:42
Hello,
I live in Bulgaria in my Mother's property and have no income or assets in Bulgaria or the UK. I do not envisage that situation changing for many years, if ever. I am debt free in Bulgaria, but have debt of approx GBP 40,000 on UK Credit Cards only. I am no longer able to service the Credit Card debt. I have no intention of ever returning to the UK.
Please advise if I should apply for IVA/bankruptcy/other.
Yours sincerely, George |
| 4 L A T E S T R E P L I E S (Newest First) |
| mozart |
Posted - 07 January 2009 : 12:02:52
Thank you, pix1, for taking the trouble to reply.
I think the picture is now clear.
Thanks again and I wish you good luck in your financial affairs!
Regards, George.
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| pix1 |
Posted - 07 January 2009 : 11:56:30
The only thing is that those creditors could keep writing to an address you used to be at for many years. The debt could be sold on time and time again and letters could keep going to a previous address. Defaults would be certain if they have not already happened. It is true that credit reference agency files will delete any information after 6 years but this does not mean the letters will not still be sent out. The Statute of Limitations may apply but this is not certain. Bluntly, if you know you are never coming back you could, within rights, ignore it. However, it might be worth having a holiday back to Britain (wait for some hot weather!) paying £500 and petitioning bankruptcy in order to clear the decks. You might be able to apply online form Bulgaria and schedule a court appearance during a holiday. Then you could go back and would be unlikely to have to reappear, only keep in touch with the Official Receiver by post. Of course, you would then need to state your Bulgarian address. |
| mozart |
Posted - 07 January 2009 : 11:51:55
Hello John,
Thank you very much for your prompt and helpful response.
Just to clarify - you are saying that one of my options is simply to stay in Bulgaria and forego any further payments to the CC companies involved? If that is the case, should I write to them to explain the situation or just leave things as they are and not pay?
Thank you for your help.
Regards, George.
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| John |
Posted - 07 January 2009 : 11:46:18
Hi
there is no legal requirement for you to declare bankruptcy when insolvent.
With no income you cannot service repayments of any kind thus IVA and DMP are out of the question.
If your creditors are aware of your whereabouts all you will get is hassle until you start to pay something, which you can't, you declare yourself bankrupt in the UK, or a creditor does just that for you.
As you have no plans to return to the UK the choice would appear to be yours. Return to the UK for a couple of weeks and declare your own bankruptcy or stay put and forget about it.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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