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| framus59 |
Posted - 04 August 2009 : 08:25:16
Hi, I hope you can help with advice with my question, thankyou.
I have had debt now for a few years with outstanding credit cards of about £20,000.
I also have the balance of a bank loan with interest of £25,000 which was over 7 years. I have 2 years to go with a balance of £10,000
I bought my house from the local council in The november 2007. With the discount from the council I paid £16,000 . I took the equity ( £30,000 ) from the house for home improvements which after legal fees was £27,000.
Later after completing my home improvements I took out a £13600 loan from a loan company using my house as security.
If I sold my hose withihn the first year of purchase then I would have to pay back to the council two thirds of the market value of the house. My mortgage was for 25 years for £46,000.
I was working all through this time and was paying everything apart from my credit cards. It eventually came to the point when I could not pay things. I was depressed , worried and I panicked, I left everything and went to overseas to stay with relatives.
I have been here for just about 10 months and I want to return and pay what I can .
I would have a job when I return but what is really worrying me is will I have been declared bankrupt in my absence and do you think a prison sentance is inevatible.
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| 1 L A T E S T R E P L I E S (Newest First) |
| Suzanne |
Posted - 04 August 2009 : 11:10:29
Hi framus
If you have been made bankrupt in your absence you will be listed on the insolvency register. You can search this by going on the insolvency service website.
You won't go to prison, as it is not a criminal offence to have debt.
When you are home and have settled into your job you can get some more help with finding a solution to your debt problems.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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