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SuzieQ
Starting Member
2 Posts |
 Posted - 22 March 2011 : 06:51:27
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| I hope someone can help with advice on this as I am frantic with worry. My partner and I lived in Spain and ran our own successful business. However, after 4 yrs, we bought a house at peak price and very soon afterwards the recession took hold. We tried very hard to keep going but as profits dropped to the floor, mortgage repayments shot through the roof. Over a period of time, we pleaded with the bank for breathing space,asked for an ICO, asked for a reduced payment plan/ interest only etc. The bank were unhelpful and eventually we had to admit defeat. We handed the keys back (the bank had refused to let us sign house over to them as there was no equity in it) We closed the doors on our business and came back to the UK with nothing to show for our collective 93 yrs. With help from my daughter, who paid the rental deposit on a house for us, we started again. We both have found work- albeit very low paid and tried to look forward. However, today, a letter from a debt collection agency has arrived wanting settlement for the bank (Santander) for 229,000 euros.I am distraught and don't know what to do. We are going to go to the CAB on Wednesday but one charity helpline that I rang said they could do nothing as the debt was outside the uk. Would we be better off going bankrupt? We have absolutely no assets apart from a 7yr old Mariva. I am worried the debt agency will come to our home and make a scene and remove our things- although the furniture belongs to the landlord. Please can help? |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 22 March 2011 : 07:59:18
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Hiya Suzie Q
I am really sorry to hear about your plight especiall as it sounds that you put in a lot of work.
I suggest that you get yourself down the bankruptcy court as soon as possible. A bankruptcy in England and Wales will cover debts in other EU countries. Your Santander debt will be written off. If you can show that Britain is now your centre of main interest, there should be no difficulties.
All the very best.
John Blackadder
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SuzieQ
Starting Member
2 Posts |
Posted - 22 March 2011 : 09:32:04
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quote:
Originally posted by Blackie
Hiya Suzie Q
I am really sorry to hear about your plight especiall as it sounds that you put in a lot of work.
I suggest that you get yourself down the bankruptcy court as soon as possible. A bankruptcy in England and Wales will cover debts in other EU countries. Your Santander debt will be written off. If you can show that Britain is now your centre of main interest, there should be no difficulties.
Thanks for taking the time to reply John, it's very much appreciated.
Spent hours on the net last night and agree that bankrupcy seems the best way to go.
Do you know how long the process takes? I am terrified of people turning up at the door and demanding payment or taking things. Although I know we couldnt have tried any harder to resolve things, I still feel a sense of shame-dreading what people will think.
The other thing that puzzles me is that although the bank have the house (prob valued now at 180,000euros) they still want all the debt too.
Sue
All the very best.
John Blackadder
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| bankruptcyhelp.org.uk Forum |
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I hope someone can help with advice
