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olu
Junior Member
188 Posts |
 Posted - 19 June 2008 : 10:43:05
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I lost my job in march 2006 and i had a staff loan of about £10,000. i also owed about £5000 on credit cards and £2000 on phone bills. now i have no income and am off to africa. will they come after me or forget about me? i dont want to return to the UK
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 10:46:10
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Hi Olu,
If you are a forign resident, then creditors can hire an investigator to track you down. However, given your level of debt, the investigation would cost more than you owe so I would suggest it is unlikely they'll persue the matter further.
In addition, there is a Statute of Limitations on unsecured debt of 6 years. This means if you don't make any payments for six years, then the debt is automatically written off.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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olu
Junior Member
188 Posts |
Posted - 19 June 2008 : 11:29:24
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quote:
Originally posted by JulianDonnelly
Hi Olu,
If you are a forign resident, then creditors can hire an investigator to track you down. However, given your level of debt, the investigation would cost more than you owe so I would suggest it is unlikely they'll persue the matter further.
In addition, there is a Statute of Limitations on unsecured debt of 6 years. This means if you don't make any payments for six years, then the debt is automatically written off.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
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olu
Junior Member
188 Posts |
Posted - 19 June 2008 : 11:32:53
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The total debt is about £18,000 do you think the bank will not track me down for this amount (you reckon is small compare to the cost of hiring an investigator). am about leaving for my home country and just need to know if they will be after me because they have all my contact details in my home country.
thank you
quote:
Originally posted by JulianDonnelly
Hi Olu,
If you are a forign resident, then creditors can hire an investigator to track you down. However, given your level of debt, the investigation would cost more than you owe so I would suggest it is unlikely they'll persue the matter further.
In addition, there is a Statute of Limitations on unsecured debt of 6 years. This means if you don't make any payments for six years, then the debt is automatically written off.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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olu
Junior Member
188 Posts |
Posted - 19 June 2008 : 11:35:44
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Hi,
do u reckon i will not be tracked down for £18k debt in my home country?
quote:
Originally posted by JulianDonnelly
Hi Olu,
Is that ok?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 11:37:45
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Hi Olu,
It would be highly unlikely. Where is your home country?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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olu
Junior Member
188 Posts |
Posted - 19 June 2008 : 11:40:34
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| Nigeria |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 11:42:20
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Hi Olu,
In that case, I can say with 99.9% certaintly that they won't bother.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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eamonn
Junior Member
320 Posts |
Posted - 19 June 2008 : 11:46:01
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| sorry to hijack your post but could i ask julian when you say that if you have not made a payment for six years it is automatically written off doesthat apply if the debt was casued by the shortfall from house reprosessin |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 11:47:11
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Hi Eamonn,
The Statute of Limitations in the case of secured lending (including shortfall on repossessions) is 12 years.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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olu
Junior Member
188 Posts |
Posted - 19 June 2008 : 11:50:27
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thanks julian for your reply
can my creditor (a bank) declare me bankrupt in the UK without being here?
and also can then contact my sponsors in Nigeria (since they have thier details: i was sponsored for studies in the uk) |
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eamonn
Junior Member
320 Posts |
Posted - 19 June 2008 : 11:54:51
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oh ok thats why they have suddenly started to chase me as i have not paid them anything at all for aprox 11 years they had previously just accepted that i could not pay them but obviously they were hoping that one day i would be able to pay them but now the limit is getting closer they are chasing me ( they are my biggest creditor but it makes no real difference as i will need to go br to clear myself of other debts and start again without credit) |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 12:04:37
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Hi Olu,
Indeed, your creditors can petition for your BR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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olu
Junior Member
188 Posts |
Posted - 19 June 2008 : 12:33:47
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| will a BR affect me in my country? and what is the implication on me in the uk? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 13:19:23
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Hi Olu,
BR in the UK will write off your debts worldwide, so the only implication would be if you had debts in your own country.
There are many articles etc on this site which tell you what the implications/restrictions of BR are, so take a look and that should answer your question.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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lost my job in march 2006 now i have no income
