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nathan
Junior Member
170 Posts |
 Posted - 28 February 2007 : 11:31:01
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I am a UK citizen but now live in the USA with my family. I have been working for a UK based travel company via email and phone - I have been recieving a salary (paying UK taxes) but have just been informed that I may well be out of a job within the next week.
I currently have a UK bank account but my wife and I have around £48500 in debt, which includes a £5000 overdraft, a loan and various credit cards.
With my subsequent job loss I will be unable to meet any of my outstanding commitments and believe that bankruptcy is the only option I now have.
Can you please advise. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 28 February 2007 : 15:13:37
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Hi Nathan,
Your situation is not uncommon. With no income, your options are limited and on the face of it, bankruptcy seems to be a logical move as it would clear all your unsecured debt (unless you have a student loan). However, this would depend on any assets etc that you may have and a full fact find would be required to fully asses your position.
The good news is that bankruptcy can be handled for non-residents using a Power of Attorney, but my advice would be to seek professional advice as solutions can vary depending on who the creditors are! |
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WatchagonnaDo
Junior Member
171 Posts |
Posted - 20 June 2008 : 14:52:31
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Ouch ! I am sorry to hear about your situation. As for the overdraft fees I think depending on which bank and how much they charge for overdraft you could reclaim some of them. You should look here to see if you could be a candidate to at least get rid of some of the debt. It does not sound fair to me. http://www.thisismoney.co.uk/bankcharges
I can see how you feel like BR is your only option. However, if you think that getting another job in the near future is possible or if you have anything saved you could posssibley look into a debt consolidation loan or an IVA. For the IVA the debt has to be 15000 and with at least 3 creditors, so that could be possible. If you want to look into those options maybe took a look at one of these sites.
http://www.iva.co.uk/what_is_an_iva.asp
Here is some info on debt consolidation
http://uk.moneto.eu/financing/personal-loans/avoiding-debt/debt-consolidation/
Also debt elimination is also a possibility.
http://www.insolvencyhelpline.co.uk/debt_management_plans/debt_elimination.php
Sorry to overwhelm you with information! I just hope this will give you a good start and options to figure out what would work best for you. Hope all goes well  |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 June 2008 : 21:02:59
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Hi nathan
I would suggest not jumping into the Br option just yet. It is certainly worth seeing if you can find replacement employment BEFORE taking the plunge.
Clearly there is a debt problem BUT with an incomeyou have the choices of debt management, IVA or Br.
Suggest you wait and see
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Is bankruptcy the only option I have?
