Debt questions from around the world, helping each other by giving and receiving advice on UK based debt.

Moderators: TalbotWoods, JaneClack

By jacksup
#168636 Hi,im new to the site

Its a great help reading through this forum and knowing there are lots of people in similar situations.I suppose everyone thinks its only them that are in a mess.
Im in 40k of debt that has just overwhelmed me of late.same old story of robbing peter to pay paul.Health and job issues.
I currently live in spain and my i make my living on the internet.I just cant afford the repayments anymore.I dont have a fixed or regular income so i dont know if a DMP would be feasable.
Also with bankruptsy i have funds online but would the OR be able to trace these as they are not with a bank.Its not a lot by the way and i make my living using it.
I have no intention of ever returning to the uk so should i just offer a small payment and say like it or lump it.I know everyone wishes theres debts to go away and id like to reduce them even by a small amount.
Any advice on what to do?I dont want to leave the debts but ive hit rock bottom.Without these debts id live very comfortably but paying over 1k amonth and they barely reduce with the interest on them is sickening.
I know i got into this mess and would like to see a light instead of the big black cloud over my head.
By Titanic
#169053 Hi Jack

Yeah I think most people here will know what you mean when you say its strangling you. Firstly, you do have options and they will both make a big differnce. 1, you go the Iva route and repay the loan over 5 years or more with the interest frozen (i beleive iva's are good if you own your own house in UK or have a business) or 2, you go Bankrupt. and as long as youve done nothing underhand, your'll be discharged after 12months with nothing to pay (unless you receive an IPA in the UK) then you make repayments for 3 years from your first payment. Unlikely the OR will find/chase your online accounts but you really should disclose it. From my findings on this forum I beleive there are no reciprical agreemants with Spain so any debt could not be chased by the Official Receiver in Spain.

Sorry if my answer too short, please feel free to keep asking and hopefully other members will step in to.

Rgds

T.

Ps. Going BR would mean returning to the UK for a few days as you have to be present at court to do so, but can have you OR interview over the phone from Spain.

PPs. This only a very basic answer based on what you have told us. Having property here and a Pension or other assests can changed the situation.