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

Moderators: TalbotWoods, JaneClack

By harrydunn
#185799 I really am in a mess. I have unsecured debt totalling around £40,000. I am about to enter into an IVA, but I am scared the payments are goin to become too much.

I am about to gain permanent residence in Canada, by way of a common-law sponsorship from my canadian girlfriend who is already in Canada. The confirmation is due any day, and do not invisage any problems.

Apart from the debt, my main problem is that my name is on the title deeds of our house in Canada. So obviously this limits my options, at the moment I am living with my parents in England. I am about to get an IVA set up in england, pay a few months and then get over to Canada. Then if possible keep the repayments up, thankfully I am not earning that much in England at the moment- so my repayments are scheduled to be around the £350 mark. However if this reaches £400, it would start to become impossible.

We have owned the house for a little of a year now, so there is equilty in the house- but not substantial.

I thought my current plan was the best one with ClearStart, but after readin various posts on here- I havnt got a clue whats gonna be best for our future. I have obviously made terrible choices in regards to money, I really dont want to get this one wrong.

Me and my girlfriend are considering returning to the UK in about 5 years time.

I see a link regarding the setting up of an IVA when abroad- how would this work in regards to our property in Canada?

I am also concerned about the fact that all my debt has been incured from my parents address, where they will continue to live once I have left the country.

I know there is alot of questions and I will probably have more- so any help at all will be appreciated.

Many thanks
By gardener
#185904 Hi Harry

The easy bit to answer is that your parents credit rating should not be effected as the rating is down to individuals and not addresses. I did a search using just the word Canada on this board but although there are several posts your question on the house is not directly answered. My own understanding is that should you choose to go bankrupt the OR will be interested in your house but given that 3 people are on the deeds and there is not much equity it might be worth your girlfriend buying your beneficial interest for you. From posts I have read you can go to Canada and carry on paying your IVA from there but as you say it is a lot of money to be paying off. You really need some professional advice and for speed I would ring National Debtline. Advice and phone call is free but I don't have the number handy. It will be somewhere on this forum. Good luck.