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

Moderators: TalbotWoods, JaneClack

By Nassau
#55619 Hi, my name is Lee, All of my family have moved abroad and im the only one left in the UK, I would have gone too, If it weren't for my debt. £5000, £1500 and £5000. Im at an all time low at the minute and need to go with my family. I'd say it was breaking point :( . I've been reading lots of the topics and this is a great website but, Is the Bankruptcy a long a dwindled process? Would i have to pay money back after bankrupt? Would it affect my chance of going to Aus? or any other country for that matter? would my chance of eventually getting credit abroad bad?
I know it's immoral, its just i don't think I can cope anymore and just want a new start asap.

As I say any help would be greatly appreciated.

Lee
By Mel_Odious
#55622
Nassau wrote:Hi, my name is Lee, All of my family have moved abroad and im the only one left in the UK, I would have gone too, If it weren't for my debt. £5000, £1500 and £5000. Im at an all time low at the minute and need to go with my family. I'd say it was breaking point :( . I've been reading lots of the topics and this is a great website but, Is the Bankruptcy a long a dwindled process? Would i have to pay money back after bankrupt? Would it affect my chance of going to Aus? or any other country for that matter? would my chance of eventually getting credit abroad bad?
I know it's immoral, its just i don't think I can cope anymore and just want a new start asap.

As I say any help would be greatly appreciated.

Lee

After petitioning for bankruptcy, you will have to attend an interview with the OR which can be between 2 and 6 weeks later. After that you are free to flee. If you are earning abroad you must inform the OR and there may be something to pay.
i can't tell you how it will affect you in another Country. Some have reciprocal arrangements. Future credit may depend if they search CRFs from the UK. Often the dreaded question crops up which goes:
Are you or have you ever been bankrupt?
You will need advice. Go see your local CAB or give National Debtline a buzz on 0808 808 4000 and they will be able to answer most of your questions. Also study the Insolvency Site:
http://www.insolvency.gov.uk

Mel
By Iphigenia
#55625 Hi Lee, and welcome.
There will be somebody along soon with more knowledge than me but on the bits I can answer:

:arrow: making yourself bankrupt doesn't take a long time but you do need to have done a lot of pre-thinking and to have taken professional advice: as you'll know already, there are pros and cons to it.
:arrow: you don't have to pay money back after you're bankrupt but if, after you and the Official Receiver have worked out your income and expenditure, you have more than £100 left over, then you have to pay a proportion of that into the Bankruptcy for 3 years
:arrow: It's Not immoral. It's right you should feel responsible for your debt, because you are (we all are for our own) but bankruptcy is a legal option offered to people who are so flattened by their debt that they cannot get out from under it.

Look out for the real knowledge heading your way soon!

And be calm, you CAN get to an answer on this.
By Iphigenia
#55626 Damn. Mel can type faster than me........................
By Mel_Odious
#55629
Iphigenia wrote:Damn. Mel can type faster than me........................


Language, please!

:wink:
Mel x
By Nassau
#55633 You've been a great help. Its not so much the after affect living in the UK, but the chance of getting knocked back abroad for anything. I'm Thinking about going abroad in July/August and i need to do some thinking.
I know Bankruptcy is a thing that needs thinking about, but If i'm going abroad and i wont be in work for a while theres not much chance me paying it back.
If anyone finds any information about Oz and bankruptcy please feel free to post

Thanks