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joolsuae | Should I continue to pay off UK debt? |
I have been living in the middle east for 2 years. My husband and I continue to send back to the UK 1000 pounds to pay credit card direct debits and personal loans we both have from our joint HSBC a/c. We are seriously considering cancelling the direct debits and informing the banks etc, that we no longer live in the UK and won't be paying back the debt. We have no intention in returning to the UK to live within the next 8-10 years, if ever.
But here's the sticker, we lived with my husbands parents before moving out here and that is our address in the UK where these bills are sent each month. We don't want our debt to hurt their credit rating etc.
Our total debt combined between 2 loans and credit cards (3) is around the 20k mark . We just don't seem to be making any headway, our salaries here total 2,100 pounds p/m.
Can we declare bankrupcy from here? Would the instiutions do that if we don't pay? Would they try to track us down?
Any advice would help.
Thx |
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liquidator01uk
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If you wish to declare yourselves bankrupt, you can and the Bankruptcy Section at the High Court can assist on the technicalities of doing this even if you have been abroad for 2 years - the debt was incurred while resident in UK. It will cost about £400 each.
Even though you are registered for the debt at your parents' house, they will not be affacted as it is only your names that the bankruptcy attaches to, not the address.
The bankruptcy will bring an end to this debt and any other unsecured debt you have, unless you still have assets, which could be realised to pay towards them.
Don't take bankruptcy lightly, although if you don't intend to return to UK for so long, it is unlikely you will be affected by it.
If you're paying off £1k pm, how can you not be making any inroads? You could ask the creditors to freeze interest and pay off your debts at a reduced rate - paying half your salary to creditors each month is unrealistic.
Alternatively consolidate your debts into one, affordable loan - you might be able to borrow £20k over 5 years at £500 pm? |
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charlie3127389
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No...it is better to pay the bastaards off.. |
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Aslan
 |
if you ran those debts up then aren't you honour bound to pay them off?
and living in the middle east - you knew the situation before you moved out there didn't you?
the thing is if you welch on your debt and get into bankruptcy that does mean that other people (ie other bankers) will be saddled with your debt and not the bank itself |
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Mel C
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I personally would declare bankruptcy or check out whether you can apply for an IVA where the government right off majority of the debt I think you might have to lie a bit and not tell them the bit about no longer being resident in the UK and not coming back. If you stop paying it they will send the heavies round to your parents house and harass them for the money and probably take all their luxury belongings. So I really would'nt advise that. |
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smiler UK
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you sound quality people. |
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herr fugelmeister
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long story so I'll condense it as best i can. bank advised partner sell house huge profit for her. hidden loan appended to mortgage we knew nothing about they call in collection agency they harass and harass and harass we pay, we pay untill we had no food in the house. CAB advise us to put a petition in for bankruptcy we do so cost 340 ish sterling petition rubber stamped by the master of bankruptcy we are now bankrupt, cool we thought but we're still getting letters from collection agency even though they've had a court declaration that they do not contact us in any shape or form. but as far as i know you have to petition for bankruptcy in person, and yes banks can track you down. as soon as you use a bank or automated teller machine the bank knows where you are. but if you do petition for bankruptcy or are having to deal with a collection agency only one person from either the bank or debt collection agency is allowed to deal with you between the hours of 9 am and 5 pm and no calls at weekends. we've had calls on sunday morning at 7 am weekdays at 11 pm from both the bank and collection agency. now the agency wants 50 quid per month even though were legally bankrupt but if they cant get money they'll take your spirit instead. its a heartbreaking thing to do claim bankruptcy you feel less than human dirty in a way. me and my missus is two of the nicest hardest working people you could meet. but heres the real pisser, when you claim bankruptcy it means you cant get credit or an overdraft or a loan for the next year, banks hate that, they want you in debt for the rest of your life. me and my missus were told by a bank were we had a few hundred in emergency funds to more or less to take our money and get the hell out. (halifax bank) they closed our account. my advice is dont pay them anymore, friggin screw them before they screw you. |
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Dragoner
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Most banks and lenders are Global these days. You cannot just stop paying off outstanding debts unless you want to face a future lawsuit.
There are three ways out of debt.
1] die
2] disappear
3] refuse to pay and face the consequences
Disappear is the easiest and you should simply have used this method when you first moved out of UK to go and live in the MidEast. |
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roger m
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I have been in debt before and it is a horrible experience .. I was owing way more that 40k Dollars . 40k is chicken change compared to my 6 figure debt - almost 200k all credit card . I had to struggle to pay all of it off .I had panic attacks, high BP, anxiety ..If I were in your shoes , I would stop paying if it is too hard, your debt is half your income . I would call all the creditors and change the address so that my inlaws wont be affected then I'd make one more month payment and I would just stop paying ...
Thats what I would do ... |
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Mr Chops
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Just stop paying the Bank,,they are never going to come and look for you especially for 20k,,so why waste more money on paying them back,,hey HSBC can afford it,,can you? |
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