IN Debt in UK but living abroad....... DEBT ADVICE???

[frankus]

Hi Guys/Gals,

I´m hoping for some advice here about the bizarre predicament I have found myself in.

I lived a normal life in the UK and was in a government job for over 6 years paying all my bills and being generally stress free.....
However about a year and a half ago, my Brazilian wifes mother was diagnosed with cancer. We had to assist not only financially (because good health care is private in Brazil, and she is poor) but also physically because my wife needed to help her mother recover.

My decisions became immediately impossible, I was in Neg equity because of the crash, and had zero savings.

My only option was to borrow my self out of my problems, I sold the house for what I could get, which still left a shortfall. I got unsecured finance to pay the shortfall/medical bills and some living expenses.

My plan was relatively simple, get a career break from work, borrow what I could untill I got to Brazil and started working and then make the repayments from Brazil.............. CRASH

When I got here a year and a half ago the jobs didn´t pay what was expected despite myself and my wife being well educated and eager to work, so I was unable to make repayments.

My situation now is, My wife is pregnant (great news) my mother in law has made a full recovery (great news) however my UK debts are by now unknown to me..... estimated (30 - 40k)

I have done a ccj search and I have none showing.
I am awaiting the results from a experian search however I don´t know if it will tell me who owns my debts as I believe they have been passed onto a number of agencies....

How do I find this out?

I want to start to rebuild my life and go back to my job and pay off what I can. My family has expressed a wish to help towards paying off my debts however not the full amount, maybe I could raise 20k from my family. Is it possible to pay settlements to these companies, provided I find out who they are???

I´m somewhat tempted to stay here in Brazil because of fear of dealing with disreputable companies with disreputable tactics....... please help with any advice????

[FlamingParrot]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

Hi and welcome!

You say you sold your house in the UK and there was a shortfall. With this type of debt, they can chase you for up to 12 years as opposed to 6 which is the case with unsecured debts. Having said that, if you have no assets, there isn't much they can do to recover the money you owe them, they can't get blood from a stone.

If you intend to stay in Brazil and don't own property in the UK, you have little to be concerned about. If you do return to the UK, I'd say let them find you and contact you, why try to find them? Once you are contacted, you can decide what course of action to take with each debt, some may not be enforceable, some may not find you, not all do, Egg (or whoever owns it) have never located me and I'm half way through to Statute Barred on that one! :grin:

No point in even thinking about raising £20k from your family at this stage. If it was me, I'd keep quiet and wait for someone to make contact, if you don't own property, they can't secure the debt against anything and, as far the DCAs are concerned, you are in Brazil, so why make waves at this stage.

Let them sleep...

[wales01man]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

Im with FP on this as he says he half way through getting a debt SB i would suggest you wait for them to find you unless your credit report stops you obtaining finance although you may feel different,i cannot see that anyone would advise borrowing from family this can cause its own problems,concrats on your forthcoming child and im sure otheres will wish you and your familywell and pleased we are that MIL cancer has been sent packing,get on with your life take care of your family let the debts find you

[FlamingParrot]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

Im with FP on this as he says he half way through getting a debt SB i would suggest you wait for them to find you unless your credit report stops you obtaining finance although you may feel different,i cannot see that anyone would advise borrowing from family this can cause its own problems,concrats on your forthcoming child and im sure otheres will wish you and your familywell and pleased we are that MIL cancer has been sent packing,get on with your life take care of your family let the debts find you

Even if that's the case, there isn't much that can be done to remedy this situation, defaults will remain on file for 6 years after being recorded, regardless of whether you pay anything towards them or not. In exceptional circumstances it may be possible to get a default removed in exchange for a full and final settlement, however, 99% of the time this won't be the case and if you have several debts, you'll still have other defaults so there's little point. On the positive side, lenders often search just the last 3 years, unless you want a mortgage, in which case they will do a full 6 year search.

I concur with Wales01, focus on enjoying life with your family and use any money you may have available for your loved ones rather than banks and DCAs! :thumb:

[Mike P]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

Hi Frankus

I saw your post and thought that I may be able to help with an option. I have dealt with hundreds of people living overseas that have debt, and your situation could be cleared by considering filing bankruptcy in the UK.

If you live overseas you are able to file bankruptcy in England without returning to the UK to do so. Using Power of Attorney your bankruptcy can be presented to the High Court of London and you can be declared bankrupt while you are living in Brazil.

You are only bankrupt in England-not overseas, and in fact the bankruptcy in England will have no effect on your credit profile abroad. The bankruptcy lasts for 12 months and you are then automatically discharged.

The benefit of the bankruptcy option is that you clear all (and any) debt that you have. If you think that you may want to return to the UK one day you don't walk into a minefield of issues. Yes, your credit record in the UK will be poor for a period of 6 years, but to be honest it is probably quite poor at the moment anyway.

The main criteria is that you file the bankruptcy within three years of moving abroad and your last address must be England or Wales. The Official Receiver will look at any assets that you own in either Country and also your disposable income. If you have no assets or disposable income then once you have dealt with the Insolvency Service examiner you are basically left alone; it is then down to you to inform them of any changes to your circumstances.

I have dealt with cases in South America before, and I think that paying your debts back in the UK is made harder by the different cost of living and levels of income that are particular to places such as Brazil.

Finally you mention raising £20k which would in fact probably be enough for a full and final settlement however, you are just placing yourself in more debt to pay off the original debt.

In my opinion clear the debt at a fraction of the cost, wipe the slate clean and start again without the debts being there in the back of your mind.

I hope this helps!

[FlamingParrot]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

I saw your post and thought that I may be able to help with an option. I have dealt with hundreds of people living overseas that have debt, and your situation could be cleared by considering filing bankruptcy in the UK.

WHY are you suggesting that this poster, who's never been back since April, should file for BR in the UK?

Presumably the OP took one look at the responses and decided to forget about their debts and enjoy life in Brazil!

If you live overseas you are able to file bankruptcy in England without returning to the UK to do so. Using Power of Attorney your bankruptcy can be presented to the High Court of London and you can be declared bankrupt while you are living in Brazil.

You are only bankrupt in England-not overseas, and in fact the bankruptcy in England will have no effect on your credit profile abroad. The bankruptcy lasts for 12 months and you are then automatically discharged.

I beg to differ. Bankruptcy is a matter of public record and it wouldn't be hard to find out if someone is bankrupt regardless of where they are.

I have dealt with cases in South America before, and I think that paying your debts back in the UK is made harder by the different cost of living and levels of income that are particular to places such as Brazil.

Now everything becomes clear, your profile says:

I own a bankruptcy company that helps people both in the UK and living overseas

Could it be a case of attempted ?

[wales01man]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

LB taking adverts now?

[Trevwil]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

I have a similar question. My boyfriend moved to Holland 2,5 years ago with some debts on creditcards and a mortgage debt. In the beginning he received some letters about these debts, but the last year we have not received anything. Now we want to apply for a mortgage here in Holland. Dot they check if he still have debts in the UK?

[Michalek]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

Good evening

I need advice.My name is Michael,Im lived and worked in UK in last 10 years.Unfortunelly from end of Nowember Im seriously sick.I have medical certificates.I was forced back to my country(Poland)to get medical therapy.I lost job,my rent agrement was also finished.
But my bigest problem is debt in one of bank in UK(Lloyds)Overdraft-£4000 and£3000 credit card.
At the moment is not possible to back to UK,I havent enought money for back and I havent got chance to found enought light job ad doctor recomendet for me with my health condition.
I need your help.Can you advice me how to deal with bank please.Im still thinking about this

Regards
Michal

[MIKE770]

Re: IN Debt in UK but living abroad....... DEBT ADVICE???

This is an old thread = start one yourself!