Living in the uk - what can bank do?

Adecco

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Ok. I'm living in the UK.

I'm single with no dependants - live in rental accommodation. And have a well paying job - but it on a contract basis. I have no other assets. Its basically just me with a lump of outrstanding debt owed to bank (c. €400k after the forced sale of properties)

I have sold all my properties and all i have is a lump of debt. I have finished negotiations with my bank re the shortfall and they have come up with a payment plan i cannot afford. (You can just take my word on that aspect rather me having to give out details)
I have signed the agreement for now to buy myself a bit of time to consider my options as the first year is inexpensive as it is interest-only.

If i fail top fulfill this repayment plan then the bank will go down the legal route. I feel this is inevitable at some point in the future.

I cant go bankrupt as a bad credit rating drastically effects my employment prospects.

Basically my query is - how easy is it for me to just basically go into hiding forever? I don't see myself returning back to Ireland anytime soon if ever.

What details of mine does a bank require to put a judgement or enforce bankruptcy? i.e. In practice what happens? They have my name, my current rental address and an email. How easy is it for them to track me down ? Where do they even start?

I'm asking is going into hiding a viable option?

Additionally - I am a company director of which i am sole shareholder - not sure how much info they can glean from that online to track me down?
Tthey could have an incentive to make me bankrupt as obviously any shareholdings i have upon bankruptcy are realised and given to creditors.
 
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The first problem I see is, do they know you have a company and that bankruptcy will be a problem for you ? If they do, they have you over a barrell.
 
The UK is too near maybe you want to think of moving to a more distant part of the world.
 
It's not difficult to track people down if you put your mind to it. It took me 15 minutes once to track an old classmate down online in the USA for a class reunion, I hadn't spoken to him in 25 years. Short of changing your name, you'll be found if they want to find you

And do you really want to spend your entire life looking over your shoulder for only €400k. Is that a price worth paying?

you have €90k, why not put that away safely, see what happens when you default in 12-18 months time and see what you can save in the meantime and then maybe you can try and reach a further and final agreement with the bank on what is outstanding.

You say you can't see yourself returning to Ireland but what happens if you meet someone who does want to come back, or what happens if family circumstances change and you have to come back

as for bankruptcy and the impact on work. so what? work is not life and maybe this could be an opportunity to move into a new career

Head down, try and save some money, maybe try and pay of some of the capital this year if you can and then engage with the bank in a like it or lump it discussion and if they decide to try and make you bankrupt, so what, it's only money, it's not your entire life;
 
The first problem I see is, do they know you have a company and that bankruptcy will be a problem for you ? If they do, they have you over a barrell.

They know i have a company. They probably don't realise the impact bankruptcy would have on me.

But you're missing my point - my question is, if i go into hiding and never have any contact with teh mn again, how easy is it for them to make me bankrupt? Or put a judgement on me?


Basically - how would they track me down? I could wind up the company if needs be, if that made it more difficult for me to be tracked down.

Like - they have my name. Who do they go to - and with what information to begin the whole process? Essentially is me going into hiding a viable option?
 
It's not difficult to track people down if you put your mind to it. It took me 15 minutes once to track an old classmate down online in the USA for a class reunion, I hadn't spoken to him in 25 years. Short of changing your name, you'll be found if they want to find you

And do you really want to spend your entire life looking over your shoulder for only €400k. Is that a price worth paying?

you have €90k, why not put that away safely, see what happens when you default in 12-18 months time and see what you can save in the meantime and then maybe you can try and reach a further and final agreement with the bank on what is outstanding.

You say you can't see yourself returning to Ireland but what happens if you meet someone who does want to come back, or what happens if family circumstances change and you have to come back

as for bankruptcy and the impact on work. so what? work is not life and maybe this could be an opportunity to move into a new career

Head down, try and save some money, maybe try and pay of some of the capital this year if you can and then engage with the bank in a like it or lump it discussion and if they decide to try and make you bankrupt, so what, it's only money, it's not your entire life;

I just saw this now - i think our posts crossed.

Yes - although it is one thing to find someone on facebook. Surely its an entirely different thing to get someones address, etc. Basically - i guess the crux of my query is if they want to impose these measures on me then presumably they will need some basic information on me. They can't just put in the form 'some guy living someplace in the uk'

What are the basic details they require to attach it to me personally?
 
Let me have a stab at this.

If you disappear and default on your agreement, the 1st thing that the Bank will do is obtain a judgment against you in the Irish courts. To obtain a judgment the bank will need to serve a summons on you in the jurisdiction.If they cant find you, they may apply to the courts for permission to make substituted service of the summons. This can done through a newspaper advert or maybe through your solicitor or some such. Once the judgment has been obtained, the bank will most likely start to look for you in the most obvious places eg UK, USA, Australia. The larger the amount owing, the harder it will look. For 400K the bank will be actively looking for you !! As I understand it Ireland has reciprocal arrangements with some countries to enforce Irish judgments abroad. Obviously this is an expensive business. Most likely the bank will not pursue you abroad unless they have good reason to believe that you have assets that can be realised. The bank can petition for bankruptcy in your absence and that's a risk although its unlikely if there are no apparent assets.
 
Let me have a stab at this.

If you disappear and default on your agreement, the 1st thing that the Bank will do is obtain a judgment against you in the Irish courts. To obtain a judgment the bank will need to serve a summons on you in the jurisdiction.If they cant find you, they may apply to the courts for permission to make substituted service of the summons. This can done through a newspaper advert or maybe through your solicitor or some such. Once the judgment has been obtained, the bank will most likely start to look for you in the most obvious places eg UK, USA, Australia. The larger the amount owing, the harder it will look. For 400K the bank will be actively looking for you !! As I understand it Ireland has reciprocal arrangements with some countries to enforce Irish judgments abroad. Obviously this is an expensive business. Most likely the bank will not pursue you abroad unless they have good reason to believe that you have assets that can be realised. The bank can petition for bankruptcy in your absence and that's a risk although its unlikely if there are no apparent assets.

Thanks Dr. Debt.

As a follow up - what does petition for bankruptcy in my absence mean in practice?

Also - i guess my main original query is...what kind of personal details of mine does a bank require to enforce a judgment or make me bankrupt were they going to go down that route?
They have my name, they have my email, they have my current rental address. IS that sufficient? Would they not need a UK RSI number for example? OR what basic details would they need?
 
To petition for a Creditor Bankruptcy the bank need only to prove the loan and default in your name and last know address....easy for them but costly

Any banks position in these circumstances is of maximum recovery against minimum outlay.....its always about money dont spend anymore than already written off

Unless you have significant assets that the bank are aware off they will weigh up the legal costs against recovery options

Absolutely no assets or quick recovery the file will be moth balled for a year and reviewed... it will never die

Most likely the bank will register a judgment against you in High Court and leave it sit there in case you resurface in years to come or sell debt to recovery expert who will find you and harass you in any jurisdiction

The best option is as posted above work away keep cash safe and do a deal when all someone comes knocking in 2/3 years
 
going bankrupt, does that really hinder future prospects?

you are not alone in that, and what , you made failed business decisions, that is hardly sinful !.
you got all stuff sold out from under you, you have moved to uk.
strongly suggest spend a few bob on a trusted uk insolvency expert and take their views on board.

they may suggest to keep ducking , but I doubt it.

go for closure today , do not have this niggle hanging over you.
 
Most likely the bank will register a judgment against you in High Court and leave it sit there in case you resurface in years to come or sell debt to recovery expert who will find you and harass you in any jurisdiction
Agree that this is the most likely scenario. recommend you put away a rainy day fund to negotiate a settlement when the action has reached this stage. It may well take a year or 2!!
 
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