What happens if i simply ignore bank ?

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zxcvbnm

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I'm living in uk and no plans to return anytime soon.
I have been forced to sell properties. Trying to arrange a deal on residual debt.
I don't have much cash.

What would happen if I simply ignored any communication from the bank ?

Presumably the worst they can do is make me bankrupt. But, in practice how would they actually do that ? (If they even would bother that is)
They have my name obviously as well as my current rental address in uk. (which I am moving from soon)
But how do they actually make me bankrupt? They give my name to some office in the uk? They then try to track me down based on that? Or what happens exactly ?

Basically I'm querying as to whether in practice the bank could actually make me bankrupt even if they wanted to ?
 
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In practice, there isn't that much that they can do, but the debts won't go away.

If you come back to Ireland, if they hear that your financial circumstances have improved, if you get an inheritance, they can come after you.

It's much better to try to do a deal. Would you not consider the 1 year bankruptcy now that you have moved to the UK? That will bring closure to the issue.

Then you are free to make money in the future, come back to Ireland, open a bank account, inherit money, win the lottery, whatever.

Brendan
 
Ya. I also think their options are limited in practice.
I very much doubt they can even make me bankrupt in the uk on the basis that all they have is my name basically - and I also very much doubt they would even bother making bankrupt anyway to begin with.

I think I will offer them a small amount of cash from a 3rd party to draw a line under it. Thereby avoiding bankruptcy.
 
zxcvbnm said:
I think I will offer them a small amount of cash from a 3rd party to draw a line under it. Thereby avoiding bankruptcy.
Click to expand...

That's what I would do, being cognizant of how much the bank is likely to get if you went the bankruptcy route. Always scope for informal arrangements with banks imo particularly if they think they will get less if you went the formal route !
 
Banks are commercial entities, they do business with people, companies and corporations for one thing and one thing only, profit. I do not know your individual circumstances, the amount of debt owed etc.However if the amount is relatively small I would try to do a debt write off with your lender, otherwise I would advise the same as Brendan Burgess and go for bankruptcy through the English courts, which is a relatively simple and cheap procedure. One year later you will be free of all debt and financial obligations and if you wish to return to this banana republic you do so with a clean slate.
 
I know this is an old thread, but its a question I was wondering about.

Can my mortgage company (Sub prime lender) find us here in the UK, they don't have our new rental address, the debt is our only debt, our family home, of £250k. ??

We never ever want to return to Ireland.
 
Ok so you owe 250k on a property and have now moved to the UK. Why not write to the lender (through friend/relative's address if you want) offering them a sale co-operation in return for a w/o of the balance. You can advise them that you have left the country without giving any specific location.
In answer to your question, yes they generally can and will trace you in the UK when the debt is sizeable. We employ private investigators to do this. They can also take legal action against you in your absence. Why not avoid this by taking the initiative and offering them a deal?
 
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