Q
Quadrinity1
Guest
I owe approx €12000 to a big Irish bank, an amount I built up through my own financial ignorance/naivete over the last 10 or 11 years. My earnings in the last year or so have been seriously cut, plus my expenses have risen since I stopped cohabiting - and I then lost my job a few weeks ago. I had previously been paying back this credit card debt/loan at approx €75 per week - a figure I simply can't afford anymore, even if I do find work. The bank are currently looking into restructuring the loan, but from some of the figures being bandied about, I don't they're going to cut me a great deal.
Can anyone advise me on what my options are? I'd like to pay the loan back and I don't want to be blacklisted for the rest of my life, but obviously escaping it altogether and starting again would be most favourable. I'm strongly considering moving to London, but I don't see how I can do that if I'm being burdened by having to pay off a loan every week. Is it possible to declare personal brankruptcy? What's the procedure for this? And how would it work if I was in London? Would it ruin my financial reputation for the rest of my life or affect any banking in the UK? Or what if I just say that I can't pay back the loan at anything more than a small amount each week and that I might need a sabbatical too while I set myself up in London?
Any advice would be appreciated - I feel like I'm up sh*t creek without a paddle at the moment
Can anyone advise me on what my options are? I'd like to pay the loan back and I don't want to be blacklisted for the rest of my life, but obviously escaping it altogether and starting again would be most favourable. I'm strongly considering moving to London, but I don't see how I can do that if I'm being burdened by having to pay off a loan every week. Is it possible to declare personal brankruptcy? What's the procedure for this? And how would it work if I was in London? Would it ruin my financial reputation for the rest of my life or affect any banking in the UK? Or what if I just say that I can't pay back the loan at anything more than a small amount each week and that I might need a sabbatical too while I set myself up in London?
Any advice would be appreciated - I feel like I'm up sh*t creek without a paddle at the moment