A lot depends on your financial circumstances. i.e. If your house is in negative equity and personal finance position is such that you are unable to meet mortgage payments, then best option is to write to the Bank, advise them of your intentions to exit the country and offer to voluntarily assist them in re-posession/sale of the property. Indication is that you don't intend to serice the CU loan after leaving the country. it's unlikely that if the amount is small the CU will pursue you in the UK. But be aware that this is possible and if you can be traced and have a UK income the risk remains.
House is in negative equity by around €70-80,000. I've only recently went into arrears as finances are becoming more strained. The CU loan is in or around €5000 (loan minus savings).A lot depends on your financial circumstances. i.e. If your house is in negative equity and personal finance position is such that you are unable to meet mortgage payments, then best option is to write to the Bank, advise them of your intentions to exit the country and offer to voluntarily assist them in re-posession/sale of the property. Indication is that you don't intend to serice the CU loan after leaving the country. it's unlikely that if the amount is small the CU will pursue you in the UK. But be aware that this is possible and if you can be traced and have a UK income the risk remains.
When I move over, as it is I have no job or anywhere to live and will therefore be declaring myself homeless. Will the bank chase me overseas for this??70/80K is a considerable write-off for a bank/BS to accept. However the fact that you will be exiting the country is one factor and your financial position/earnings capacity in the UK is another. Put a proposal to the Bank, and if you are not in a position to repay more than the sale of the house value state that in your proposal. Better to address this with the Bank than walk away, as the Bank will then need to take proceedings against you in order to re-posess the property!
If I can get redundancy then the Credit Union will be paid.From a moral point of view I'd rather people defaulted on a bank rather than the credit union which is based on a community, so faceless bankers rather than the people you live and work beside.
That is what I was thinking but I'm wondering how it would affect me while I'm there. I have no intention of returning to IrelandAre you able to go bankrupt in the UK?
How about you writing to your bank and asking their permission to sell as you are moving abroad.
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