Hi, I've trawled through posts on this site but most UK related questions are bankruptcy related and other questions are about Oz or non-EU countries so I can't find an answer to my own circumstances. Thanks in advance for reading.
I moved from Ireland to the UK 2 years ago. I was a sole trader and closed down. At the time I owed the bank approx €43K - all business debts - loan, overdraft and credit card and owed Revenue €10K. I came to an agreement with Revenue and the bank consolidated all my debts. For the first 18 months, I lived with a family member in the UK who helped me get back on my feet but I moved out a few months ago and have been struggling massively to pay my Irish debts sonce then. I just can't continue to service the debts in Ireland the way I have been. Both debts are unsecured and I have absolutely no assets to speak of in either country.
This month it has all come to a head as I have run out of pennies and options. My plan is to offer the bank approximately 45% of what I have been paying them per month, ask them to stop all interest and charges and pay it for however long it takes to clear the debt. However, I need some advice.
If they refuse my proposals, I just can't manage to pay the original monthly payment. What can I do then? If it comes down to it that I can't pay what they demand, I assume they will try to get a judgement against me so I have a few questions:
1. Both the bank and revenue have my parents address in Ireland for correspondence. Can they send a summons for my attention at my parent's address and would this be considered served on me from the court's perspective (as in could they assume my parents pass on post to me)?
2. My original loan documents from the bank were posted to my family member's address in the UK where I was living at the time. Can they use my previous UK address in any way to chase me?
3. What are the chances of them chasing me to the UK? Could they serve a summons on me at my place of work?
3. I know my Irish credit rating would be destroyed but could this affect my UK credit rating?
I have considered going bankrupt in the UK but there are so many long-term consequences of bankruptcy.
Any advice would be much appreciated.
Thanks.
I moved from Ireland to the UK 2 years ago. I was a sole trader and closed down. At the time I owed the bank approx €43K - all business debts - loan, overdraft and credit card and owed Revenue €10K. I came to an agreement with Revenue and the bank consolidated all my debts. For the first 18 months, I lived with a family member in the UK who helped me get back on my feet but I moved out a few months ago and have been struggling massively to pay my Irish debts sonce then. I just can't continue to service the debts in Ireland the way I have been. Both debts are unsecured and I have absolutely no assets to speak of in either country.
This month it has all come to a head as I have run out of pennies and options. My plan is to offer the bank approximately 45% of what I have been paying them per month, ask them to stop all interest and charges and pay it for however long it takes to clear the debt. However, I need some advice.
If they refuse my proposals, I just can't manage to pay the original monthly payment. What can I do then? If it comes down to it that I can't pay what they demand, I assume they will try to get a judgement against me so I have a few questions:
1. Both the bank and revenue have my parents address in Ireland for correspondence. Can they send a summons for my attention at my parent's address and would this be considered served on me from the court's perspective (as in could they assume my parents pass on post to me)?
2. My original loan documents from the bank were posted to my family member's address in the UK where I was living at the time. Can they use my previous UK address in any way to chase me?
3. What are the chances of them chasing me to the UK? Could they serve a summons on me at my place of work?
3. I know my Irish credit rating would be destroyed but could this affect my UK credit rating?
I have considered going bankrupt in the UK but there are so many long-term consequences of bankruptcy.
Any advice would be much appreciated.
Thanks.
Last edited: