I would like some advise on steps to take, as we have made the decision to leave for the UK, and not return to Ireland. We are originally from the UK, and will be returning with our family, including 2 school going age children.
We plan to be over in the UK before Sept this year for school purposes.
We have been in an agreement with our mortgage lender paying €130 per week, as we are both unemployed (Husband finishing his honors degree in in may)
We will go bankrupt in the UK once we have been there long enough.
My questions are
1. I am going to stop paying the mortgage very soon, so I can use the money to pay to get us set up in the UK etc, should I tell them I cant afford to pay it? or wait for them to ring me, and then tell them?
yes there is no point in paying money on an asset you are going to hand back
2. How long approx do I have before I would have to be out of the house?
if you are going to move across later this year, I would have thought you would have quite a few months before they took any action which would initially be letters then escalating to possession. By the time the latter happens you would be in the UK
3. Do I tell them my new address once in the UK (probably living with family until we sort a rental etc)
tell them your new address at some point. I generally advise at about two months in
4. When I leave the house of my own accord do I post the keys back?
I suggest a voluntary surrender just after you tell them of your new UK address
5. Do I tell them I will be declaring bankruptcy at all? What stage?
never, no need
Any advise appreciated in getting our fresh start.
thanks
. We did and IVA and when they got that paperwork we did say that if they refused the offer we would be doing bankruptcy a month later, but they went with the IVA.
Thanks everyone for answering my question. I have been reading up on as much as I can, so I go into this armed with as much knowledge as possible.
Steve Thatcher, thanks for answering my individual questions - Can I just ask additionally -
1. Do I still talk to the sub prime lender regularly while in the house, and keep telling them cannot afford payments?
2. We don't have a huge amount of money behind us, and as we only pay a little each week, that will not add up to a huge amount once the mortgage is not being paid, is it possible to find an advisor in the UK who would not be too expensive, to help us with filling in the bankruptcy forms, and any questions we might have?
3. I am following the blog of the person who moved to Scotland from Ireland to declare bankruptcy, and he never mentioned having to go to court? Is it different in scotland? Or has he just not mentioned that part?
thanks in advance!
Samwise, there is a bit more to it than you might think. I can recommend Steve Thatcher as we used him and found him excellent even though at the last minute our is was accepted and we didn't have to go to bankruptcy court the following week, but we were ready to. The forms etc are all online on the UK courts services website. A little bit of googling and you'll find them.
How do we pay for the adviser?
Thanks for your posts, I know from reading on here, that Steve Thatcher would be a fantastic adviser to have.
One of my worries is as we have been unemployed for quite a while, and so have only been paying €130 p/w to our sub prime lender, stopping paying this will not add up to any great amount, and we have no money in savings etc?
How do we pay for the adviser?
Any money we do manage to save up, would need to pay our rent, deposit, removals (as we do not intend to return to Ireland) and storage, as we may move in with family for a while first.
I understand what you say about there being more to it, but this money issue worries me.
Thanks
Thanks Steve, I would like to contact you - I am not sure I can send you a PM? due to being a new user.
Hi
Can someone advise me... we decided to go to uk to go B/rupt and the bank will not take back the house even though no payments made for a year due to lost jobs... If we send back the keys with the OR take this into consideration in NI/UK bankrupcy or should we sell it first to ensure they don't drag heals... we can get no one to advise us on what to do here!!
Thnks
Thank you IB2013... will follow your blog too - thanks for link..
I heard that the BANK can delay releasing the details to the OR and hold proceedings up by not releasing the property to sell so that your Year/3Year period expires and your property still has not crystalised , can the property be handed back to you after bankruptcy period as a result of this....The property in question is in Negative Equity you see... does this matter
or
should we just put all into the Bankruptcy and fingers crossed as the prop should sell as in fab city location
Cheers
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