Follow @PoliticsIE
 
 
 
Page 1 of 8 12345 ... LastLast
Results 1 to 10 of 73

Thread: Bankruptcy - is travelling to the UK an option?

  1. #1

    Default Bankruptcy - is travelling to the UK an option?

    I started another thread called Negative Equity - a narrow window to act? which was to examine if Ireland's 50c in the euro bankruptcy was an option now for people with substantial negative equity who were struggling to pay. If negative equity gets worse then the 50c in the euro discharge might not be an option - therefore the "narrow window ?". That thread is here.

    http://www.politics.ie/economy/13026...indow-act.html

    During the course of the discussions the UK was mentioned by a few commentators as a place which seems to have less draconian rules on bankruptcy than the State. This article from a UK finance website might give you an idea of what it's about but the headline that grabbed many people's attention was a possible discharge in 12 months.

    UK could face wave of bankruptcy tourism | This is Money

    Has anyone any experience of travelling to the UK for bankruptcy, or know people who have? What do you think of us lining the pockets of the British legal profession for something which our own government won't reform here? Do you think people going abroad for bankruptcies is unpatriotic? And will their actions just hurt all in society in the end? Would it work?

    As with the other thread, it's worth saying that bankruptcy is a serious business whereever it's initiated and people who might be struggling with debt might also be vulnerable and at their wits-end. Before doing anything I think it would be good advice to GET INDEPENDENT QUALIFIED ADVICE (be cautious with any organisations that either charge money or have debt restructuring products, they're in business for profit).

    There are many sources of advice and information on bankruptcy in the UK. Many are private organisations that mightn't be the best place to start because they may mostly be interested in making a profit from you. The UK government website might be a good place to start and they have a lot of information on UK bankruptcy at

    http://www.direct.gov.uk/en/MoneyTax...ptcy/index.htm

    There are also links on the UK government website for free legal advice. If a website has .gov.uk at the end it is a government website. quangos use the .org.uk or .org suffixes but be careful - so do private companies.
    Last edited by NAMAwinelake; 28th May 2010 at 03:57 PM.
    www.namawinelake.wordpress.com

    NAMA designed to be to property what the CAP was to agriculture - difference, food production is essential.

  2. #2
    Politics.ie Member MsAnneThrope's Avatar
    Join Date
    Apr 2009
    Location
    pɹɐʍɹoℲ ƃuıoפ
    Posts
    1,819
    Mentioned
    0 Post(s)

    Default

    I remember being astonished when I read this post. Surely it's not this easy? If it is how many of our busted 'Celtic Tigers', with loans galore headed for NAMA, are at it?

    Quote Originally Posted by odie1kanobe View Post
    Wrong as has been done for years, remember within 1 year you are out of bankruptcy in UK V 12 in Ireland.

    2 years to live in Uk with lots of trips home paid for by the wife who you separated from and whose rent is paid for by the State as a deserted wife, after 2 years a reconciliation occurs amazingly coinciding with release from bankruptcy
    If you took that advice you could even take in the Olympics, while living it up in the UK and getting the plebs back home here to pick up your tabs. Wonderful.
    Last edited by MsAnneThrope; 28th May 2010 at 01:50 PM.
    We all love animals. Why do we call some 'pets' and others 'dinner'?

  3. #3
    Politics.ie Member Aindriu's Avatar
    Join Date
    Jun 2007
    Location
    Somewhere up in the Wicklow mountains digging an even deeper nuclear shelter
    Posts
    8,689
    Mentioned
    0 Post(s)

    Default

    Why bother registering for bankruptcy over there? Just leave here for there and disappear. Debt gone
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

  4. #4
    Ex Member
    Join Date
    Sep 2008
    Location
    Around the Corner everyone has turned
    Posts
    3,586
    Mentioned
    0 Post(s)

    Default

    What happened to the government reviewing our own bankruptcy and insolvency laws? I thought they were planning to be on par with the UK?

  5. #5
    Politics.ie Member SAT's Avatar
    Join Date
    Mar 2009
    Posts
    9,625
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Aindriu View Post
    Why bother registering for bankruptcy over there? Just leave here for there and disappear. Debt gone
    Far from being gone the debt will continue to increase in your absence as interest piles up as will the county court judgements against you which will sail through uncontested.

  6. #6
    Politics.ie Member
    Join Date
    Mar 2009
    Posts
    257
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Aindriu View Post
    Why bother registering for bankruptcy over there? Just leave here for there and disappear. Debt gone
    that's a good trick, (obviously immoral and one i cant condone blah blah)
    20 years ago a friend of mine moved to France, he took up a loan (Around 15 grand) and went around all the stores filling up his van on buy now pay later deals, (He was living in England) he made two trips over completely fitting out his house and getting his shed sorted as well. then he handed in his keys to his landlord and effectively disappeared. Sadly he passed away a few years later, but no one came looking for him.
    I would have no sympathy for any credit company or bank getting stung that way, but if it was local businesses you owed money to that would be something else.

    Actually, France ain't looking to bad right now.
    Cira/rira Not in my name.

  7. #7
    Politics.ie Member Aindriu's Avatar
    Join Date
    Jun 2007
    Location
    Somewhere up in the Wicklow mountains digging an even deeper nuclear shelter
    Posts
    8,689
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by SAT View Post
    Far from being gone the debt will continue to increase in your absence as interest piles up as will the county court judgements against you which will sail through uncontested.
    Of course it will be gone. They can't get an international arrest warrant for it and if you stay away for a number of years they cannot take court action against you.
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

  8. #8
    Politics.ie Member
    Join Date
    Mar 2009
    Posts
    257
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Aindriu View Post
    Of course it will be gone. They can't get an international arrest warrant for it and if you stay away for a number of years they cannot take court action against you.
    my friends theory was that the finance companies would not make to much fuss as they didn't whant to many people knowing how easy it was to rip them off.
    Cira/rira Not in my name.

  9. #9
    Politics.ie Member SAT's Avatar
    Join Date
    Mar 2009
    Posts
    9,625
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Aindriu View Post
    Of course it will be gone. They can't get an international arrest warrant for it and if you stay away for a number of years they cannot take court action against you.
    Some people on here may act on what posters write so you really should be more careful before posting complete drivel. They can pursue you for the debt wherever you live up to and including a committal order and only if the debt is 'untouched' for 6 years does the statute of limitations apply. Even then before this expiry date the lending agent will often apply to the courts for a judgement against you which will probably include a 'charge' against any remaining assets you have or even may have in the future, just in case you ever are in a position to pay, these judgements never expire.

    So unless you are leaving the country with a wad of money to go and live forever in an extradition exempt country it probably isn't worth it.
    Last edited by SAT; 28th May 2010 at 01:45 PM.

  10. #10
    Ex Member
    Join Date
    Sep 2008
    Location
    Around the Corner everyone has turned
    Posts
    3,586
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by SAT View Post
    Some people on here may act on what posters write so you really should be more careful before posting complete drivel.

    All debt in Ireland becomes statuate barred after 6 years without any Court Judgements.

    If you have a court Judgment it takes 12 years to becomme statuate barred from the date of the judgement.

    Simply pay the minimum amount of money owed that the Court awards which is usually very little depending on your circumstances and after 12 years walk away from the debt. So if you owe 300,000 and you can only afford to pay 100 per week, 12 years after the judgement you can simply walk away from the debt as it becommes Statuate Barred.

Page 1 of 8 12345 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •