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Going Bankrupt in the U.K.


controller

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Joined
Feb 25, 2009
Messages
3,176
I know about this crap,
http://www.isi.gov.ie/en/ISI/Trifold_final.pdf/Files/Trifold_final.pdf

But what happens when someone goes to the U.K. to go bankrupt?
  • You move to the U.K.for 1 year
  • You get a job
  • After 1 year you apply for Bankrupcy
  • Then what??
  • Do you have to give up your job??
  • Where do you live?
  • Can you come back to Ireland with no stain on your credit history?
  • What happens??
 


controller

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Feb 25, 2009
Messages
3,176
I like that......
 

Pinster

Active member
Joined
Nov 2, 2012
Messages
242
I know about this crap,
http://www.isi.gov.ie/en/ISI/Trifold_final.pdf/Files/Trifold_final.pdf

But what happens when someone goes to the U.K. to go bankrupt?
  • You move to the U.K.for 1 year
  • You get a job
  • After 1 year you apply for Bankrupcy
  • Then what??
  • Do you have to give up your job??
  • Where do you live?
  • Can you come back to Ireland with no stain on your credit history?
  • What happens??
Just make sure to get a job that pays an average salary during that year, not a bankster one:lol::lol::lol:

After rent and bills are paid, there won't be much left every month for your creditors to take.

Then after 12 months, you get your freedom again, it's that simple petunia
 
Last edited:

controller

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Feb 25, 2009
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3,176
Would you be able to get a car loan or a credit card??
 

controller

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Feb 25, 2009
Messages
3,176
Would you not consider even after been made bankrupt that debt ,any debt, is not such a good thing ???/
I do agree, but I am curious to know exactly what being free of debt and obligations after 1 year actually means
 

controller

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So does it make any real difference if you do it in Ireland or the U.K ??
 

neiphin

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Aug 23, 2009
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5,585
So does it make any real difference if you do it in Ireland or the U.K ??
1 yr or 7 yrs

a life time paying off yours and others debts
on a house worth at best 1/3 what you paid for it
 

DuineEile

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Aug 29, 2010
Messages
14,939
You would have to rebuild your credit score , you cannot be discharged today and be acceptable for credit tomorrow , only certain banks accept bankrupts even discharged ones as customers and they have a special account with higher charges and limits . People in UK do go bankrupt and rebuild their lives , buy houses get mortgages etc etc , but it takes time . Bankruptcy in the UK even if it is light years ahead of what we have now or what the ''banks''here plan to introduce is still a very very serious decision to make .
But of course, defaulting on a loan screws your credit score anyway, so your credit is shot anyway.


This is courtesy of populist politicians, greedy bankers and incompetent regulators, but you will pay for it, not them.

Enjoy.



Oh and vote FF,FG or Labour like a good little chap, so that nothing ever changes.


D
 

Howya

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Feb 29, 2012
Messages
1,690
So does it make any real difference if you do it in Ireland or the U.K ??
In ireland even after 6/7 years the balance of the unpaid secured debt may not necessarily be wiped out - it depends on the arrangement with the bank. Not sure, but I don't think the banks have that power in the UK.
 

Happytolearn

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Aug 23, 2011
Messages
3,520
I will most likely be availing of UK bankruptcy. I've been here 6 years and have not been furnished with any response from 6 attempts at negotiating with my bank in Ireland. I have stopped paying my mortgage and am now in stale mate. I am pretty well read on what the situation will be in UK - but I'm unsure as to what my credit situation will be in Ireland should I move home in the future. I'm choosing this route as it allows me condense the pain into a smaller period and then move on.
 

SilverSpurs

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Nov 27, 2009
Messages
5,550
Would you be able to get a car loan or a credit card??
Bankruptcy is reported for a further 6 years so you will be blacklisted for any form of credit or financial product.
 

Happytolearn

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Bankruptcy is reported for a further 6 years so you will be blacklisted for any form of credit or financial product.
That would be in the UK - but I'm finding it hard to confirm how long you would be black listed in Ireland. I've heard sinister stories of the 'credit bureau'
 

Howya

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Feb 29, 2012
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I will most likely be availing of UK bankruptcy. I've been here 6 years and have not been furnished with any response from 6 attempts at negotiating with my bank in Ireland. I have stopped paying my mortgage and am now in stale mate. I am pretty well read on what the situation will be in UK - but I'm unsure as to what my credit situation will be in Ireland should I move home in the future. I'm choosing this route as it allows me condense the pain into a smaller period and then move on.
I suspect with credit cards your credit history may be roadkill because it the credit card issuer (e.g. visa is international). You'll probably be ok with utilities. But as Freddiefly says in #6 - do you really want to go start down a new debt path after the grief of the last few years.
 

PeeMac

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Feb 17, 2009
Messages
391
If you've stopped paying your mortgage, I'd imagine your credit rating is pretty well shot anyway. Declaring bankruptcy is unlikely to change that.
 

Happytolearn

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I suspect with credit cards your credit history may be roadkill because it the credit card issuer (e.g. visa is international). You'll probably be ok with utilities. But as Freddiefly says in #6 - do you really want to go start down a new debt path after the grief of the last few years.
I've never lived off credit - I always tend to aim to be still in the black when pay day comes around. I see my future as being based on saving when I want something. I'll most likely never own a home again - that's a tough one to get over - but after weighing it all up for the last few years it's better than waiting another 10 years to be at zero - and to know I've paid 8 or 9 times the value of the property by the time it's paid off.
 

SilverSpurs

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I suspect with credit cards your credit history may be roadkill because it the credit card issuer (e.g. visa is international). You'll probably be ok with utilities. But as Freddiefly says in #6 - do you really want to go start down a new debt path after the grief of the last few years.
Mastercard and Visa is just an interchange network, the issuing bank does the lending. American Express and Diners Club are lenders.
 

Happytolearn

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Aug 23, 2011
Messages
3,520
Mastercard and Visa is just an interchange network, the issuing bank does the lending. American Express and Diners Club are lenders.
I think there are front loaded credit cards - that don't allow you go into debt. I'll look into getting one of those for when I need to book flights.
 

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