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UK Bankruptcy, any persons with experience of it?

  • 18-04-2013 8:11pm
    #1
    david4791
    Registered Users, Registered Users 2 Posts: 373 ✭✭


    Hello,

    I was considering a move to the UK as a result of our crippling debts, any personal experience out there on the whole process Lang with the pro and con's of it. Sounds too good to be true


Comments

  • #2
    2moreMinutes
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭2moreMinutes


    Out of curiosity, what sounds too good to be true about it?


  • #3
    david4791
    Registered Users, Registered Users 2 Posts: 373 ✭✭david4791


    All debts wiped after 12 months


  • #4
    mozattack
    Registered Users, Registered Users 2 Posts: 1,908 ✭✭✭mozattack


    I agree, it sounds great. I have been looking into it too but I will see first what the PIA route offers.


  • #5
    strandsman
    Registered Users, Registered Users 2 Posts: 393 ✭✭strandsman


    Google Steve thatcher. He has alot of info on it
    mozattack wrote: »
    I agree, it sounds great. I have been looking into it too but I will see first what the PIA route offers.


  • #6
    2moreMinutes
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭2moreMinutes


    david4791 wrote: »
    All debts wiped after 12 months
    If personal circumstances mean you can just up sticks to the UK for 12 months, it probably is a great idea but I wouldnt necessarily class it as being "too good to be true".


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  • #7
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    It isn't too good to be true. There's just some hoops to jump through mainly being you need to be resident of the uk, and be insolvent.
    The latter part may be where some people will run into trouble.
    If you can up sticks and move to the uk do it.
    I know that if I was up **** creek, unable to pay a mortgage and unable to put food on my table I'd be heading over.

    I'd advise you join ask about money. While im not a poster myself, it does provide some excellent info.
    And get in touch with Steve thatcher. I think someone has already mentioned that.

    http://www.askaboutmoney.com/forumdisplay.php?f=119

    It isn't too good too be true for the likes of the o donnels or Sean Quinn. If your someone small, you'll be miles down there objection list.
    Being made bankrupt isn't nice. It won't be fun. But it is better than being stuck in a trap. It might be a few years of ****ty living, you'll lose your assets, but it'll allow you to come back in a stronger position than you'd be if you don't.


    Also if you do go, if head to England. NI has tougher judges apparently.
    As well as that when you go you have to make it your centre of main interest so you'd get pps no. Open a uk bank account, rent a place get/look for a job etc. I'd try get a low paying job. Excess income can be passed to the receiver, and this stays in place for 3 years, but can only be put in place in the first year


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