Sell up and move to the uk..! ?

I lost my job and got into serious arrears with my bank, house is going to be repossessed now in September and I want to leave the country, will my debts follow me, the bank will take a civil action against me for the outstanding debt so ill still owe at least 200 - 300k to the bank when it goes, would the same apply if I moved to the north.

I’d rather start fresh somewhere else than have this debt hanging over my head for the rest of my life…

It would apply in this country and if they can track you down in the UK or anywhere, you risk a visit or many threatening phonecalls from hired goons…

Poor Sod, if it were debt in the UK or US youd be grand but not here. You never know, with so many people in the same boat they might find a way of charging the taxpayer for it. Apparently without debt forgiveness there can be no recovery so…

Sorry, “his” debts? Or yours?

Not enough info clearly stated to say anything useful?

Askaboutmoney.com has a lot on this sort of thing…

if the bank is repossessing the house and no income, probably best to declare bankruptcy?
That way the debts DO disappear. Once the bank take the House, and no job, then not much more they can really do to you.

UK bankruptcy probably better than Irish one, again lots of info elsewhere on this…

Get established in the UK and attempt to enter into an IVA with your creditors from there, maybe? Watch out for the IVA firms that claim they can clear all your debts no problem.

Have you got your unemployment claim in? You should be able to transfer your benefit payments to the place you move to in the UK. Be aware, though, that the level of payment over there is lower, so if you do not get work and your Irish benefit runs out (I think you get the Irish levels for the first nine months), you will be on the UK benefit.

I think you need to research carefully first the implications. A trip up north to the citizen’s advice bureau might help?

If you manage to evade debt in the UK for 6 years without being tracked down it is considered to be ‘statute barred’. They can chase you for it but if you then say ‘I do not acknowledge this debt’ any further chasing will be considered harrassment. Dont know if that applies to debt originated in Ireland though.

3 months only.

I’m sure theres 1000’s in the same boat as me, I’m going to be homeless in September anyway I’m not going to go on a housing list here, I’d rather be homeless than put my kids through that, I’d be a complete misfit. I want to learn from this and move on, I cannot do that here with a debt of 300k hanging over my head, I bought at the peak to house my family, house cost me 380k and was the cheapest in the whole county… im not a speculator or a gambler, had two kids in a crèche and they suffered while we saved 25k up for a deposit, both of us on a little bit above industry average wage… no new cars, no holidays, no 50 inch plasma TV. It took the guts of 8 years to do it. I done everything by the so called book. I lost my job two years ago and have been working some contracts in between but its all dried up… even my job seekers is gone now, never been on the dole in my life. Sorry for the rant…

So the house is now worth 55k or am I missing something ??

Dont be sorry. Fuck the begrudgers including many Pinsters who may tell you to “man up” and pay off Seanie Fitz and all the other “capitalist’s” golf club memberships.

Look into UK bankruptcy laws. As I understand it, they are the most lenient in Europe, whereby all debt may be written off within 12 months. I think you would need to demonstrate to the UK court that what they term as your “centre of main interest” is in the UK. Im no expert but I would imagine that refers to such things as proving that you live there, have a job etc.

Once you get the debts written off in the UK, my understanding is that EU law dictates that the debts are effectively written off anywhere within the EU. Possibly you could then come back to Ireland and even buy your old house back off the bank for sweet fa. How sweet would that be? (although Im not sure about that - youd need to look into the details)

Heres an article to begin your research. There must be a lot more out there.

onlyfinance.com/Debt/Bankrup … he-UK.aspx

Anyway, good luck. Get out and fuck the begrudgers. Those shouting about “responsibility” are simply seeking vindication or victory at your (and those like you) expense.

The system is rotten. Screw it before they change the rules - and before half the country follows.

Please keep us informed as to how what you decide as there are undoubtedly many others in the same predicament who may find your story helpful.

And again, best of luck.

For details you need legal help but if I were you, run away from here. Take your kids and go to UK or may be Auz. Be ready for threatening phone calls or may be uninvited guests but they cann’t do any thing legally. Report local police station when you get them and stick there.
You will get though within few years but if you believe in paying you debt in this situation, you will not get through it whole of your life.

Go quick if you do go, each budget will bring more difficulty for everyone. Dont take the lenient bankruptcy stuff for granted if it does look like working out. If it were me Id hoof it tomorrow. Extreme circumstances call for extreme measures.

Sorry for your troubles, JustThe5ofUs.

Here’s a Tribune article from March 2010 looking at the options.

A company/contractor could tender for work in the UK and use ‘bankruptcy holiday goers’ as cheap sub contractors. If children were enroled in school/creche would that be enough to claim the ‘main residence’ was in the UK? I’d imagine so…

If moving to the UK is the only way to gain meaningful employment then the UK becomes your “centre of main interest”.
This country is not being run for the benefit of it’s citizens, by leaving you are really escaping.
Perhaps in time you will return and make a difference for the better, but right now if you go, don’t look back; there are still way too many people who see nothing wrong with hyper inflated house prices.

GTFO no seriously Get the F*** out of Ireland. Rebuild and reinvent yourself. Declare bankrupt in UK if that is best option. Get job, get kids in school, get a home, get a life. Not options in dear old Ireland for you OP at the moment so get out. Some parts of the UK are very very nice e.g. the West Country but some are not so nice e.g. parts of Manchester.

Out of curiosity, has anyone heard of any test cases, whereby an Irish citizen has used the UK laws to declare insolvency, challenged by the pursuing creditor?

I have a feeling that if not, we may see some in the near future.

But nobody has said that,have they?

although i’ll be picking up the tab for your stupidity, if I was you, I’d leave too…

I still can’t see how a home that cost 380k, with 25k down payment can get you in the hole for 300k unless it sells for 55k which would be a heck of a price drop

It could happen. Anyone who bought in a ghost estate in the arse end of nowhere could easily be looking at that kind of scenario.