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Hi
I have been recommended your forum by another member and hope you can help. I moved to Spain in May still with debts in the UK. I have been using the equity from my house sale to meet my monthly payments but now this money is running out fast and I am not earning enough in Spain to be able to cover these costs. I have about 3 or 4 months before the money runs out entirely. The debts I owe are as follows

an unsecured business loan of £17081 (been running for 2.5 years of a 10 year loan, original loan £20000. Monthly payment £278

A personal loan remaining of approx of £9477. original loan of £17000, term 5 years. Monthly payment £338

Barclaycard £4704 monthly payment £100
Egg card £8591 monthly payment £180
Store card approx £1000 monthly payment £64

i also have a couple of business items on a 3 year lease, but both of these will become a peppercorn rental in the next few months. will thse be affected?

My friend did contact you to make preliminary enquiries and you advised that an IVA would not be possible. If this is the case then would I be looking at bankruptcy?
I have to say I was very tempted to just "skip the country"!
Thank you for any help you can give.

Hiya Sarah xxx...I am sure someone will help you on this as they are a great bunch and so wise !!

Hi Sarah,

Was your friend given any reasons for an IVA not being possisble? If you still have a UK bank account and correspondence address then an IVA is possible.

Kind regards,
Terry Balfour
IVA.com


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Hiya .. it was me who said that sarah might not be able to do a IVA as she is permanently living in Spain and that she will be able to use the Spanish insolvency laws though...sorry if this was wrong Sarah and Terry

You will still need to demonstrate residency in the UK - or that you have lived in the UK for the majority of the last six months, so you don't make it on the second count, but possibly the first.

Given that your salary is now somewhat reduced, do you really feel that a repayment plan is the best way forward for you, especially given your skip the country comment?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

If your tempted to skip the country why dont you just go bankcrupt,get the whole thing behind you in a year and move on with a clear conscience...Spain isnt that far..they could soon catch up with you...they caught up with Ronnie Biggs,the great train robber!! LOL[:D]

Hi Sarah
If you have no residency in the UK then you will be unable to undertake an IVA.
Surely bankruptcy must be the best way forward for you if you have moved permanently ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

can bankruptcy still be done then even though she no longer lives in uk...? and if so would it be done in spain or the uk..? thanks x

Thank you all for your replies. My comment about skipping the country was a little tongue in cheek, I really would rather it was dealt with officially so that I don't have this looming over me for decades to come.
So as Angie says do i apply for this through the UK, or here in Spain? given that my Spanish is very limited it would be easier to go through the UK.
I am self employed as so have no fixed income so I think Bankruptcy is my best option. What is my next step? Am I still on the right forum to seek help for this. Many thanks

You still have to petition in the country of your residency, which does now sound like Spain. I suggest that you find an English speaking Spanish lawyer with knowledge of that countries bankruptcy laws who can help you with this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

OKay I will do, thank you so much for you help

sorry I forgot to ask, do I carry on paying until the money runs out, or do i stop all direct debits and outgoing payments now?

I would stop paying now - as that lawyer will not come free of charge!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp