I am based in Southern Ireland where I have lived for about 10 years. Prior to moving over here I had some loans and a creditcard. I have continued to pay off these whilst I have been in Ireland.
Since being in Ireland I had my own business, but this failed leaving me in further debt over in Ireland. I have been employed since 2007 and have tried to keep up with the repayments on the debts. However I have now come to the point where I am robbing peter to pay paul... I have a few questions that I am hoping someone could answer for me.
1) Is it possible to have an IVA that covers debts in both countries?
2) If not is it possible to take an IVA on the english debt from Ireland
3) What would happen if I stopped paying the payments on the English debt with me living Ireland (i.e. would this affect my debts over in Ireland and what if I decided to move back to the UK...)
4) What options are open to me?
Appreciate it if any could give me some advice as my situation is really starting to bring me down [:(] and do not know where to turn.
I can speak from experience here - as I have offices in both the North and South of Ireland.
Unfortunately there is no legislation yet in Southern Ireland equivalent to an IVA, however this is coming in we hope over the next 12 months.
To benefit from UK insolvency laws, you would need to demonstrate that you have a Centre of Main Interests in the UK - so if you own property, are registered for UK taxes, have a trading business in the UK or any other links it may be possible to propose an IVA - which could also include your Southern debts as well.
You could declare yourself bankrupt in Southern Ireland, but the discharge period is still harsh - but again is likely to change with the advent of the new legislation. It might be better entering into a DMP at present with all creditors, pending the legislation coming in, which we hope will be by the summer of 2013.
In the meantime a chat with an insolvency practitioner or two with experience of working in both jurisdictions would be of benefit to you, at no cost.
Great advice from Mel! There's always a solution or two for everyone!
There is a list of iva companies at www.iva.com with client reviews too. It's always a good idea to speak to two or three IPs for advice. I'd include Mel if I was in your shoes!!!
The new insolvency legislation is due to be published but this does not mean it will be enacted in the near future. Melanie's advice is sound and the right option depends a lot on whether you intend to remain in Southern Ireland or move back to the UK.
