What are the chances of the creditors reducing the monthly payments considering that the amount I'll be making in Australia will be less and not forgetting the exchange rates? I'm desperate to go back since my current employer is making life hard for me as I have a little child and have no family here in the UK. Entire family in Australia. Do you think the creditors will be understanding at all?
I would discuss this with your I.P and see what they believe your options are. Eventhough in theory it seems like it could be possible and that a monthly IVA payment can be made, will it be sustainable for the next 4 years.
Bankruptcy in the UK should not affect your credit rating in Australia, as I doubt that they have communications with each other. However if you are asked on forms if you have ever been bankrupt, I would think that you would have to say yes.
As to the effect of a UK bankruptcy on your Australian credit rating, you would need to make enquiries over there, or maybe Storm could advise is whether there is any sharing of credit information with other countries.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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