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[Apache]

Good Morning all.
I’m new on this forum trying to get some help and clarification.
My wife and I both work and live in UK. Both good credit scores and never missed any payments in our lives. All our payments are up to date with no missed payments.
I’m paying £150 each month to get this credit card debt off and my wife is paying £300 each month for her loan.
Due to tragic accident in our family we will have to leave UK soon. I have £3700 credit card debt and my wife has a loan of £9000.
We are leaving UK permanently and I was going to ask what is the best solution for us to clear our debts and leave uk. We have no intention whatsoever to come back to UK again.
We will go back home in EU and probably be without any incomes for at least 6-9 months.
We have no assets in this country. We are furnished tenants. We own a car which is less then £1000 of value.
Thank you all for your answers and advices.
All the best.

[Geraldine]

Hi Apache and welcome to the forum

Sorry to hear about the accident in your family. One option you have is an IVA. However this would require you to be able to pay at east £100/mth towards your debts every month. Given you will have no income after you leave the UK this may not be possible. Therefore I would suggest bankruptcy is probably going to be the better option for you both. This will mean your debts will be written off and you will not have to worry about making further payments towards them unless your income improves meaning you then have a surplus.

Note: You still have to tell the official receiver about changes in your income even after leaving the UK. However if you have no surplus income by the time you are discharged (after a year) you will never have to make payments.

One more thing, if you are moving to another EU country, you must go bankrupt BEFORE you leave. If you are moving outside the EU you can actually make the application any time up to 3 years from the date you leave. So you have more time to decide if it right for you once you are settled.