If you need debt advice we can help

[Terriza2]

Hi all.

I have recently moved to the US but still have debts of about £20k in the UK from when i was living in Scotland. I wanted to get these sorted but unfortunately thigs have not worked out in the US as I had hoped and so I was looking at the possibility of a Trust Deed or Bankruptcy.

I have just been told that these solutions are no longer open to me as I am no longer living in Scotland. Is that correct?? I was told that my only option is a debt management plan but I would be paying the debt for ever going down that route. Can you advise??

[James Falla]

Hi there Terriza2 and welcome to the forum.

Unfortunately what you have been told is correct. You can only take advantage of the Scottish insolvency laws if you are still living in Scotland. I you have moved abroad then you lose the right immediately. As such in your position, the only option will be to start a DMP.

Unfortunately this advice has come to late for you but if you are living in Scotland and are thinking of moving but have debts it is best to act to resolve these before you go. Generally speaking the insolvency rules in Scotland are advantageous when compared to other countries across the world.

[Terriza2]

OK James. Not really the news I wanted to hear. I will have to think about the debt management plan option you suggest but as I said i am worried that it will take for ever to repay my debts....

[Steve Jackson]

Hi Terriza2

One point I would make is that if you make no further payments towards the debts then it is very unlikely that any of your creditors will try to find you. If they do try to trace you, once they realise you have moved out of the UK they are unlikely to take any further action. If you do move back to Scotland at any time you can then deal with the debts using the Scottish options.

[Hayden]

Hello Terriza2

I agree with Steve. If you have moved to the US I would say that the likelihood of any of your creditors tracing you there is next to zero. I think your best option would be to let sleeping dogs lie until such tiome as you move back to Scotland / the UK.