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Found 14 results

  1. Looking for some non-judgemental advice from you clever folks... Myself and my wife bought a flat in London in November 2007 on virtually a 100% mortgage (I know, I know.. insane, but back then everyone was at it, and it took us two years alone to save enough for the stamp duty and fees!). After the market went pop, within 6 months, it was worth about 60K GPB less than we paid for it. Coupled with being unlucky (or stupid) enough to buy at the peak, we bought terribly, an old flat in a questionable area that needed a lot more work than we could have imagined. We have tried to sell twice, and not one offer, even below asking price. Since departing the UK, we are renting the property out behind the back of the mortgage company as they refused our request to let it out when my industry all but disappeared (construction) I had no choice but to up sticks and move abroad chasing work. We're making a fair go of it living here and getting to love the place and being back working in a busy industry, and have three kids now. The constant sending of cash we cannot afford back to subsidise repairs and mortgage payments is becoming a pressing issue to say the least - probably about 8 grand GBP this year alone... We are only paying interest on the repayments and barely afford this, thus haven't paid a penny off the mortgage yet, five years on... I have a small credit card debt in the UK, about 3K, from paying for a new boiler last month, but nothing else debt wise - just this bloody mortgage. We've just been told the entire property needs new windows and a new kitchen (!!), so another 20K debt is flashing before my eyes... SO - I have been looking at bankruptcy. I don't have residency yet here in Oz but will start process next Feb when I have been here two years and it should be quite straight forward as I have a good secure job earning a good wage. I don't foresee going back to London as it's such a mess there and things going well here, so looking long term to citizenship for myself and my happy brood. I'd love to hand back the keys and have spoken to a few insolvency agents who seem a bit too enthusiastic, and make it all sound too easy - if you l know what I mean! used car salesman springs to mind... I understand you need to pay a few grand to get the process managed for you but my main worry is being left with a 60-70K debt I have to pay off from the flats negative equity, which would pretty much ruin us financially for ever. Anyone been in the same situation and can offer advice, I'd be very grateful. Anything will help, we're getting a bit low here worrying about this. Thanks guys!
  2. AA have confirmed that they have filed for bankruptcy, their parent company confirmed this morning. I don't know the in's and out's of the legal ramifications but apparently they will still try and 'maintain' a presence, (whatever that means) and they hope to stay around. Just goes to show, even a company as HUGE as AA are feeling the pinch somewhat. Cheers Tony.
  3. Heather Law

    Migration and Bankruptcy

    My husbands company is about to go bankcrupt and i am a director; the company is limited. I have already started the process of migrating to SA under skilled migration but not yet lodged my VISA with DIAC. Will the bankruptcy stop us from getting in? Any advice would be appreciated. Heather
  4. Guest

    bankruptcy in UK and visa hopes

    Hi Everyone I currently am a director of two businesses in the UK, one is doing fine and the other has been badly affected by the Recession, its looking likely that it will have to declare bankruptcy unless sales pick up drastically in the next 3 months. I am currently awaiting a skills test to progress with my visa application and need to know whether or not the business failing will affect my chances of being granted my visa?? Any advise would be greatly appreciated:chatterbox:
  5. My fiancee is currently here in the UK on a Youth Mobility visa The plan is for me to apply for a prospective spouse visa while she is here and travel back to Australia with her I have been out of work for a while now due to the recession and a collapse of the construction industry, and have built up a few grand in debt I have been speaking to a lawyer who says I can file for bankruptcy but I think this will cause problems applying for a visa Can anyone clarify this?
  6. Guest

    Bankruptcy - the only way?

    I am awaiting my spouse visa and am living in Melbourne. I have considerable debts in the UK including a shortfall in the amount my house is worth and the amount I owe on the mortgage! They say that declaring bankruptcy is a responsible thing to do when faced with insurmountable debts and no way of paying them off. Any ideas?
  7. Hi all, Would like to hear from anyone who may have successfully completed a UK Bankruptcy petition whilst living in Australia. I am looking at starting this process soon but would love to understand any implications or issues i should expect. Regards
  8. Guest


    Can anyone help? I am unfortunately filing for bankruptcy and was wondering if this would affect my chances of applying to immigrate to Australia? regards
  9. Guest

    Bankruptcy, can we still go??

    Hi, I was made bankrupt about 8 years ago, and was wondering if this will stop me moving to oz. It wasn't over a huge debt think around £4 - 5 thousand all together and only reason being because my ex left me and my son with alot of bills and as i was not working i had no way to pay them. Bankruptcy was my only option at the time. I'm just hoping this will not go aganst me and my family emmigrating next year. Any help and advice will be much appreciated. Thank you kel
  10. Guest


    Hi, just wondering would a bankrupcy order prevent me from obtaining visa if it was because of non payment of income tax. would gratefully appreciate some advice on this or a link where to find advice. cheers.
  11. pegg99

    Bankruptcy checks

    :unsure:Does any one know if it comes up in your police checks or any were in the visa application whether there is a question on if you have evey been bankrupt ( discharged or undischarged ).
  12. Hi!Does anyone know whether being bankrupt in the UK effects; Applying for a spouse visa? Your credit rating in OZ? Getting a mortgage in OZ? (after being discharged) :wacko: ThanksLaLa
  13. stacybird123

    bankruptcy and ccj's

    hi a few years ago now i had a couple of ccj's filed against me which still have not settled, can anyone tell me if this will effect my visa application?, and also if i was to file for bankruptcy wether this has an effect too on the permanent skilled visa application also? please advise, stacy
  14. Guest


    Hi thinking of emigrating Australia but was declared bankrupt in the UK 5 years ago. Have been clear of bankrupcy for over 2 years will this have any effect on my eligability to move to Australia.