Oz plan could off the cards! Dilemma

[craigyboy]

colin I completely get the moral brigade thing and didn't want to put it out there but yes you are right. No money exchanged back and forward but the advisor said that they can check any changes in the past two years and see that this was done and the parents can be then be asked to return the property to my husband to be added to the pot of assets. Regarding the rent of the rented property here the bank is close to accepting just whatever tenants gives us (to be fair they have been supportive in their dealing with me) roi bank that is.

So many people intact most advise us to do that, but I am fearful of it all and the repercussions. We earn good wages and honestly hand on heart we spend nothing on ourselves, the basics on the kids and the rest on debt, so you advice may well taken.....have to the find that steel

thanks[/quote Murta sell the parents house and buy another in their name: you have to explain the situation to them. They would much rather you saved a roof over their heads. Or produce what we in Scotland call a life rent allowing the parents to stay in the house until they pass on. Is there equity in the property? If it has clear title you need to sell it before considering bankruptcy. Or at the worst have the parents challenge the transfer and allow the courts to move it back to their name in title. Your mum

could state that she never gave your father permission etc

Edited January 29, 2013 by craigyboy

[Murta]

Thanks all, craigboy, the property is in Greece and we live in n Ireland but work in roi. Main residence is ninbutnthe second mortgages property is in roi.

[Rupert]

I am going to be devils advocate here, is there a chance you have enough problems without throwing a migration into the mix? It seems to me like making matters even worse. Negative equity, whilst not nice, does not cause a problem unless you want to sell. I would be tempted to have at least one adult make a quick trip to validate and then apply again for the rest of the family later if things start to work out. We all have to accept that we do not have the finances for certain things and maybe you do here.

[craigyboy]

 

Thanks all, craigboy, the property is in Greece and we live in n Ireland but work in roi. Main residence is ninbutnthe second mortgages property is in roi.

first the insolvency will have no bearing in Greece, the insolvency practioner is not Interpol. They have no chance of getting to Greece and getting their grubby hands on that asset. It is far to much trouble and expense, can you check if there is any reciprocal agreement between either NI or republic with Greece regarding such matters. Greek law may even offer protection to that asset. Example, guy goes bankrupt in UK, flat in Spain untouched. Edited January 29, 2013 by craigyboy

[craigyboy]

 

Nothing really can be done but thought I would share dilemma for othersNeed to activate by 29 aug -175 pr -me being the main applicant. House not selling so not seeing how can activate as was depending on the 5k profit to pay for flights. I may approach a family member to borrow it or we can go for a few days turn around and come back but awful for the kids.our financial situation is dire, we earn two decent wages but all out on bills debt and euro crash ( both work in euro live in sterling) considered bankruptcy mainly due to the 200k negative equity on a home we couldn't sell , long story told on here before.we got a big smack in the teeth last week when told that we are so eligible for bankruptcy but it will have to include my oh parents home which they have put in his name ! They are greek living there. So now there is no way we could do that. They said we could take a chance and they might not look there but no way too much risk.never been so deflated and disheartened especially after scrimping and saving we to get the 5k to pay for the visa. I suppose we are looking to find the flight money etc so as to buy us time. Even looked at just us going and leaving kids behind for a week but don't think it will be easy if possible to get them new visas. So searching for cheap flights in hope of something changing.so anyone in same boat I feel your dilemma.

HideCentre of main interestsCOMI is a concept introduced by the EU Insolvency Regulation[32] which states that a person’s COMI “should correspond to the place where the debtor conducts the administration of his interests on a regular basis and is therefore ascertainable by third parties”.The essential elements of the COMI principles are set out below.COMI for an individual is where he conducts the administration of his interests on a regular basis and is ascertainable by third parties.It can be the professional centre of business rather than the habitual residence.COMI can be moved but there needs to be an element of permanence to the move.Even if COMI is in one member state, insolvency proceedings against an individual can be opened in another member state but they will be either territorial or secondary[33] proceedings and will be limited to the assets in that jurisdiction.Where either main, territorial or secondary proceedings are opened, the law governing the opening, closure and conduct of each of those proceedings will be the law of the member state which has opened those proceedings.It may be possible to persuade a court not to open secondary proceedings after main proceedings are opened elsewhere, if it can be demonstrated that no useful purpose can be served by those proceedings and that they may simply multiply costs.The beneficiaries of detrimental acts can avoid the application of the law of the member state which opened the insolvency proceedings if they can show that the law they thought governed the transaction at the time they entered into the transaction upholds the circumstances of the transaction.Security rights and other rights effectively relating to real property are essentially governed by the law of the country where the property is located.Where an individual has an Irish COMI, then the bankruptcy proceedings are main proceedings for the purposes of the Insolvency Regulation and have general effects throughout the EU excluding Denmark.In a significant judgment on 10 January 2012 the High Court in Belfast held that Sean Quinn who had interests on both sides of the border did not have his COMI in Northern Ireland.[34] Accordingly, he now faces a bankruptcy petition in the Republic of Ireland.[35]

[PomPrincesses]

In your situation you should go bankrupt and ask somebody to give you $5,000 for flights throw your clothes in a suitcase and never look back.

You'd be better off paying your OH parent's whatever their house is worth in the cash that you're saving by not paying the banks - that debt will never end with compounded interest, at least there is a final amount with the parents house.

Edited January 29, 2013 by PomPrincesses

[Guest guest68546]

I am going to be devils advocate here, is there a chance you have enough problems without throwing a migration into the mix? It seems to me like making matters even worse. Negative equity, whilst not nice, does not cause a problem unless you want to sell. I would be tempted to have at least one adult make a quick trip to validate and then apply again for the rest of the family later if things start to work out. We all have to accept that we do not have the finances for certain things and maybe you do here.

 

+1 Can't afford to fly, can't afford to move to Oz. It will take funds to survive once you get here; in some cases quite substantial ones.

[Murta]

+1 Can't afford to fly, can't afford to move to Oz. It will take funds to survive once you get here; in some cases quite substantial ones.

Thanks for advice. You totally get it and re quoted my dilemma there, my only saving grace is that this flight is to activate only and not to move. If moving was on the cards I would be in different frame of mind. If I don't pay only one bill for next six month flights paid but there lies dilemma.

[Murta]

In your situation you should go bankrupt and ask somebody to give you $5,000 for flights throw your clothes in a suitcase and never look back.

You'd be better off paying your OH parent's whatever their house is worth in the cash that you're saving by not paying the banks - that debt will never end with compounded interest, at least there is a final amount with the parents house.

 

You see my oh owns the home so no need to buy it off them. Good idea about final move thou

[Murta]

I am going to be devils advocate here, is there a chance you have enough problems without throwing a migration into the mix? It seems to me like making matters even worse. Negative equity, whilst not nice, does not cause a problem unless you want to sell. I would be tempted to have at least one adult make a quick trip to validate and then apply again for the rest of the family later if things start to work out. We all have to accept that we do not have the finances for certain things and maybe you do here.

 

yes u r right and hence the title , plan could be off. I understand what u mean but neg equity along but with increased interest rates, euro-sterling doom has crippled payments, loads of things. Main family loans etc will be cleared in few years but the house never. Regarding one adult yea thought of that but works out cheaper in long run to all go now.

[PomPrincesses]

Borrowing money you can't afford means the rest of us are affected in some way. Whether that means those who lived sensibly and within their means pay higher bank fees or simply that house prices were artificially raised outwith their reach on the back of other peoples greed. Just because a bank offers you a huge sum of money doesn't make it correct that you need to accept it. Banks have acted disgustingly as did Govt but many people can't absolve themselves of their own part and greed in their downfall. It sounds like the easy first option, if so, I'd like to see the practice of bankruptcy changed...not to suit the banks but to protect those of us who will end up paying the bills of others greed.

 

 

 

And the banks needed to follow their own due diligence procedures but they had the pound signs flashing in their eyes and couldn't see the bleeding obvious in front of them.

The banks love suckers, and will pay for other peoples mistakes but you will whether they or anyone else goes bankrupt or not.

Edited February 1, 2013 by lebourvellec
quote edit/Forum rules

[Davo1]

Sorry to hear that Murta

 

Any joy in getting a job to pay relocation for you and the family? Or are you just going to validate then come back?

[ali]

Murta - if the August date is the date you must validate by - then you'll find that this is the same date for all visa holders, if you partner and children don't validate their visa will expire

[Murta]

Sorry to hear that Murta

 

Any joy in getting a job to pay relocation for you and the family? Or are you just going to validate then come back?

I know it would be great to get a relocation, but alas social work is not one I want to be tied to as I hear child protection is worrying practice, (one of my dilemmas about continuing my career in a danger work practice) without sponsorship I can be free to move about and make a change. She hopes!! So yes going to activate, then return.

hope to view properties get a days work experience in a social work off and see a few school principals. Looking forward actually and thinking good opportunity to get a feel about the place.

[Murta]

Murta - if the August date is the date you must validate by - then you'll find that this is the same date for all visa holders, if you partner and children don't validate their visa will expire

yes we all expire then. All going for 2/3 weeks, will return then set wheels in motion for the move .

[Murta]

TopBhoy I didn't take offence from your post as you said you we not being offensive at the ends of the post, I once thought. Similar but having spent my money wisely and borrowed money I could well afford then I know I am not mismanaging my finance.

hope you continue in your opinions.