Author Topic: 18k in the hole, need help  (Read 1468 times)


  • *
  • Posts: 1
18k in the hole, need help
« on: May 17, 2011, 01:17:12 PM »
Hi all,    Advice please:    I have lived in the UK for 8 years (ancestry visas) however I am not a uk citizen. My current visa runs out in Feb 2012 and I was thinking of extending/ applying for indefinite leave to remain or leaving for good (am currently undecided).    My problem is I have about 18k in credit card debt (5 cards/ overdraft etc - long and stupid story). I've had a little read through this forum and notice things like DMP and IVA etc. I live (rent) in central London and pay for the privilege so don't have a lot of income left over but have managed to pay minimums on most cards, one however is now with debt collection agency.    So as my credit rating is now screwed its not a major loss (don't work in finance etc).   But both would involve confirming I remain in the uk. I could knowingly take out one of these options then if I leave next year apply the "catch me if you can" mentality (especially if I don't return to my home country, the chance of catching me is 0 to none). I'm sure this may sound like a dream to those like me in debt but its a pretty awful thing to do, on the other hand if I stay I'm tired to the agreement (not all that bad, it is my debt after all) but I'll be paying it back for the rest of my time here, which may mean alot longer than i want and with no way of progressing myself.    So in some ways I do have to think about being realistic with what i do here.   any ideas on how to best manage this?                    

James Falla

  • Hero Member
  • *****
  • Posts: 655
Re: 18k in the hole, need help
« Reply #1 on: May 17, 2011, 06:16:43 PM »
Hi there Pete
You could consider and IVA or bankruptcy. Neither of these solutions requires you to remain in the UK. If you started an IVA, you could then move and it would continue as long as you maintaned the payments. In the same way, in bankruptcy you are not restricted in your movements as long as you let the OR know how to contact you.
Based on the fact that you are renting and probably do not know what your income will be if/when you move, bankruptcy might well be a better option for you as it involves no monthly repayments unless you can afford to make them.
Debt Expert & Author


  • Sr. Member
  • ****
  • Posts: 86
Re: 18k in the hole, need help
« Reply #2 on: May 23, 2011, 07:39:33 AM »
Dependent on where you choose to go the UK may have a reciprocal agreement with that County and as such you can be pursued via the Court system their for an outstanding debt here. Its costly for the creditor but because of the economy they do chase people.

The other thing if you decide to apply for the remain to stay status, immigration may not let you stay if they deem if you are not self sufficient in this country so check with your Embassy.

Supporting 'Practical Debt Advice' by Elizabeth Mc


  • *
  • Posts: 4
Re: 18k in the hole, need help
« Reply #3 on: Jun 14, 2011, 12:50:48 PM »
Thats alot of money u owe,hope u can sort it out ;)