A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[annibelle]

Hi,

I'm in a not so good situation and can't seem to get a straight answer, so I'm hoping someone can help!

I'm a US citizen who has been living and working in London for nearly five years. Up until July, I was easily making payments on my unsecured £11,000 loan as well as on my credit card. Living the London life, I admit to overspending on the credit card (which is now at £7,000) but I was still paying above the monthly minimum.

Now, however, my mother is ill and will require full time care. I plan on returning to the States to look after her and my last day
of employment is on August 8. Although I hope to find a job back home, it will only be part time and will likely be at minimum wage, definitely no where near the salary I'm making now.

When I spoke to the bank I was told that while I was still employed there was nothing they could do. A financial advisor said that an IVA would not be an option as I only owed to one bank. National Debtline say they cannot really help me much now either, as my circumstances will drastically when I return to the US.

It's now 4am and I can't sleep due to stress. Is bankruptcy the best option? Should I petition while I'm still in the UK or wait until I return home? I have completed the forms online and was planning on going to the High Court on Monday but am now second guessing this decision....

Any advice for a sleepless gal would be much appreciated!

[Hg]

Hello

If you have no assets, then you may have nothing to lose from declaring bankruptcy in the UK.