Offshore debt UAE debt asking here in uk to settle but I have no money to settle
I’m bit confused because I set up business in UAE 2013 it was going well after 2years trade I took some loan from different banks and paying their instalments on time over 2 year but in 2017 I had downfall my buyer ran away took credit from our company and disappeared. I was shattered business went down very badly so I decided to close my business now I receiving letter from debt people’s to clear the debt and I have no money to pay I don’t know what to do please help me out.
I need a bit more information to understand your full situation. Please post your responses in the comments section below.
I am making the assumption you have debt in the UAE? How much debt do you have? Are the accounts in just your name?
I am also assuming you are now living here in the UK?
Are the collection firms that are contacting you also in the UK?
If the collection firms are here in the UK, and you are in the UK, and you have settled here to live and can show the UK is the centre of your interests, you can make use of the debt and insolvency laws here in the UK in how you deal with the collection process and the accounts.
Are you working at all, earning any income?
If you have something to offer to the accounts, you could look at a debt management plan, or depending on your full situation, an IVA.
If you have nothing to offer, and have no assets, depending on the amount of debt you have you could look into bankruptcy or a debt relief order.
Let me know and we can look more at this.