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Bankruptcy & living with it

To help people who are bankrupt rehabilitate their finances, without judgment.

Partnership business failing
Hi, im not sure if this is the right place to post but we have a family business (parents and child) and we are due to run out of cash flow. We owe nearly 600k of debt, however we do have assets, including a building that we own but we have a loan secured on this. The building is worth around 300k with the loan value of…
Is there always an interview with OR?
I went BR by my own application on the 8th of January 2025, but have not been invited to interview with the OR. I’ve agreed and signed an IPA via email - which is an NT tax code only for the remainder of the tax year, and the same for council tax as I have no spare income. I’ve also given an account of when and how my…
Debt Problems, don't want an IVA but seems the only solution
I'm currently considering an IVA through StepChange and would really appreciate some advice from anyone who's been in a similar situation. I have £46K of unsecured debt spread across three loans and three credit cards, and I’m feeling stuck despite trying multiple options. Here’s my situation: * I own a house with around…
Scottish Map Process
Has anyone gone through this recently? I've come to the end of stressing about debt , tried my best to deal with what I can with what I've coming in , restructuring at work means a cut I'm hours to save jobs.
Bankruptcy and credit file
Hello everyone, I applied for bankruptcy in January 2019. My ClearScore report shows that my credit cards were closed in 2019. my transunion report show that I still owe these cards money. 6 years have passed now and I would like to try to tidy my credit report. please could you advise me on how to get these removed from…
Collection Letters 18 years after BR!
Hi all, I hope this is the right place for this! I became bankrupt in 2007 and was discharged in 2008. Since then I have managed to rebuild my credit file, obtain a mortgage and remain debt free. A few weeks ago I received a letter from a company called Opos who were contacting me on behalf of Capquest to collect an…
IVA
Hi I’m currently on a debt management payment plan with step changes, it’s going to take over 11 years for me to pay back 16000. I’m not sure whether to apply for an IVA instead. Is this a bad idea?
HMRC WARNING OF BANKRUPTCY
In November I received a letter warning of bankruptcy from HMRC. I owe then approx £193k in taxes, vat, fines etc. I was a soletrader for 10 years. For the last 2 years since I stopped being self employed I've paid them £500 a month. They have told me to stop paying, it's barely covering the fees & interest they said. I…
HMRC - massive debt
My husband has been mentally unwell for some time and has a delusion that he has paid all tax (he is self employed as a copy writer). I finally got access to his account and he has a £60000 debt. I have spoken to hmrc on his behalf and they have agreed to take off the late penalties which add up to £5000 but we still have…
BR and joint accounts
I am now 5 years post bankruptcy, January 2026 will be my 6 years up point. I went bankrupt a few months before I met my now spouse. We are getting to the point that we really need a joint account as handling the bills is getting messy with transfers here, there and everywhere. Spouse had some debt prior to us meeting and…
General IVA/Bankruptcy Queries/Worries...
I'm considering bankruptcy due to not being able to find the £ needed for my first income tax payment since I entered an IVA in 2022 due to endless ongoing issues with HMRC. If I don't make myself bankrupt, it's inevitable they will do so soon, I think... Hours of researching and poring online have led me to lots of…
Debt relief
Asking for a friend . I've been sat with my friend today , trying to help him out, I'm here asking for advice. He recently got made redundant , after 5 months in his new job , now he is on a zero hour contract . His debts are around £14k , bank loan and credit card. He's not registered to any house as he's a ft van lifer ,…
Money back after discharge of Bankruptcy
Does anyone know if its normal to get money back after being discharged from a Bankruptcy. My elderly mother was conned out of her life savings and ran up large credit card debts while the man who stole her money kept telling her he would pay her back. She declared herself bankrupt when i found out what was going on. This…
IPA question
Hi, I’ve just been declared bankrupt and the IPA team have reviewed my income/ expenditure and I’ve been told I have to make only pay my tax from now until the end of the tax year. my question is, if my wages stay the same from now until after the 12 months of bankruptcy is over, will I still be eligible to make payments…
Bankruptcy help
Hi I have a friend who has found himself in a bit of a pickle and am after some advice to help him He has a shop which provides a service to customers, he is also a sole trader this is what he currently owes Personal loans and credit cards £26,686.00 Business loans and credit cards £58,601.58 Business overdraft £19,998.84…
Moved: Dad living in debt due to inheritance fraud and heart failure diagnosis
This discussion has been moved.
Not heard from Official Receiver
I sent my bankruptcy application in last week (3rd December) and received an email to say it had been approved with the bankruptcy order on 5th. Since then I have received an email with an attached letter to say the OR is not interested in my car and that I can keep it. I then received a phone call from the Insolvency…
Rebuilding Credit Post Bankruptcy
Thought it might be a good idea to start a thread about who can help us rebuild our credit files post bankruptcy. Of course I'm sure once we've dealt with our debts we'd like to bring our financial standing back to prosperity so that in future we can benefit from good mortgage, loan, credit card and other such deals when…
IVA and RX1 form
Dear all I need some advice My husband took out an IVA nearly 2 years ago with a known company he is self employed and debts added up to £40,000. The company are asking us to sign an RX1 agreement stating that we will enter into an agreement and put our house against the debt. I am being asked to sign even though the debt…
Ltd company insurance post-bankruptcy
Hi all I’m wondering about chances of getting basic insurance for new business (ltd company) having recently been discharged from bankruptcy. The situation which lead to this was a right mess. Was director of a company which went into liquidation with very substantial debts. Personal guarantees were called hence…

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MSE News

Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payments this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Which NatWest and RBS branches are closing from 2025? Here's the full list – and banking alternatives
NatWest and Royal Bank of Scotland (RBS), which are both part of the NatWest Group, will shut at least 108 of their bank branches in 2025 and beyond, after the Group announced a further 52 NatWest closures.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
Winter Fuel Payments will be reinstated to all pensioners in England and Wales this winter – but will be clawed back automatically from those earning over £35,000 a year, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up. MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis.
Car finance mis-selling update: regulator prepares for compensation scheme – and warns against using claims firms
Payouts for mis-sold car finance could be another step closer as the financial regulator has set out the factors it will consider if it were to introduce an industry-wide redress scheme – though we won't know more about how this will work until after a key Supreme Court decision expected in July. In the meantime, the regulator has warned that you DON'T need to sign up with a claims firm to be included.
Winter Fuel Payments to be extended to pensioners earning £35,000 or less – here's what we know so far
Winter Fuel Payments will be extended to all pensioners with incomes of £35,000 or less this winter, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up.
Winter Fuel Payments extension confirmed for this winter – watch Martin Lewis' instant response and his message to the Chancellor
Winter Fuel Payments will be extended to more pensioners this winter – though not to everyone – the Chancellor has today confirmed. However, exact details of who will now qualify still remain scant. Watch MoneySavingExpert.com founder Martin Lewis give his instant response, as well as his key message for Rachel Reeves.
Nationwide Fairer Share: Free £100 bonus confirmed for 2025 – here's who will get it
If you bank with Nationwide, you could get a free £100 paid into your account in June or July as part of the building society's 'Fairer Share' scheme. The bonus will be paid to millions of its current account customers who also have savings or a mortgage with it.
Forced onto a prepay energy meter? You may be due money back as 10,000s to be compensated
If you had an energy prepayment meter forcibly installed or your smart meter was remotely switched to prepay mode without your permission, you could be entitled to compensation of up to £1,000 and may even be eligible to have your energy debts written off.

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Bankruptcy & living with it

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