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Self Assessment Tax return
Hi, I am employed and also self employed. for the year 2020-2021 my tax was nil due to the bankruptcy. I have just tried to to file my tax return for the year 20-21 and when it has calculated my return it appears to want to add the tax on that I have underpaid due to being on a nil tax code. Has anyone had any experience…
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Are DD’s & SO’s still honoured.
When a main usage bank account is frozen are direct debits and standing order still honoured. For example when I submit my application, let’s say my account gets frozen by the bank on Wednesday/Thursday and there are Direct debits due on the Friday, will they be honoured. And.......... alternative question, if my accounts…
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Not as clued up as I thought I was....
Hi all After nearly 12 months of following I have finally decided to post. I was all for going BR. Stepchange helped with my SOA. Spoke to my employer to make sure emplyment won't be effected ( I work as a secretary for a solicitors). In the process of raising my BR fee. Applied for the Gov account and filled in just the…
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Bankruptcy advice please!
Hi, I'm currently on an IVA with 2.5 years to go. I've asked for a review on my monthly payments (which were £301 p/m) as I have split from my partner and struggling financially, mainly due to extortionate rent in London. I've heard today that they are more or less halving the payments but have extended the term of the IVA…
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Bankruptcy experiences?
Hi I’m looking at bankruptcy, been reading up a lot about it but would be really grateful for others’ advice/experiences. -Having spoken to National Debtline and StepChange and gone through my budget, I will get an IPA. Does that mean I’m likely to have to provide bank statements every month or suchlike? Don’t get me…
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Household income / personal expenditure
I am currently going through my bankruptcy application, but a little confused. I have input my income and my wife’s income. However as I understand it I only need to provide my own personal expenditure, my problem is, myself and wife have never split the essential bills, I pay all the essential bills whilst she looks after…
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Almost submitted BR application......
And then I discovered this amazing wealth of knowledge and people here on MSE, so maybe it’s best I hold fire and get some advice. I have 20 creditors and a debt of almost £58,000. The single largest being HRMC at £18,000 and then a loan from in-law’s at £8600 and then various CC’s, catalogues etc and a Zopa personal loan.…
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Bankruptcy fee paid
Hi guys, I’ve just had confirmation the charity I’m a member of the bankruptcy has now been paid in full. I’ve not submitted the application yet as they say it can take a couple of days to show on the application. I’m so so worried, feel a little sick, and really apprehensive about hitting that submit button when it…
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Partners income
I’ve finally declared myself bankrupt this week, after a separation from my husband 2 years ago which was messy, I finally moved on and now live with my new partner, so I have a few questions relations to my impending official receiver interview will my partners income be counted towards disposable income my she had her…
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Please Help - Week away from..
:(Bankrupcy. Please can someone help advise my situation I have been CAB not really give me any real advice. * I have lost my property owe £9000 in Mortgage and as it is in Negative equity they I now owe £25000 short fall im told. * Owe £15000 in CC debt * £3000 in various other things utilities etc. * I had £4k in savings…
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Advice needed as considering bankruptcy
Firstly hello and I hope everyone is safe and well. I am on disability of ESA and PIP and my monthly credit card and loans payments are simply unaffordable. I don't own home or have savings, own a car outright etc etc. I am just concerned about life after bankruptcy and don't know anyone who can answer my questions. So…
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Mortgage after BR
Hi, I was forced into BR in Nov 2017 and I was discharged in Nov 2018. My credit score is slowly going up but I have been told by financial experts that before 3 years I can get a mortgage but it will be a larger deposit and the rate won't be very good. I really want to buy now (3 years will be up this year Nov 2021) is…
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Bankruptcy - you can't "manage or promote a company", but what does that actually mean?
Does anyone know? I've read the bankruptcy restrictions guide on the gov.uk site here: https://www.gov.uk/bankruptcy/restrictions It says you cannot "create, manage or promote a company without the court’s permission", but what in practice does that involve. I understand that you can be employed while you are bankrupt, so…
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Bankruptcy discharge.
Hello there. Wondering if anyone can give me some advice. I have one month till I am discharged for my bankruptcy. I need to know more about the certificate to prove that I am discharged because last week I had a soft search done by Lowell for affordability. All debts were put into the bankruptcy and I need to know what…
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The official receiver as liquidator
I’m after some help and guidance and more support. i was the director of a convenience store which in the main made a living. Half way through its life I suffered an armed robbery at home. Suffice to say never caught and not insured so my net profit for year went in 30 seconds.along with paperwork keys etc etc. HMRC…
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A couple of BR questions.
I've been discharged since Oct 2019. I am managing my finances well, and have two credit cards - £1000 and £1500 limit - that I am using to show good credit. I've got a couple of questions: * Does it matter how much you put on the card each month, in terms of rebuilding your credit score? I'm just paying my mobile phone…
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Is Bankruptcy as Daunting and Scary as it seem
Hi guys, I’m putting off filling out the Bankruptcy application online because it’s really daunting and scary, like a leap into the unknown. I need to complete the form as I know for a fact I will never be able to pay my debts back. I have started the 1st couple of sections, in regards to income and expenditure, do I still…
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6 year rule
I am just coming to my first year of BR, discharge imminent. On checking my credit file, everything is there in black and white, all my creditors are showing as in default. Barclaycard however is still showing as a healthy account with a payment calendar that’s green! (I haven’t made a payment in over 2 years) the balance…
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Inheritance
My Sister lives with my mum, she has mental health problems and hidden the fact she has run up alot of debt and a CCJ. My Mother is elderly and has no will and owns the house outright. I have one other sibling, we have talked about the future and my mother wanted my sister to live there indefinitely. We do not object to…
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Advantis and IPA payments
Hi. I am now at the end of the first year, so will now start paying tax and council tax. They have asked for the last 3 months payslips, however during these months I have worked a lot of overtime and subsequently earned more (including the tax relief) during these months. What will happen when they see this on the slips?…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
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