It looks like bancruptcy for us

lynnellen

hi all,
I've been advised on another forum to post on this site, so just a brief history of a rather long and complicated story.
My OH and I entered into an IVA May 2007 with business debts, the monthly repaments were set higher than we were originally told this was because the creditors would only agree to a higher payment so we agreed. we paid every month what was asked but this was a struggle and it got us deeper in debt, we now owe the vat man and the tax office. the vat have given us a couple of months to pay or they are going to make us BR and we just have not got it, what is really annoying is the fact that the tax office have kept last years tax rebate of £18.000 and have got a furher £58.000 from our 2007/008 return, this could pay all our tax/vat owing to date and there would be quite an ammount left over to go in the iva.
we have cancelled our dd to the iva, there seems no point in paying anymore into the pot if we are to go bancrupt. I have been advised by rog2 that it's better to make yourself BR than to let the HMRC make you BR, i wondered if here was anybody else with a similar story or if you have ever been made BR by HMRC,its all very scarey and im looking forward to being able to sleep for once,it really takes its toll on you all this stress, i feel like i'm on a sinking ship and i want to be on dry land [prefereably spanish].
So any advise or support greatly appreciated.

RichOneday_2

There's very little difference between you petitioning or HMRC, except if they do it you wont pay the fees.

However, if they do it you may have longer interviews, mainly for your protection and to make sure that it is the correct course of action.

If you petition yourself you just have to confirm that you have taken professional advice.

Some people will feel they have more control over proceedings if they do it themselves, but that's more of a psychological thing. In terms of the proceedings being more severe if HMRC petition it simply isn't relevant.

blind-as-a-bat_2

The main differance is if the HMRC make you BR AND if they are your main creditor and IF You have assets to take they will get chance to apoint there own IP to see over disposal of assets.

In the grand scheme of things if you have little in the way of assets it will make little differance but if you have property etc there apointed IP tend to be less flexable from what i have seen, so if thats the case you may be better beating them too it, plus you get to control the timing which helps to sort bank accounts and payments out

lynnellen

thanks for that info, the hmrc are are main creditors although there are others,i am going to pass all this to my OH when he gets home but what worries me now is the fact it has to go to the high court .
we have no assets other than 1 mercedes which the garege informs me needs a costly new gear box ands its looking rather rusty and a landrover which my OH needs for work its oldish but suits the muddy building sites ect.we rent our house,got no expensive gadgets.no savings.
could you tell me how much the BR fees are roughly? and generally from sending the forms off how long it takes to get to court? sorry to be a pain thankyou

dalip

Hi
I never answered before cause houses are not my thing:o

BC fees are £495 each:eek:

If you ring your local court they will tell you the system they operate,some it's a drop in other it's appointments and there can sometimes be a wait for an appointment, so might be worth ringing and asking now.D

blind-as-a-bat_2

£350 OR deposit and £160 court fees i think it is now (may be wrong its 18 months since i did it:o ) per person

Vehicals are always a grey area, but if its value is under £2000 and you need it for work you should be ok, otherwise you will need to prove to the OR yo NEED it not WANT to keep it

purplepinhead

Hi, my BR fees were £495 :eek:

lynnellen

can anybody answer the following questions please
when my OH and i go to court for BR from what i understand we each have to pay fees,are we treated seperate or jointly,we have debts in both names and in each name, if its seperately do we both have soa's to fill in ?
Also we have a non dependant child who works part time, will her earnings be taken into account ? and do they also take into account the child benefit and maintenance for my younger child.
Im sure there will be lots more questions from me ,because i dont know if anyone else is the same as me but its taking over my life!.

RAS

Lyn

it can be a bit quiet round tea time, but you can be assured that people here are used to answering these questions and more.

Someone's sig has "the only stupid question is the one that is not asked" and that pretty much sums things up on here, so ask away.

deedee_3

lynnellen wrote: »

can anybody answer the following questions please
when my OH and i go to court for BR from what i understand we each have to pay fees,are we treated seperate or jointly You are treated sepratly,we have debts in both names and in each name, if its seperately do we both have soa's to fill in ? Yes you must both fill in the forms. You each put your own debts on your own forms and the joint ones go on both.
Also we have a non dependant child who works part time, will her earnings be taken into account ? Does she pay any rent? Do you support her in any way? Does she support herself? and do they also take into account the child benefit and maintenance for my younger child. You need to list it on your SOA but it is not taken into account
Im sure there will be lots more questions from me ,because i dont know if anyone else is the same as me but its taking over my life!.

Just keep asking, the more you know the more empowered you are.

dalip

When i went bc i had a "non dependant" that paid us h/k. There is a section which reads 6.7 How much do other members of your household contribute each month to household expenses. Put the amount in they pay together with your OH contribution. As if not you can not claim the full amont of allowances for them. I.E If the OR allows £165 pp/ pm each adult. Then you can not claim £395=3 adults for h/k. Does that make sense?D