Urgent Help Needed

blind-as-a-bat_2

Ok lets look at this from RBS,s point of view.

Have you asked yourself why they have broken ranks, refused a DMP, asked for a payment they know full well you cant afford, and indicated they will start legal action, not just to get a CCJ, but have actually stated they want a charging order?

Why, because they already know you may bail and go BR, and they then lose the lot.

Have you seen this thread

http://forums.moneysavingexpert.com/showthread.html?t=1172777

As stated this new law isnt in force yet, but some courts are allowing it already, and my guess is that its RBS,s plan to try use this to there advantage, besides by the time it gets to court it may actually be in force as it could be into next year depending how busy the courts are and if you try to deffend the charging order, which you must, but will have a hard time winning.

Once they get it they know there money is secured

So the RBS already know you are faceing BR, or soon will be by the sounds, that is why they are acting as they are.

The only question is what is there plan after getting the charging order? making you sell wont help them now, but may in the future, they may just bide there time and force a sale when/if the market recovers

Queen

Hi just spoken with Insolvency.Gov who confirmed that they would not make us sell the property at all if the BI was purchased, if there was a shortfall on repo or sale then this would all be rolled up into BR the chap I spoke to checked this with a manager so hopefully I have not been on a wild goose chase again, still not sure what to do though sit it out or go for it, worried because my OH has been off work for so long when he goes back next week he won't pay any tax for about 5/6 weeks and we really need the extra money for bills and xmas, if we go BR sooner then this tax will go to BR and we won't see a penny of this

Queen

checked on details about what happens to tax when BR NDL advised that extra tax forms part of the surplus so for e.g. we pay £500 per month between us in tax the IPA would not be set at 100% of tax collected but 50 or 60% so if we calculated 60% this means we would have a IPA of £300 until end of the financial year so basically he is saying we would be £200 better of until April surely this is not correct

blind-as-a-bat_2

:eek: I give up :rolleyes:

No its not, a Nil tax code IPA is nothing to do with a normal IPA, he is confusing the two

All the tax you would have paid goes to the OR from yor BR date till the end of that tax year.



Unless someone knows something i dont, or something has changed recently

Queen

Hi Blnd as a bat
Thanks its a good job someone knows their info :j its frightening that someone could go BR with all the wrong info and be right up the creak without a paddle thank heavans for you guys keep up the good work

blind-as-a-bat_2

Applying a 'Nil tax' code

If you pay tax under PAYE, HM Revenue and Customs (HMRC) will usually apply a 'nil tax' code to you for the rest of the tax year in which you were declared bankrupt. This means that soon after your bankruptcy, your employer will be told NOT to take any more income tax from your wages for the rest of the tax year. HMRC applies nil tax codes for various reasons, and the new tax code will not tell your employer you are bankrupt. The nil tax code does not mean no tax is due. It just enables HMRC to claim the whole of your unpaid tax for the year of your bankruptcy.

There will be extra money in your pay because of the nil tax code. This money will form the basis of an IPA or IPO, even if you have no other real disposable income. A nil tax (or NT) IPA or IPO may be the only amount you have to pay, and the agreement or order will stop when your tax code changes. If you have other real disposable income, the IPA or IPO will reduce when your tax code changes.

Example

Say you were made bankrupt on 15 September 2006 and after all spending is deducted you have real disposable income of £300 a month. It is likely you will have an IPA or IPO to pay £150 a month for 36 months. If you were in PAYE employment, a nil tax code would mean your income for a short period would be higher than normal. Part of your IPA or IPO would be a nil tax IPA or IPO for the tax you would have paid if you have not been made bankrupt, say £400 a month In those circumstances you would pay £150 a month from the date of the IPA or IPO for 36 months, and an extra £400 from the date the HMRC gave you a nil tax code, up to and including March 2007 when the tax year ends (about 6 months).

Nope its the same as when i last looked, oh dear, im going to stop advising you seek profesional advice:rolleyes::rotfl:

Queen

Thanks, I think they should close all these debt charities which are giving duff info, and just speak with you instead you are doing and good job and you obviosuly now your stuff keep it up you certainly kept me going when all been confused

KEEP UP THE GOOD WORK;)

Queen

Do you work in finance for a job or you know all this experience

blind-as-a-bat_2

Queen wrote: »

Thanks, I think they should close all these debt charities which are giving duff info, and just speak with you instead you are doing and good job and you obviosuly now your stuff keep it up you certainly kept me going when all been confused

KEEP UP THE GOOD WORK;)

I know the debt charities have to be carefull in advising anything, so they cant say do or dont go BR, just advise the pro,s and cons, but to not give the correct facts to help you make that discision is worrying.

I know they are really busy, so maybe its new staff that are not sure yet, or misunderstood, but its no excuse

blind-as-a-bat_2

Queen wrote: »

Do you work in finance for a job or you know all this experience

Stuck at home with too much time on my hands:o , so read a lot, and follow how its aplied in the cases i have seen on here and elswhere over the last nearly two years.

All the facts are out there for jo public to read, so its not hard if you have the time, but a lot is open to interpretation, which is where following real cases on here helps see how it actually gets interpreted

We are not experts, any of us, but we do our best to make sure what we say is as correct as we can, plus if you have the benefit that someone will usually chip in if they dont agree whith something thats said