Posted on behalf of helpme80 - bankrupt or lose my savings, please help

Broken_hearted

If I had 25k I'd be rich, get so sick of being told your assets are too high.

maxmycardagain

what amuses me is a (wannabbee)-BR has to ask such a question when so many compnay directors of failed Ltd companies have blagged millions away from creditors 100% scot-free, but the simple joe-public-BR gets hung out to dry!

homealone_2

DON79 wrote: »

if you sign over assets and then go BR, the OR will take a vey dim view of it so it is not to be recommended am afraid. The OR can ask for the assets to be returned and can impose longer BR restrictions on you (which are not too much to worry about really).

But if you are medically retired due to ill health, then it gives the companies you owe money too even more of a reason to accept any f&f settlement.

Or have you even tried asking them to consider just writing off the debts completely because of your ill health and financial situation?

Other than that, not sure what else to suggest just now but some others may have some ideas for you.

can you really just ask them to write off the debts due to your situation? i am disabled so can no longer work due to the extreme pain i am in daily. i have yet to have the financial review with the cccs they are calling me on friday so may know more then. the largest part of my debts are to the inland revenue and although i was only paying them £30 a month originally i knew that once my nearly 18 yr old reached a certain age and was no longer entitled to CTC they would be coming after me big guns as the current arrange would have gone on until i was 93 so was sure that was why they set it up to such a ridiculous time frame they had all intentios of coming after me for a lot latger amount in the near future. at the moment by just calling them and telling them new situation that husband has left me they have sent it to the hardship team who apparently will ring every few months or so to see if situation has changed. this is not likely to happen.. has anyome else been in this position and had sums just written off?

maxmycardagain

DCA's and lenders may write off debts if offered 65% but HMRC will not, no way, not ever.

Broken_hearted

maxmycardagain wrote: »

DCA's and lenders may write off debts if offered 65% but HMRC will not, no way, not ever.

But they will take lower payments for a reasonable length of time.

homealone_2

i had a feeling HMRC may take that line but i cant see any realsistic view of paying it all back. i was overpaid £8000 in 2003 and as i said had a payment plan set up with them. then when i rang to say what had happened and that i may need to reduce that as my income had dropped drastically after husband leaving, they then said i owed a further £7500 as i had been overpaid everyyear since then. i cant see how as we never received any money and all award notices that cam had a nil written next to what we were due. they are looking into second amount and have said it may take 8-10 weeks but whether i owe them the £8000 or the £15500 how can i pay them back when they are giving me CTC because of having such a low income as the man on the phone from the HMRC said himself it would be pointless paying money into your account on a monday as your income is so low and then taking it out on a tuesday because you have been overpaid in the past. i have spent many nights since and before hearing about the further £7500 awake worrying myself silly about it and although i can see them not just wiping it off i cant see any way of them getting much more than gestures payments and even then only if situation were to change and how is that likely to happen? i had to give up work so cant do extra hours or get a weekend job as well. my son has further 3 years of college before he can contribute but cant see that being much. i dont do the lottery and after husband just walking out without a word 6 weeks ago i certainly wont in the future be living with a partner who could also contribute. cant see anyother way of situation changing unless i am missing something? has anything similar happened to someone that is further down th eline than me?

maxmycardagain

be warned

HMRC's own collectors are court-enabled (or equivalent) baillifs, they DONT need a CCJ, they call three times for the cash then proceed to a CCJ

they wont make you BR unless they are certain you have assets.

JCS1

maxmycardagain wrote: »

be warned

HMRC's own collectors are court-enabled (or equivalent) baillifs, they DONT need a CCJ, they call three times for the cash then proceed to a CCJ

they wont make you BR unless they are certain you have assets.

HMRC will make you BR even without assets - they see it as a way of closing tbeir files.

DON79

My mum was and still is really ill and she will not recover, when she had to give up work and she knew she would never work again and is on benefits the rest of her life, she did get help to write to her creditors and ask them to consider writing off the debts. some of them did, some didn't.

but i did also work on the other side where I dealt with letters asking for debts to be written off due to certain circumstances. where it involved illness, an accompanying doctors or hospital letter would help. and again they were not all agreed but in obvious cases of financial difficulties with little or no prospect of getting back full payment due to the customers health, they would be passed for write off. so it can happen but as it is two years since I was involved in this type of work, rules about this might have been tightened up.

fiveyearplan

If it was me I would write and offer full and final settlement. I'd start by offering 10% and work up from that. I wouldn't start at 50% as that would take all your savings and if thats your starting point you have nothing left to negotiate. If you do end up going to 50% you'll have no savings but at least have no debt either.

Write by explaining your circumstances (ie being on a pension and in ill health) and be prepared to haggle. This may be a long process but you should be able to come to a mutually acceptable solution.