IVA to Bankruptcy???

kebark

beentheredonethatstilhere wrote: »

If you have had the final bill before you go bankrupt then it will be included. Some councils will have you pay untill you are discharged and then the rest falls into the bankruptcy pot. But with most they just put it straight into the pot.

Can I ask what it is you do?

Collections >_< (everyone on here will love me now lol).

fermi

beentheredonethatstilhere wrote: »

Oooh! wonder if I have fallen through the net . Not had to py anything as yet. Think I will keep my head down and keep quiet

Keep very very quiet then.

From the IS site:

40.102D Category 1 – treatment of tax credit overpayments

In relation to the recovery of overpaid tax credits falling within category 1 (see paragraph 40.102A), where the final award notice (for repayment) was issued before the date of the bankruptcy order, HM Revenue and Customs (HMRC) state that they will adhere to the following policy:

• Where recovery of the overpaid tax credits was intended to be taken via direct collection rather than from ongoing awards HMRC will submit a proof of debt in the bankruptcy.
• Where recovery of the overpaid tax credits was intended to be taken via ongoing awards, HMRC will continue collection until discharge; no proof of debt will be submitted in the bankruptcy and the balance of the debt will be written off upon discharge.

Should the official receiver be approached by a bankrupt, who objects to the recovery of overpayments by HMRC after the bankruptcy order date, they should be referred to HMRC without further comment by the official receiver.
HMRC will claim set-off in respect of monies it owes to the bankrupt if available [Note 17]. HMRC will also pursue the non-bankrupt claimant where tax credits have been claimed jointly. Where the intended recovery is via direct collection HMRC will also submit a proof of debt in the bankruptcy, but will not recover more that 100p in the £ of its debt; Where the intended recovery is via ongoing awards to the joint claimant, recovery will continue but a proof of debt will not be submitted.

But in honesty, I can't think of many cases where HMRC have bothered.

P0kerFace

Do computers get taken as part of your assets? although mine is crap it does hold photographs of my children and even the births...

JCS1

P0kerFace wrote: »

Do computers get taken as part of your assets? although mine is crap it does hold photographs of my children and even the births...

Highly unlikely - computers spec changes so quickly, that unless it was under a month old it probably wouldn't be worth selling.

beentheredonethatstilhere

kebark wrote: »

Collections >_< (everyone on here will love me now lol).

Thank you for being so honest. As long as you give good, accurate information and are non judgemental and supportive then no one will mind what you do too much. Though you may get the odd ribbing

beentheredonethatstilhere

Pokerface when you get a chance then pop up your SOA via the link I posted earlier.

P0kerFace

Your a bailiff??? Is your mother proud of you?!?!

fermi

P0kerFace wrote: »

Do computers get taken as part of your assets? although mine is crap it does hold photographs of my children and even the births...

Nope. An old computer isn't even worth mentioning on the BR forms. As is probably the case with anything else you have in your home,even if it is non-essential.

It is really only expensive things that would make a significant amount at auction that the OR is interested in.

So, antiques, paintings, very expensive jewellery, brand new high end consumer goods etc....

kebark

beentheredonethatstilhere wrote: »

Thank you for being so honest. As long as you give good, accurate information and are non judgemental and supportive then no one will mind what you do too much. Though you may get the odd ribbing

I've probably spoke to some folks off here the past few weeks >_<

P0kerFace

I'd love to but i have no idea what an SOA is. I've only just realized what BR is and am still working on OR lol