Very scared and needing help

sunshine111

Hello,
I would be grateful if somebody could please help me on a few queries, I approached a company regarding and IVA and have been advised there is not enough income so BR is the only route.

Question 1.
I will be going into BR alone although married, on the SOA form regarding commitments do I put 50% of the cost on there?

Question 2.
Joint Bank account - what will happen to the account? My husband will still be looking to use it - I have already set up a new Co-op account as advised by the IVA company.

Question 3.
I am a homeowner and was advised that somebody could buy my beneficial interest in the property - when does all this happen?

Question 4.
The reason for the BR - I had a business which unfortunately I had to stop trading as due to the economic climate, I was unable to draw an income and was using cards to live on (eek) had to get a full time job in order to keep on paying mortgage and buy food, will the OR accept this?

Thank you so much in advance x

skylight

sunshine111 wrote: »

Hello,
I would be grateful if somebody could please help me on a few queries, I approached a company regarding and IVA and have been advised there is not enough income so BR is the only route.

Question 1.
I will be going into BR alone although married, on the SOA form regarding commitments do I put 50% of the cost on there? No. Its best to put 100% of everything; it wants the household costs and not just your own (not your OHs personal ones though). Then, you need to put in your OHs contribution to the household - this is not the same as his income.

Question 2.
Joint Bank account - what will happen to the account? My husband will still be looking to use it - I have already set up a new Co-op account as advised by the IVA company. Get your name off it. If your name is on it then it will be closed by the bank and frozen by the OR anyway. If there is a debt on it, then this will be a problem as you will not be able to get your name off it.

Question 3.
I am a homeowner and was advised that somebody could buy my beneficial interest in the property - when does all this happen? At any point within 3 years of you going BR. Its not rushed, but you need to tell the OR during your interview that this is something you want to do. I assume there is little or no equity in the property?

Question 4.
The reason for the BR - I had a business which unfortunately I had to stop trading as due to the economic climate, I was unable to draw an income and was using cards to live on (eek) had to get a full time job in order to keep on paying mortgage and buy food, will the OR accept this? Its not up to the OR to "accept" your reasons. Basically you tell him your story and he checks it out. The reasons to the story make no difference in them "accepting" it. Its the judge who decides if you can go BR and you need to be insolvent to do that, so dont worry about that! Your tale is not that different from many here!

Thank you so much in advance x

Hope this helps a bit.

sunshine111

Thanks skylight,

There is an overdraft on the joint account - if my hubby says that he is ok taking over the debt will that be a problem. There is no equity in the house. Every time I feel 100% ready to go ahead another obstacle comes up - after reading a few posts on here I have come across Nil Tax Code - if my employers find out I am bankrupt I will lose my job - I feel sick...

skylight

Firstly, your job. What is it and why do you think you would lose it?? Is it a FSA role? Mentioned in your employment contract??? Have a union you can speak to? Its rare for anyone to lose a job over BR.

Your OH will be liable completely with the OD. And if you go BR whilst this is owing then your BR and the fact you are connected financially will impact on his credit file. Then again, even paying it off before wont help as your joint mortgage will impact on his file. The bank will close this account and chase him for the debt. It will not remain open at all. Whilst his rating is good, he should get an account elsewhere for himself ASAP (get him to do it now/tonight online). Then he needs to come to an arrangement to pay this back (doing it ASAP before they start applying charges etc.)

There are many reasons for a nil tax code. It is not a special bankruptcy code; its simply a code for not paying tax. And HMRC will not tell them why you are on a nil code; its confidential. You can simply tell them that in a you have paid too much tax and they are giving back in your PAYE and aren't you the lucky one then change the subject.

sunshine111

My job is not an FSA role, but is within an organisation which is FSA approved, I have no contract - but was originally asked at my interview if had been Bankrupt - which I said no. I only wish maybe that I could do an IVA but was told that if both my oh and myself did it there was not enough income - what is the minimum income avail if I did it alone... god I am so mithered and feel now with this whol Tax Code thing that this is one other thing to worry about to add to sleepless nights..

skylight

Can you hold on until February/March time??
You can only get a nil tax code in that tax year. So if you went BR end Feb/March then its too late for them to implement one.

As you do not have a FSA role and you are under a standard employment contract (you are covered whether you get one or not as per the law) then you cannot be fired due to BR. Set up a throw away hotmail account and email your HR department anonymously asking the question. Have you been employed for less than 12 months? If so then you can be fired for anything, no questions asked (as long as legal procedures have been followed).

sunshine111

Thanks skylight,

Could prob hang on till then, just have to ingore the phone calls as I have stopped people in order to save the money for the fees etc.. will have been employed over 12 months. Feel better now (huge sigh) prob just me flapping over everything at the moment..

sunshine111

skylight,

Am i best making a gesture of a minimal payment to the Companies if I am waiting a little longer before doing BR, or just still make no payment at all, and continue saving for fees.

Thanks