Any advice is great - We have made a big decision - BANKRUPCY IS HERE....

Mike_St_Helens

No No... just to sign the beneficial interest too...and it would be after the B day

Addicted2Chocolate

sorry i misuunderstood. thought you might be considering transferring the property to someone else before the bankruptcy.
some people try things like this, eg i had a bankrupt who sold a jointly owned property with procceeds from sale £180K, he instructed solciitor to pay all into wifes sole account. 11 days later declared himself bankrupt with debts £45K. he just did not wnat to pay his creditors back: he couldl have paid them in full with his £90K share. he now has a 5 year bankruptcy restriction order and his Trustee is pursuing wife for moeny back.

Mike_St_Helens wrote:

No No... just to sign the beneficial interest too...and it would be after the B day

Mike_St_Helens

Ahhh... no ,... not that daft... can you answer the q's on my IPA though?

Mike xx

Addicted2Chocolate

I thought i had answered the question about the NT IPA !
To give an example: before going bankrupt you pay income tax £80pcm and take home £800. once NT tax code applied you pay nil tax so take home £880 and your IPA states you pay the £80 a month to the OR or Trustee until start of next financial year. Payments from you under IPA are collected by the OR's agents, they write to you telling you how to make the payments.
If that has not answered your question can you be more specific? thanks

QUOTE=Mike St Helens]Ahhh... no ,... not that daft... can you answer the q's on my IPA though?

Mike xx[/QUOTE]

Wonder_Girl

Addicted2Chocolate wrote:

sorry i misuunderstood. thought you might be considering transferring the property to someone else before the bankruptcy.
some people try things like this, eg i had a bankrupt who sold a jointly owned property with procceeds from sale £180K, he instructed solciitor to pay all into wifes sole account. 11 days later declared himself bankrupt with debts £45K. he just did not wnat to pay his creditors back: he couldl have paid them in full with his £90K share. he now has a 5 year bankruptcy restriction order and his Trustee is pursuing wife for moeny back.

LOL, i get ones like this all the time, like to lady who sold her £120k house to her grandson ofr £35k to clear off the mortgage, she just didn't get that she had given her grandson £85k and she was only on £40k debt anyway!

bluezone

Hi hun,

I wouldnt worry about renting for a while as it gives you even more of a fresh start like I have. The best advice I can give would be to phone up the insolvency service (check the website out) and ask for a number for an OR to talk to. They are very friendly on the phone and will be able to put your mind at rest over certain issues. Apologies for not helping much this morning but as explained in my PM to you the pain in my foot is clouding my helpful part of my brain!!!

Mike_St_Helens

Addicted2Chocolate wrote:

I thought i had answered the question about the NT IPA !
To give an example: before going bankrupt you pay income tax £80pcm and take home £800. once NT tax code applied you pay nil tax so take home £880 and your IPA states you pay the £80 a month to the OR or Trustee until start of next financial year. Payments from you under IPA are collected by the OR's agents, they write to you telling you how to make the payments.
If that has not answered your question can you be more specific? thanks

QUOTE=Mike St Helens]Ahhh... no ,... not that daft... can you answer the q's on my IPA though?

Mike xx

[/QUOTE]

Hi there, yeah it was on how actuelly we make the payments to the OR... via standing order etc etc etc.

st step today, called payplan and told them. They were really nice, even refunded the payment made on the 1st !!

Also found out by emailing the insolvency people that will be able to keep the car on HP ! They are very very helpful and her reply must have taken her ages.. Thanks Liz at the IS !

We have both fine tooth combed our employers contracts J's says nothing of the sort but is gonna contact his union, Mine says I have to tell them if any civil judgement, inc CCJ is made against me in confidence, as im making myself BKY I assume its nothing to do with them...

Any more help is great !

MIke

Addicted2Chocolate

in my experience the cars on HP are almost always repossessed. depends on the HP company: eg GE Capital told me as soon as they hear about bankruptcy they start repossession proceedings. But you may be able to continue the agreement if the HP company agree: its down to them i think.
who is liz does she work the the Insolvency Service? or another organisation?
re: payment methods for IPA I dont deal with this directly, as the agents write to the bankrupt telling them how they can pay, but i think it can be by direct debit/standing order, cheque payment book etc. they have to have lots of payment methods as some people ont have a bank account.

Mike_St_Helens wrote:

Hi there, yeah it was on how actuelly we make the payments to the OR... via standing order etc etc etc.

st step today, called payplan and told them. They were really nice, even refunded the payment made on the 1st !!

Also found out by emailing the insolvency people that will be able to keep the car on HP ! They are very very helpful and her reply must have taken her ages.. Thanks Liz at the IS !

We have both fine tooth combed our employers contracts J's says nothing of the sort but is gonna contact his union, Mine says I have to tell them if any civil judgement, inc CCJ is made against me in confidence, as im making myself BKY I assume its nothing to do with them...

Any more help is great !

MIke[/QUOTE]

Mike_St_Helens

Hey thanks A2C... I hope you dont mind answering these...

I had a link today that ive found the technical manual for IP's !!! verygood reading, hairdressing holidays etc etc can all be claimed ! shocking !

Liz, I emeiled the help line at the Insolvency service and she was the one who replied.

Im hearing conflicting reports about the car, but hey.. if i keep enough 'cash' then if the repo men do come then i have enough to buy another one, and if i keep paying then they have no reason to come running after me asap.

Thanks for your help... Also i have found that the NT tax code may not be applied if the bankruptcy is after end Nov as the new tax year is only a stone throw away... I may be talking crap...

Thanks

Mike
x

Addicted2Chocolate

if you have found the technical manual on the insolvency service website, that is the guidance for the Insolvency Service and their staff, not for Insolvency Practitioners. It does make interesting reading doesnt it!!
yes if NT code applied after Nov may not be collected under IPA, if IR dont apply it until late and then realise you are due a refund, it will be paid direct to your Trustee.
Hairdressing: only allowed £10 per adult per month and £3 per child. most ladies i know spend up to £100 per hairdresser visit! so might seem generous but you cant really get a ladies haircut for £10.