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callywally
Posts: 358 Forumite
Hello, just a update and a few more questions if you dont mind.I have opened a cashminder account which is now up and running. I have taken advice from cccs and they advise bancrupcy.I have been very lucky and have been able to get some help from a charity with the fees and should have them by early next month.I think the next step is to ring the courts and get the forms i dont have a good enough printer so cant do the forms on line.I have had some phone calls but have refused to discuss anything by phone.my questions are as follows, I have a couple of insurances ie car, contents, and pet.Do I have to contact them straight away? or do you let them know when you renew?I also have a couple of pensions from work one is now frozen as it was from a past employer. the other is also frozen as I stoped paying in to it a couple of years ago because i could not afford it.What happens to these pensions? I am a fair way away from retirement.Would I be allowed to pay in to the pension again ? Also are you allowed to carry on paying bills like electric etc by direct debit. Sorry for so many questions. Dont have any debts with them.I am also a bit confused by the nil tax code and ipa do you get one or the other or both i understand about the ipa if you have £99 or more spare but dont understand the nil tax code does everyone get this and does it let your employer know whats happening?Still feel very ashamed and upset that it has all come to this but cant see any other way now.any answers or advice very welcome. thanks
sonnyboy
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Comments
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Check the wording of your policies, if it mentions BR then inform them as soon as you become BR, if not don`t bother.
Not too sure about your pensions.
I still pay all my utilities by DD.
IPA`s you could end up with both, depends on the surplus amount on your SOA.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
I have been very lucky and have been able to get some help from a charity with the fees and should have them by early next month.I think the next step is to ring the courts and get the forms i dont have a good enough printer so cant do the forms on lineI have had some phone calls but have refused to discuss anything by phone.
my questions are as follows, I have a couple of insurances ie car, contents, and pet.Do I have to contact them straight away? or do you let them know when you renew?I also have a couple of pensions from work one is now frozen as it was from a past employer. the other is also frozen as I stoped paying in to it a couple of years ago because i could not afford it.What happens to these pensions? I am a fair way away from retirement.Would I be allowed to pay in to the pension again ?Also are you allowed to carry on paying bills like electric etc by direct debit.I am also a bit confused by the nil tax code and ipa do you get one or the other or both i understand about the ipa if you have £99 or more spare but dont understand the nil tax code does everyone get this and does it let your employer know whats happening?Still feel very ashamed and upset that it has all come to this but cant see any other way now.any answers or advice very welcome. thanksTotal 'Failed Business' Debt £29,043
Que sera, sera.0 -
Hi Callywally
We rang our local court and they posted forms to us which we filled in by hand, there a few mistakes but we just crossed out any and had no problems with this.
We checked all our insurance wording as Dojo has advised you and there was no mention of BR so we didnt inform them. Since being BR we have renewed our pet ins with no problems and our car insurance too. In fact a fair few insurers I rang did not rate on BR.
Like Dojo cant advise too much on pensions. My DH has an old pension from a previous job which he stopped paying into ages ago and the OR wrote to him and said he had no interest in it.
All our utility bills we have continued to pay by DD with no problems whatsoever.
My DH ended up with a nil tax IPA but not a surplus IPA. A nil tax code can be applied to a persons wages for a number of reasons not just BR so his employer is none the wiser. He works for a local authority and we had already spoken to their human resources dept in confidence about him going BR and they said he was not under any obligation to inform his manager of the impending BR.
Can I just say I understand how you are feeling about going BR, its a difficult process to go through but on a positive note you are taking steps to deal with your debt problems and you are following advice of professional organisations. You are doing the right thing for you to get your life back on track. I wish all you the best.
Angie x0 -
Thanks for reply. yes I know about the rise in fees and with the help I have been lucky enough to get I should be ok for next month. I have not yet made the appointment as i want to get forms done and ready first. I thought I had to make appointment with court not OR?I have already opened a new basic account and sorted direct debits etc.I have witten to creditors and asked for contact in writing but a couple have still rang but I would not discuss on phone.sonnyboy0
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Hi, immoral has answered most of the questions but I thought would answer the ipa and nil tax code one.
Yes you can get both, the nil tax one only applies for the tax year you go BR, so for instance if you go BR in May this year then March 2011 would be the last nil tax payment you would make, this is I believe usually collected by a company called Moonbeaver, you need to save up the tax you haven't paid and send it to them when they ask for it! We were slightly different, our OR set my husband up on a nil tax IPA of a set amount to be sent to the IS Birmingham offices by us, which was fine, as we knew how much to pay and were able to send it straight away.
You can get nil tax codes for all sorts of reasons so your employer won't necessarily know it is for BR.
The IPA side of it runs for 3 years, and is based on your surplus, anything above £99.00 and they take a % of it. We don't have a big enough surplus so I don't any more than that sorry!
Have you done your soa yet? if not then get it done and posted on here, and you can get some help re amounts.0 -
callywally wrote: »Thanks for reply. yes I know about the rise in fees and with the help I have been lucky enough to get I should be ok for next month. I have not yet made the appointment as i want to get forms done and ready first. I thought I had to make appointment with court not OR? Yes you do make your appointment with the court, when you ring for the forms ask them if they have an appointment system or a walk in facilityI have already opened a new basic account and sorted direct debits etc.I have witten to creditors and asked for contact in writing but a couple have still rang but I would not discuss on phone.
Hope that helps, anything else just ask, good luck.
Angie x0 -
callywally wrote: »Thanks for reply. yes I know about the rise in fees and with the help I have been lucky enough to get I should be ok for next month. I have not yet made the appointment as i want to get forms done and ready first. I thought I had to make appointment with court not OR?I have already opened a new basic account and sorted direct debits etc.I have witten to creditors and asked for contact in writing but a couple have still rang but I would not discuss on phone.
It's worth making the appointment now as there may be anything up to a 6-8 week wait depending on how busy your court is.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
My hubby was put in for a nil tax code, first mention of it was last september i think, but it never happened. We needed to send a copy of each payslip to moonbeever for them to check, they just returned it and requested the next one when it was available. Although i do think they can claim any tax you do pay directly from the tax office[STRIKE]Shazbo[/STRIKE]
Sealed pot number 818- target = anything will do
AD 31/7/100 -
thanks for your replys and advice.sonnyboy0
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Thanks, I have done a soa a while ago but will do another up to date one soon, I hope to ring court today and ask for forms and get a idea of waiting time etc.I am still really worried about it all but cant see any other way now really it would take 30+ years to pay everything and I need to try and get some sort of life back.I didnt want it to come to this and feel very ashamed and upset I always used to good with money but due to changes in circumstances every thing changed.I know I cant go on like this so I have to do it and try to make a new start.It does really help to know that there are other people going through it too.sonnyboy0
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