Help Please, Im Bankrupt and didnt Know!!

confused?

Been a while since I posted last.

I also Recieved a letter saying that they have no intrest in my car.
I've had nothing dismissing intrest in my property though it may be in neg equity.

I also got a letter from the or saying I need to sign a letter saying I accept to pay £500+ per month for 36 months into my bankruptcy. I will recieve a NT tax coding which they will also take £400 from each month. (would I need to pay the difference in tax to the Inland revenue, also at what point in the 36 months do I pay tax again. And will i get a bill from the IR for this tax i would normally pay.

I'm now even more confused as the claimed debt is only about 20k now and if they do this then it will mean I will pay nearly 36k back. Surly br doesn't cost 16k.

Bearing in mind my br was by others not me and I never had the opportunity to oppose this I feel like I'm being robbed.

Furthermore I've been advised to fight it. The prob with that is if I get it annulled then what will happen to my other accounts I was paying fine before as this is the majority of the br amount. The Halifax who I banked with has turned their back on me now cancelled my agreed overdraft and are charging me 5.00 a day now. If I did get it annulled wouldi still be liable for this extra debt? I.e the now unauthorised overdraft charges.

debtinfo

Hi, the bankruptcy wont cost that much, what they will do is take the most they can as early as possible in case your circumstances change and you can no longer afford any payments. If you get to the point that you have paid all debts and all costs then any payments will stop

fermi

If you still think that the procedures/rules were not followed when making the bankruptcy order, or that there is something challengable about the debt, then it might be a good idea to register and post here:

http://www.legalbeagles.info/forums/

fermi

This thread may also be helpful to you.

http://www.consumeractiongroup.co.uk/forum/showthread.php?104409

The guy there was in a similar position. Suddenly made bankrupt without proper notice .

It's a long thread, but he fought it and got the BR removed.

confused?

debtinfo wrote: »

Hi, the bankruptcy wont cost that much, what they will do is take the most they can as early as possible in case your circumstances change and you can no longer afford any payments. If you get to the point that you have paid all debts and all costs then any payments will stop

Is this definitely the case?
Cos if they start this then my circumstance will instantly change. Reason being I would be minus £'s every month from now on.

I really would have to quit work as i couldn't pay the bills support my family and get to work. (I'm on the road and don't get expences for the 80 mile round trip)
I would probably have to let the mortgage company reposess the house. This is a real nightmare getting worse and worse every step I take

confused?

fermi wrote: »

This thread may also be helpful to you.

http://www.consumeractiongroup.co.uk/forum/showthread.php?104409

The guy there was in a similar position. Suddenly made bankrupt without proper notice .

It's a long thread, but he fought it and got the BR removed.

Thing is all my good accounts are now bad, which is the largest portion of the debt. They are incurring charges now as my access to the accounts have been stopped. The or has my bank cards and the orthorised 10k overdraft I had is now an un orthorised one as a result of the br. Some accounts are now also closed due to the br. Would either way I go be bad news now or do they have to revert back to the way things were

fermi

confused? wrote: »

Is this definitely the case?
Cos if they start this then my circumstance will instantly change. Reason being I would be minus £'s every month from now on.

I really would have to quit work as i couldn't pay the bills support my family and get to work. (I'm on the road and don't get expences for the 80 mile round trip)
I would probably have to let the mortgage company reposess the house. This is a real nightmare getting worse and worse every step I take

If you disagree that the £512 per month is fair, then for now do not sign the letter they have sent.

At the moment they are asking you to voluntarily agree with these payments. You don't have to.

You can challenge the amount and demand a breakdown of how they calculated it.

Ultimately if the OR wanted to force you to make these payments they would have to go to court to do so, and the court would decide what is fair. If the amount asked is really unreasonable, then the OR will not want to go to court.

fermi

confused? wrote: »

I will recieve a NT tax coding which they will also take £380 from each month. (would I need to pay the difference in tax to the Inland revenue, also at what point in the 36 months do I pay tax again.

No. The tax that would have gone to HMRC goes to the OR until the beginning of the next tax year. You won't have to pay it twice.

In April the NT payments to the OR would finish and you would start paying tax normally again.

miss_spooky

Hi ya,

Was just about to echo what Fermi has said.

There are two ways the OR gets money from you. NT tax code where they claim the tax for the tax yr we're in - this will cease at teh end of this tax yr approx 1st weel of April.

The Other IPA is where the OR claims a % of money left over from your wages AFTER all your essential living costs have been met. This is your surplus income. They will start claiming an IPA on anything over £99.00. This is where we can check your outgoings.

We can check the figures for your SOA by putting it into this doc & posting back here. THe allowances are really good and there's probably things that yo have missed out.

Before you sign your IPA post up your SOA so we can have a look. Put in the figures that you submitted to the OR.

http://www.makesenseofcards.com/soacalc.html

confused?

miss_spooky wrote: »

Hi ya,

Was just about to echo what Fermi has said.

There are two ways the OR gets money from you. NT tax code where they claim the tax for the tax yr we're in - this will cease at teh end of this tax yr approx 1st weel of April.

The Other IPA is where the OR claims a % of money left over from your wages AFTER all your essential living costs have been met. This is your surplus income. They will start claiming an IPA on anything over £99.00. This is where we can check your outgoings.

We can check the figures for your SOA by putting it into this doc & posting back here. THe allowances are really good and there's probably things that yo have missed out.

Before you sign your IPA post up your SOA so we can have a look. Put in the figures that you submitted to the OR.

http://www.makesenseofcards.com/soacalc.html

Thanks. I'll do that problem is I can't remember exact figures I put down at the or interview cos it was off the cuff.