BR threat from the HMCR

peloloco

Hello,

I am a Newbie, a newbie to forums too so I hope I am posting in the right place.

I owe the HMCR a fair bit of money from a long time ago, I guess I have been putting it off and hoping to do a deal at some point. I am extremely right brain heavy being an artist so these things do not come naturally at all to me.

I was young and freelance and lost control of my finances and my tax returns, then I took on a full time position and that is my current state to date.

So I have accrued a lot of interest, I think they have over estimated it and because I am so busy at work and a single dad I start looking into it and then get distracted until the next letter comes, I try and get back to sorting it but the mountain seems too high to climb and I become disillusioned and dare I say depressed.

Now I have a letter warning of Bankruptcy and i need to contact them which is fine but whenever I do they are pretty unhelpful. I know I owe money but there has to be a balance between paying it back and my sanity and health along the way. For the past 10 years I have had this cloud and I have nothing, no assets as I have not thought it worth it to even want anything.

I don't know where to start so I am writing here, I wanted to get married to my fianc!e next August but now I am shocked at the amount they are asking for, she knows I owe them and I am trying to pay it back but I realise I have been living in cloud cuckoo land.

We opened a joint account a few months ago so we could save a little to rent a place but I think I will have to tell her we need to be completely separate financially.

They are asking for £61,000 with VAT debt too, some of which I know is estimated in the years after I ceased trading.

I have pretty good credit rating otherwise.

If I could get some advice on where to start and what to do I would be truly grateful. I need to get an understanding of this so I can break it to the missus that our little dream is just that.

Thank you in advance and apologies for the rambling.

P

iamana1ias

peloloco wrote: »

,
We opened a joint account a few months ago so we could save a little to rent a place but I think I will have to tell her we need to be completely separate financially.


P

Too late. That joint account already links both of your credit reports.

peloloco

iamana1ias wrote: »

Too late. That joint account already links both of your credit reports.

Thank you iamana1ias, how will that affect her report?

P

FuzzyCub

iamana1ias wrote: »

Too late. That joint account already links both of your credit reports.

As long as there no joint financial products i.e. all joint accounts are closed, you can disassociate the two files. It is never too late, these links only exist when joint accounts exist.

You'd have to contact each CRA after the account is closed and fill out forms like these.

FuzzyCub

peloloco wrote: »

Thank you iamana1ias, how will that affect her report?

P

When a potential creditor searches an associated file to decide if to extend a line of credit, your credit history will also be taken into consideration. If you have a poor credit file it could result in credit being refused to your associate.

peloloco

FuzzyCub wrote: »

When a potential creditor searches an associated file to decide if to extend a line of credit, your credit history will also be taken into consideration. If you have a poor credit file it could result in credit being refused to your associate.

So what is the best thing to do? Shut down the account and try and do a deal with the HMCR?

P

FuzzyCub

I'm sure some of the wiser heads than me will be along to advise ref: HMRC, as I understand they are one of the few creditors that will petition for your BR so you will need to take some action sooner rather than later.

If you don't want to share an association I would do exactly that and close the account then contact the CRAs. Good Luck.

tigerfeet2006

As the others say get yourself disassociated asap.

On Monday give Taxaid a call and go through everything with them.

http://taxaid.org.uk/guides/tax-debt

debtinfo

The main question in deciding what to do is this. Say you came to an agreement, how much can you afford to pay each month, also a quick guestimate of how much you think you owe including charges and interest

mandyl

just wanted to give a hug x

peloloco

debtinfo wrote: »

The main question in deciding what to do is this. Say you came to an agreement, how much can you afford to pay each month, also a quick guestimate of how much you think you owe including charges and interest

I reckon I could pay 750 a month and I think it is more like 40 grand.

I can raise 8 thousand now, maybe I could look at a loan?

P