Employers knowing?!

diva_darling!

Hi all,

Another question from me - I can see this becoming a habit!

If you go bankrupt does your employer find out?

Thanks!

wherediditallgo

They may do, but it won't be from the OR. If you get a NT (Nil Tax) code, then your salaries department may wonder why, but that can happen for a number of reasons, so they won't automatically assume that it's because you're BR.

However, they can find out in other ways - for instance, if your job requires you to tell your employer, or you talk about it at work & someone else tells them, or you get overheard on a phone call at work, or someone sees the advert in the local paper & talks about it at work. If you don't say anything to anyone, chances are they won't know anything about it.

diva_darling!

wherediditallgo wrote: »

They may do, but it won't be from the OR. If you get a NT (Nil Tax) code, then your salaries department may wonder why, but that can happen for a number of reasons, so they won't automatically assume that it's because you're BR.

However, they can find out in other ways - for instance, if your job requires you to tell your employer, or you talk about it at work & someone else tells them, or you get overheard on a phone call at work, or someone sees the advert in the local paper & talks about it at work. If you don't say anything to anyone, chances are they won't know anything about it.

Sorry but whats an NT tax code?

I can't imagine I'd have to tell my employer, I'm just about to change jobs to a smaller firm and I'd rather people didnt know my business!

Also does it always go into your local paper? I thought it went into a central one but then I could be very wrong - normally am!

wherediditallgo

An NT code is an instruction by the Inland Revenue to your employers for you not to pay tax during a particular tax year. The extra you see in your salary is supposed to go towards servicing your debts through an IPA/IVA. Not everyone gets a NT code because it depends on when you went BR in the tax year, but the OR & the IR will know if you don't hand the money over.

Depending on where you live, it will go into the London/Edinburgh/Belfast Gazette (a central publication of record used by financial institutions which lists recent bankrupts), & into a local paper. The advert in the local paper goes in the classified section, & chances are you won't see it & neither will anyone else - how many people do you know that look in that section? I bought my local paper for weeks & never saw it (plus some areas have more than one local paper anyway), so I don't think anyone else that I care about did either.

diva_darling!

Great thanks for the info!

Another completely different question, I'm in the process of changing jobs and I'm actually taking a 1k a year drop in pay to go to my new position. I'm taking the drop because I'm so depressed in my current one and the new one has better prospects too. Do you think this will cause me any problems with the OR when I go for bankruptcy?

wherediditallgo

They may ask why you're changing jobs when it will mean a drop in salary, so I'd go along the 'better prospects longterm' route with them. Your decision to change jobs when there's so little difference in salary between them is very unlikely to go against you - it would be a different story if you were on £50k & wanted to drop to £10k, as they might think you're trying to avoid an IPA, but a £1k difference especially for the reasons you've given is very unlikely to make any difference to the OR. You must make sure the OR knows of your change of employment within 21 days though, so that an IPA can be calculated or recalculated.

diva_darling!

Well I start the new place a week monday and I'm not sure when I'll be going for bankrputcy I need to figure out which court it is and how soon they can do it (do you know where I can find that BTW?)! So i'll have already changed although may not even have a payslip from my new place will that matter?

The drop has also increased since I took the job as I've had my annual payrise - it was going to be £700 difference but my current wage has gone up a little this month!

Thank so so much for all your help - and eveyrones really, only joined here this morning and I feel calmer about the whole thing already

wherediditallgo

You can find out which court here.

Don't worry about not having a payslip. Take your new contract of employment with you to the BR hearing, & tell the clerk that you've not been paid yet, so you don't have a payslip. Also put that on the SOA in the 'Extra Information' section at the back & attach a copy of your new contract to it. Work out roughly what you'll be taking home & let the OR know - they'll be able to get a more definite figure from what your contract says your salary will be. I didn't take my payslips with me & haven't been asked for them.

diva_darling!

Brilliant thanks for that!!

According to that I have the option of the combined court or the magistrates court, do you know which one I need or is it best to just call them? Also somee courts you have to book appointments with some you dont (from what I've read) do I just call to find out which system they use?

Thanks so much for your help its appreicated!

wherediditallgo

Your best bet is to ring them & ask, as I don't know which of the two courts would be a better bet. As for the appointment, they can advise you on that too. Some not only have an appointment system, they also have a long waiting list, so if you get your name down for a date that suits you then you'll know how long you've got to sort everything else out.

diva_darling!

Rang them and I can have a date anything from next week eeekkk!!!!