Advice on getting an Annulment

PaulLuke

eonze1989 wrote: »

The reason I said bad advice is, I was later told as a student you don't even pay tax on earning anyway.

There are no special rules that I've heard of in relation to the tax liability of students so this statement is completely wrong.

The only point is that students often don't earn enough to become liable to pay tax as their income often falls below the personal allowance threshold.

roger196

eonze1989 wrote: »

I agree completely with what you have said.

The reason I said bad advice is, I was later told as a student you don't even pay tax on earning anyway.

Yet more incorrect advice. A student pays income tax just like anybody else if his income exceeds his personal allowances. Most scholarship income is not taxable ( look at the hmrc website for details http://www.hmrc.gov.uk/manuals/eimanual/EIM06205.htm)

I have taught students who were higher rate taxpayers. You need to check the source and quality of information given to you. Some people are knowledgeable, others are not.

eonze1989

roger196 wrote: »

Some people are knowledgeable, others are not.

:T. Agreed.

And I seem to be digging myself into a hole.
I'm just going to go and sit in a dark corner now.:(

Annisele

eonze1989 wrote: »

I have checked my credit file which reads Good so it's not end of world terms, but It would just feel better to have it corrected and the bankruptcy not shown.

The credit report states it as 'Satisfied' and the amount owed as £0.

Unfortunately mortgage lenders don't care one jot about the "good" "fair" etc ratings that you get from the credit files. The lenders care about the information within the credit file (edit: along with other things) - and there are some lenders that simply won't lend to discharged bankrupts at all.

I know you said the mortgage issue is for another day, but if you're thinking of buying a house soon it's probably a good idea to have a chat with a mortgage broker.

(Edit: For example, if you have a history of making absolutely every payment on time for ten years, but you already owe three times your salary on an unsecured basis, your credit file will be all green and appear "excellent" - but nobody will lend to you because you'll already owe too much).

eonze1989

Annisele wrote: »

I know you said the mortgage issue is for another day, but if you're thinking of buying a house soon it's probably a good idea to have a chat with a mortgage broker.

(Edit: For example, if you have a history of making absolutely every payment on time for ten years, but you already owe three times your salary on an unsecured basis, your credit file will be all green and appear "excellent" - but nobody will lend to you because you'll already owe too much).

Thanks for your reply.

I have actually spoken to a mortgage broker today, so hopefully after the new year, we'll look into things more closely and see where we can go from there.

As of this past October, we are actually completely debt free.
Previous loan fully paid with no missed payment.
All other household debts up together, phone/mobile bills never missed. etc.

But this all takes times and I'll take it step by step.
Would just be nice to be putting money into buying our own home rather than £695 every month on rent.

Thanks Again

debt_doctor

JCS1 wrote: »

I seem to recall that setting aside needs to be done at the time at the order is made

There is a publication here about annulment, but I suspect that you might struggle:

http://www.bis.gov.uk/insolvency/Publications

I agree, a Set Aside needs to be applied for very quickly after a BR order is made to have a chance; certainly days rather than a week. - It is however the cheapest and quickest way to attempt to deal with 'an order that should not have been made'.


An annulment can soon become cost prohibitive, especially when passed to a IP. Although technically a BR can be annulled at any time after a BR order, time (and money) becomes the enemy.


I'm afraid that I see little chance of an annulment, hope your mortgage application and other matters go well for you.


DD

arcon5

Despite your good credit history, no debt and good income - the bankruptcy will be a MASSIVE set back!

If you do get a mortgage (and with some effort you should be able to find a lender based on what you've said), then the interest rate will reflect this......

.... so even if it costs a few thousand quid in legal fees to have the BR annulled (and I have no clue what so ever what costs could run in to so worth a trip to a specialist legal advisor to discuss this) then it could still be cheaper in the long run than an extra percent or two on your mortgage over the next 10+ years.

As, unlike convictions and other offences covered by the Rehabilitation of Offenders Act, Bankruptcy is something a lot of lenders (albeit not all) ask about irrespective of time lapsed. Questions on applications usually being 'have you ever been made BR' - so even after 6 years where it falls off your credit report you will still find yourself having to answer 'yes'.

So for many reasons it could be worth pursuing this.

surreylady_2

Hi
This is my 1st post so I'm hoping i have not typed in the wrong place.

I have managed to get my bankruptcy annulled (on the grounds ait should never of been made) Can anyone advise how i now get my name off the insolvency register now i have the annulment.

Also one other debtors has managed to get a CCJ against me in 2009. although the account was defaulted in 2007.
As this was over six years ago , how long can they pursue me for as i have never accepted or acknowledged any debts or had contact with them in over 7 years now.
Can the creditor still pursue me after this long as they managed to get a CCJ against me.

Any advise would be most helpful
thanks