Loan before bankruptcy

alastairq

mushio wrote: »

Sorry,

Meant to add that at present I meet all required debts and that the loan is for some home improvements.

Mushio.

So, at present your are solvent?

The HMRC thing is only a possibility, at some point in the future?

There are few on this entire forum who would not be faced with the possibility of bankruptcy should they lose their jobs, or have some other catastrophe which could affect their ability to sustain their debt levels.

You are not, apparently, considering your own BR petition....but simply looking to the distant future regarding a potential [but as yet not apparent] HMRC bill....which..who knows, you might be either , able to meet when the time comes, or might come to some sort of arrangement, with HMRC?

Many, for example, are not aware of the fact that a mortgagor can foreclose on a given mortgage at any time they so choose..where would any of us be if that scenario ever came about?

Since you are not currently in an unsustainable debt situation, then why not apply for the loan?

To satisfy the moralising naysayers on here, as long as you can meet the repayments then you would have little to worry about should....eventually, HMRC have to resort to petitioning your bankruptcy.

jamesd

mushio wrote: »

I'm coming to the end of a lengthy tax investigation in which there will be a bill of around 15k according to my accountant. ... I will not be able to afford this so would I be better of letting the HMRC make me bankrupt.

Would you be able to pay HMRC £1,000 a month for twelve months? Would you be able to borrow more than £3,000?

HMRC can make arrangements to pay for a year when a bill is unaffordable and if other borrowing can't be used to pay the whole bill.

It seems a shame to go bankrupt over a £15,000 tax bill when that's usually avoidable.