bankrutcy advice

q-blu79

Hi i have been advised to go bankrupt.....

i am currently trying to gather all my debts and information about them....

i have a noodle report but i only have 2 debtors showing up on there....

I have unsettled ccjs which are from 2012/13

I have business debts in the business name but I was only ever sole trader.

can anyone give me advice on how I deal with all this, I suffer from anxiety and depression but I am detrmined to finally sort this out and get my life on track once again, I am a full time student and I am doing well in my course and its only this financial worry that I need to sort out.

also do I need a sixed address to do all this from ? I currently stay with my mother but she is adamant I cant use the address as a postal address and is willing to pay for the bankruptcy and a po box for correspondence to help me get through this.

if I miss out any debts how would this effect the bankruptcy? I am literally sorting through all my letters now - but its so confusing as they are some of same debts but from different debt collectors

thank you so much if you have time to help

Johnsmith2016

Contact your local Citizens advice bureau and book an appointment with a debt advisor - mine completed all my forms for me, all I had to do is give him my credit report - use Experian as they are the best so all your debts should show there, you can get one for £2 off their website.

Bankcruptcy goes on the person not the property so the house with your mum won't be blacklisted if that is what she is worried about.

How much do you owe? If it's 20k or under a DRO may be an option.
As you are a full time student there is a good chance you will avoid a IPA.

Speak to step change before deciding your best route. Good luck

sourcrates

Hi,

You need a copy of your credit file from each CRA.

Otherwise there is the chance you will miss a debt.

Debts will be listed under the name of the original owner, or, if sold on, the debt collector who has bought it.

The same account will not be listed multiple times with the same CRA, only once.

There are three credit reference agencies in the uk, they are :

Experian
Equifax
Noddle (callcredit)

Noddle is free to sign up to, get a £2 statutory copy from the other two.

The poster above gives good advice, in that, if your debt is less than 20k, then a debt relief order may be more appropriate, but you need to get some expert advice from one of the debt help agencies in my signiture first.

q-blu79

I owe in the region of 26-30k

some are business debts which aren't chasing me or aren't aware of where I am....
I have been under the doctor for severe depression and anxiety since 2013.... I haven't even unregistered from the cis scheme so I have tax returns not completed I have no idea of the last year of trading which was 2013-2014 since then I lost my dad who was my main support through cancer, and my lifes been one big mess..... even trying to get to grips with this now is daunting, but I need to do it. I just feel like burying my head in the sand and keep living the life of no fixed address..... but I'm 37 years old with kids and a misses who would take me back if I got everything sorted.... so I have to try.

I will get the credit reports from Equifax, Experian and noodle..... then book a slot in citizens advice...

I really do not know where to start with tax returns and hmrc

National_Debtline

Hi q-blu79,


As you were a sole trader the business debts should be listed the same as a personal debt. Even if a debt isn't listed it will be written off, but it is important to list as many as possible.


You should also de-register as self employed and I would suggest you do all of your returns before you go bankrupt, because although all of the tax would be included when you go bankrupt, future penalties for not doing a tax return wouldn't be. I would suggest that you look here for more information about how to de-register https://www.gov.uk/stop-being-self-employed You can also try speaking to the HMRC about it. Good luck,


Laura
@natdebtline

tigerfeet2006

It also might be worth having a chat with NDL's sister organisation Business Debtline

https://www.businessdebtline.org/

q-blu79

Thanks for the advice..... Your great!

One more thing....

I am a full time student, in uni.... so I am supporting myself through student loans. In the summer if I get a temp job or part time work does this effect the bankruptcy once I have done it? I cant see me earning anything significant, but whatever I do earn I want to save towards accommodation for next the second year as I currently live with my mum and she and I both need our space.

ToxtethO'Grady

When you are bankrupt you have to tell the OR about any change in circumstances and they decide if an IPA is to go ahead. It is an agreement though and you can discuss it with them if you feel it is unfair.

You'd get lots of help on here with that but remember to post your revised SoA when you ask. That's the only way to see where the OR may be finding money from in your budget.

You would find it hard, not impossible, to convince the OR to save a large amount towards accommodation so you'd need to have estimated figures and make them aware at interview of what your housing costs are likely to be. Doesn't part of your student loan include maintenance though towards your housing costs?