bankruptcy

what_a_smartie22

hi looking for some help and support, im looking to go bankrupt , started filling form in via government web page have spoken to step change seems the only option other than this i.v.a thing [HAD D.R.O BEFORE] but not over 6 years ago  im confused with it all , im also struggling to fund it , i work im not on benefit's however hmrc have put my tax code to K saying I owe tax last month got paid 700 quid [ [my accommodation comes out of it] 700 is whats left  i also have another job to try and didint get from them either as i was off {for knee replacement surgery] so really bad month have bailiff's in wings as well im being over run from debit solution companies phoning me im so confused   just want it all to stop 
any help please?

sourcrates

First off, how much debt do you have ? assuming you rent, who do you owe money too?.

IMASMARTIE22

hi the money owed is roughly 20k [ its not more than that] my rent includes bills and comes out of my wages 425. monthly, however although im paid i have recently had knee replacement which means wages will go down roughly 1,000 month might be less hmrc have now changed tax code to K waiting to get in touch with them to find out why? i also have another job that brings in roughly 400 a fortnight however this job is coming to an end they have a BR code on it and have reduced my persoannl allowance to £ 8600  Any advise would be great thanks

sourcrates

What debt are the bailiffs chasing, I assume you mean bailiffs and not just debt collectors ?

Is there any urgency here, I mean what collection stage are you at, just letters/calls etc, are all your debts consumer credit act debts, are they all enforceable ?

If your talking bailiffs, I`m assuming some legal action has taken place, or is it council tax under a liability order ?

The more detailed information you can give us, the better we can advise you.

fatbelly

The Debt Solution Companies will be (mis)selling IVAs. Tell them you have declared bankruptcy and they must remove you from their list. 

I agree with sourcrates that you shouldn't need to rush this.

Can I add another question - how long till you reach the 6-year point after your last DRO?

IMASMARTIE22

hi RE.DRO  finished in 2020
the bailiffs are for a vets bill with there fees its around 2000, they have been to my daughters house and done a control of goods, [i dont live there its a postal address  its just for post i got evicted ]
there's another vets bill  credit card bills loan 3,000 through 811 two capitol one cards tessco card all owing around 400 each one. [i really dont know how things have gone so very wrong .
thanks guys .

fatbelly

So it started in 2019 and you can't have another till 2025

You say bailiffs have taken control of goods at your daughter's house? If those are not yours, then they're not going to be removed. The bailiffs will return the account. It happens in most cases.

Have you got your own place to live in now? The accommodation comes with your job by the sound of it.

If you didn't pay any of your debts would you have enough money to live on? 

fatbelly

OP- I know you pm'd me but if you can post on this thread then there are several of us who could help you to navigate through this.

Bankruptcy is probably the way forward but you should not feel pressurised to be making payments to the £680 fee if you need all your income to live on at the moment.

You say you have £700 to live on for the month but rent comes out before payment and bills are included.

So what are you actually paying using the £700? Food, travel, clothes...

What I'm wondering is whether you are paying for things that will be covered by the bankruptcy.

Do you own a car. Have you done a Parkers Guide valuation on it?

IMASMARTIE22

hi yes i own an old car needed for work its value is £500 
the £700 pound is from last month as HMRC have put a K code on my wages as i had another job to try boost income unfortunately its not working out well.
wages are for cleaner there never the same each month as i do shifts 4 on 4 off at for 3/4 weeks i will catch weekends
im just worried  that there is a bailiff yes i know the rules unfortunately the debit is on my daughter's house address and her car and understandably shes not happy.   maybe i need to see cab? or try seeing an insolvency  practitioner's? are these free or do i have to pay.i maybe need help just holding the bailiff at bay until  sorted.re: HMRC they have said to me on the phone [great service once got through] there will be a tax refund which i can use towards bankruptcy so thinking need to get things moving . oh i stopped paying for most things like credit card  I have a couple of horses i`m being told i wont be allowed to keep, i`m on my own unless i have something to do my anxiety /depression kicks in.i really have no one to ask for help or even lend me anything .i`m just in a real mess.
my accommodation although on site if i changed jobs or left i wouldn't be asked to leave  . providing rent is paid





thankyou for help 

fatbelly

The car sounds like it shouldn't cause an issue in bankruptcy and the tax rebate means you should be able to afford the fee soon. That's good.

The horses could be an issue as feeding and stabling costs are going to be high and not allowed. They also may be classed as an asset and sold in bankruptcy. It's definitely a complication you could do without.

I can understand your daughter being angry but really she needs to take this out on the bailiff. You do not live with her and her car is presumably insured and registered in her name. 

As I said before, it's likely the bailiff will give up but they're just having a lazy attempt at taking control of 'something' to justify their fee - which makes me suspect these are High Court Enforcement Officers (private bailiffs) and the vet has escalated this to High Court.

You could talk to CAB or Stepchange. Neither charge a fee and, while I'm not a huge fan of Government Breathing Space, if one of them (Stepchange seem quite keen on this) did Breathing Space then it would put a legal hold on things for 60 days and in your case there's a realistic prospect of a sledgehammer solution in that time.

Please don't contact an insolvency practitioner - you don't need yet another person to pay money to

I can see this is worrying you - and it's a bit telling that you are posting at 4 am. I have had anxiety issues myself and used to post at that time (under a different name) but eventually got help with a very low dose med. It's so low it might be a placebo but it made a huge difference whereas the talking therapies didn't. So what I'm saying is have a chat with your GP if you haven't already.

IMASMARTIE22

I have appointment booked with gp on Wednesday.  
The horses will be gone to loan homes I don't have stables