General IVA/Bankruptcy Queries/Worries...

beeteecee

Grumpelstiltskin said:

You are saving for anything that crops up, cash is still king.
Who  is going to know what and where you are saving?

Fair enough. I feel truly stupid/ridiculous but have this huge fear of getting into serious trouble or doing the wrong thing, I realise I've already caused a mess with my tax affairs and don't want to make things worse. 

beeteecee

So...IVA still has not failed. I continue to pay them £500+ a month but HMRC are chasing later years tax bills, as they rightly should, and I'm no closer to paying them. Today's letter says they may visit in person to discuss and this is just terrifying. I don't know if I can handle a phone call either but writing to them seems to get nowhere. Head in sand time is truly coming back to bite. 

beeteecee

Apologies for multiple posts, I just wanted to revert back to this suggsstion:

"Find out how much you owe (or they say you owe) HMRC. Ask your IP to add that into your IVA.

It'll either work or it won't. If it won't there is no point continuing with this IVA"

The new tax debt is for 23/24 so post IVA setup in 2022 so can I actually ask them this? There is already a HMRC within IVA. Thanks and sorry, having a panicky day. .

fatbelly

beeteecee said:

Apologies for multiple posts, I just wanted to revert back to this suggsstion:

"Find out how much you owe (or they say you owe) HMRC. Ask your IP to add that into your IVA.

It'll either work or it won't. If it won't there is no point continuing with this IVA"

The new tax debt is for 23/24 so post IVA setup in 2022 so can I actually ask them this? There is already a HMRC within IVA. Thanks and sorry, having a panicky day. .

That sounds like me. So I'm going to say the answer is yes.

In fact, as an insolvent, it is what you must do.

If the IP refuses to add the debt then they must work with you to set up an instalment plan and adjust the IVA payment.

beeteecee

fatbelly said:

beeteecee said:

Apologies for multiple posts, I just wanted to revert back to this suggsstion:

"Find out how much you owe (or they say you owe) HMRC. Ask your IP to add that into your IVA.

It'll either work or it won't. If it won't there is no point continuing with this IVA"

The new tax debt is for 23/24 so post IVA setup in 2022 so can I actually ask them this? There is already a HMRC within IVA. Thanks and sorry, having a panicky day. .

That sounds like me. So I'm going to say the answer is yes.

In fact, as an insolvent, it is what you must do.

If the IP refuses to add the debt then they must work with you to set up an instalment plan and adjust the IVA payment.

Thanks for your reply - I'll try and sort this.

So if they refuse...they'll still need to be involved with my dealings with the HMRC? 

I'm getting confused about who to contact about what. I guess what to do right now is contact the IVA provider, declare the new HMRC debt value in full and ask if it can be added to IVA?

They mentioned the IVA being cancelled/creditors meetings etc but I suppose that's part of the process...

Is declaring myself bankrupt now worth considering? I wish I'd got better advice pre-IVA. Thanks again. 

fatbelly

Yes that's correct. I think you were advised earlier not to rush into bankruptcy. There is a £680 fee and if someone else will pay that, so much the better

I think I would stop the IVA payment while this is getting shaken up.

If you feel the IVA was mis-sold, and many are in my opinion, then please start the steps to a formal complaint

https://debtcamel.co.uk/complaint-iva/

fatbelly

fatbelly said:

You don't need to be wasting time researching insolvency practitioners. The relevant one is the one you've already got.

Find out how much you owe (or they say you owe) HMRC. Ask your IP to add that into your IVA.

It'll either work or it won't. If it won't there is no point continuing with this IVA.

Things will not 'all fall down around you'. It will take 6-12 months to fail the IVA.

If one of the creditors, or your IP, or HMRC, issue a statutory demand and follow it through, that saves you £680 in bankruptcy fees.

In the meantime save the £380 per month. Review this time next year

Just quoting my earlier post  from May in full. I still agree with myself

beeteecee

fatbelly said:

fatbelly said:

You don't need to be wasting time researching insolvency practitioners. The relevant one is the one you've already got.

Find out how much you owe (or they say you owe) HMRC. Ask your IP to add that into your IVA.

It'll either work or it won't. If it won't there is no point continuing with this IVA.

Things will not 'all fall down around you'. It will take 6-12 months to fail the IVA.

If one of the creditors, or your IP, or HMRC, issue a statutory demand and follow it through, that saves you £680 in bankruptcy fees.

In the meantime save the £380 per month. Review this time next year

Just quoting my earlier post  from May in full. I still agree with myself

Thank you so much. I don't know why I'm in this frozen state - the letters from the HMRC are getting scarier & IVA payments uplifted to £557 in July so it's just a stupid mess and I need to find the right way out 

Level-headed responses like yours are exactly what I need. Thank you. 

sourcrates

I have merged both your threads here to avoid duplicate advice.

sourcrates

beeteecee said:

So...IVA still has not failed. I continue to pay them £500+ a month but HMRC are chasing later years tax bills, as they rightly should, and I'm no closer to paying them. Today's letter says they may visit in person to discuss and this is just terrifying. I don't know if I can handle a phone call either but writing to them seems to get nowhere. Head in sand time is truly coming back to bite. 

HMRC are a Government body, so are not looking to trip you up, just to come to an amicable arrangement you can both live with, under normal circumstances I would say avoid personal callers as they usually have some kind of agenda to play out, but HMRC are different in my opinion, as its the Government you are essentially dealing with, not some 3rd party debt collector.

Face to face discussions may be what you need here.

On a previous note, have you approached your IP about putting that debt into your IVA yet?

If all else fails would bankruptcy be so bad? especially if HMRC do it for you.