HMRC on Doorstep

johnjs88

Have you considered Breathing Space?

That will give you 60 days to get the Bankruptcy Fee and start the process.

https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space

beeteecee

johnjs88 said:

Have you considered Breathing Space?

That will give you 60 days to get the Bankruptcy Fee and start the process.

https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space

Nothing has happened since this date - I'm guessing I can consider this now though? I thought something else would have happened by now.

My IVA company have called a meeting of creditors on 27.11 so I'm guessing the fan will hit the proverbial good and proper around then and I can then possibly do this breathing space thing? I've not considered this before and not sure it will even be an option. 

johnjs88

I'm not sure if it's able to done now if you've started the IVA process.

If the IVA falls through, consider breathing space and use those 60 days to gather the £680 required for bankruptcy.

75% of your creditors must agree to the IVA or it will fall through.

During Breathing Space none of your creditors are allowed to take any form of action to recover debts.  

This includes letters, calls, emails, home visits.  Also all enforcement action must stop for those 60 days.

They're still allowed to send default notices or account statements.

beeteecee

johnjs88 said:

I'm not sure if it's able to done now if you've started the IVA process.

If the IVA falls through, consider breathing space and use those 60 days to gather the £680 required for bankruptcy.

75% of your creditors must agree to the IVA or it will fall through.

During Breathing Space none of your creditors are allowed to take any form of action to recover debts.  

This includes letters, calls, emails, home visits.  Also all enforcement action must stop for those 60 days.

They're still allowed to send default notices or account statements.

Hi again,

Oh I've been in an IVA since 2020 and they will be deciding on 27.11 whether it will just be failed or whether they'll petition for bankruptcy but the likelihood is they'll let it fail...I need to petition for bankruptcy but need to get through the next stressful few months first ideally...if they do not vote for bankruptcy (which no one seems to think they will)..I suppose the termination/failure of the IVA will takea little while and then everything will kick back up with the debt collectors etc. I'm hoping to have the bankruptcy fee by late Jan - sooner if my partner finds work. Thanks for your reply. 

beeteecee

The IVA company have confirmed the creditors want to terminate which is expected. Only person to say terminate and push for bankruptcy was HMRC but they were outvoted. IVA company say it should be terminated by end of Jan.

I guess then is when I complete the bankruptcy application and finally conclude all this endless stress! 

ManyWays

I assume you are paying nothing at all to all your debts at the moment?

beeteecee

ManyWays said:

I assume you are paying nothing at all to all your debts at the moment?

Only paying things which need not to be cancelled eg the rent/phone contracts/broadband/car insurance. A few other things like my accountant etc I have to pay in January but beyond that nothing. 

beeteecee

Just had a notification that I've passed my third anniversary on here and was thinking about posting again…it's been over a year since this post and I have not heard from HMRC at all…I don't really understand how this has happened. Other debtors have resurfaced since the failure of my IVA but I've not heard from HMRC…

Life has been hard, my dad passed and one of my children has been extremely unwell and still not recovered…I STILL need to go bankrupt and am still scared…nothing changes there. I'm aiming for April now…as it's the end of the financial year, is this a good idea? I'm hopeless at this.

ManyWays

Why are you delaying this? Does the end of the financial year change anything?

beeteecee

https://forums.moneysavingexpert.com/discussion/comment/82187798#Comment_82187798

It's all so tied into HMRC and a lot of debt has built up due to confusion with UTRs until I raised a complaint with them. I am anxious about managing future tax payments so thought a clean end would make it easier to manage what is owed when? I could be just more confused as usual though.