confused about Bankruptcy

maxmycardagain

self employed can claim child+working tax credits and rent+rate rebates (and child benefits) but not ssp

your N.I. contributions will also NOT entitle you to benefits after being self employed


if your a director of your own ltd company (making you employed, NOT self employed) and you are paid £100 gross then you can also claim working+child tax credits AND ssp if off work sick.

your N.I. (as an employee) WILL entitle you benefits if you later need them.

debt_doctor

These are the main benefits available to the self employed:

Whilst still in self employment: tax credits, housing and council tax benefit, child benefit, income based job seekers allowance ( if working less than 16 hrs per week ) and incapacity benefit if unable to work ( based on class 2 contributions ) or income support.

After self employment : All the above are possible except working tax credit. ( unless working )

DD

NoClue_2

Well, 4 years ago when we came off the dole and started the business (sole traders and not Ltd) the Job Centre said kiss good bye to any kind of benefits for anything! :mad:

We have been paying for everything in full ever since - Rent, Council Tax, everything. We sold our house to start the business and have been living off the profits until the business gets going. Our net income last financial (06-07) was £4855 BETWEEN THE BOTH OF US (i.e. £2427.50 each) and all the profit from the house has now run out.


Anyway, need to find time to do the figures thing for you guys.


Also, I spoke to the CAB today and asked for an appointment. Apparently it doesn't work like that. The guy took a few details and will send me some forms in the post. I have to fill these in and send them back. They will then review this and decide if they can offer any advice. If they can THEY will ring me and arrange an appointment.

In the meantime, an estate agent came round today to have a quick look round.
Our Landlord is going ahead with the sale:eek: . Suppose we better start looking for a big cardboard box to live under.

tigerfeet2006

Will you be able to get a deposit together to rent another house?

I don't know if shelter will be of any help to you http://england.shelter.org.uk/home/index.cfm

peachyprice

Have you got a deposit to come back to you from your current house that you can use for another one?

NoClue_2

Probably not

NoClue_2

probably not after 4 years of abuse

You know what landlords are like these days. One extra picture hook in the wall and it's "Oh, I'll have to replaster and paint the whole house now".

sparrabeth

NoClue wrote: »

Typically the CCCS say they can't help because we're self employed - grrr!

An accountant friend mentioned to me today that I should have been claiming benefits for the last 4 years because we are on a low income. Last time I was in the job centre I was told we are not entitled to anything because we're self employed! So does that mean I've been screwed over for the last 4 years!?

From reading other posts, it looks like the CCCS have set up a self-employed counselling section - they will do a business budget and a personal budget. I would try and call them again - maybe you got someone new who didn't realise?

They will also do a benefit check for you. I know that self-employed people can get tax credits - maybe that's what your friend meant?

Good luck x

NoClue_2

OK, business has collapsed completely now and my wife and I are now unemployed. We've put our claim in, but don't know what we'll get yet (I assume somewhere in the region of £95 pw JSA, £120 pw LHA and council tax reduced).

I tried filling in the form below, but don't know about allowances for clothes, etc (haven't bought any new clothes for over 2 years!).

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 690
Other income............................ 0
Total monthly income.................... 690

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 25
Electricity............................. 43
Gas..................................... 40
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 15
Mobile phone............................ 30
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 350
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 35
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1452

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................12000.....0.........24.9
barclayloan....................17000.....0.........7.6
ad with Phonebook..............635.......0.........0
Total unsecured debts..........29635.....0.........-

Monthly Budget Summary
Total monthly income.................... 690
Expenses (including secured debts)....... 1,452
Available for debt repayments........... -762
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ -762

Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total Secured debt...................... -0
Total Unsecured debt.................... -29,635
Net Assets.............................. -28,335

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


I'm a bit concerned that we wont get JSA because for the last 2 years we've been exempt from paying NI due to low income.

Looking at the above figures, does anyone have any suggestions on how we can fake our own deaths and start again under assumed identities in stoke-on-trent!?

peachyprice

Stoke-on-Trent, goodness at least choose somewhere warm. I've heard Panama is good this time of year, just be careful who you have your photo taken with;)

It's hard to judge your SoA without knowing exactly how much you're going to get, onviously if you get help with your rent and council tax it'll make a big difference, any idea when they'll let you know?