Becoming a taxi driver to pay off all my debts and avoid bankruptcy, my diary

JPS29

Not been up long.........

Absolutely smashed the target last night. Started at 6pm, worked right through until 4.30 am and it was non stop. It's great when it's like that, the shift flies.

Have faced up to a horrible reality:eek:

May have to change the name of this thread. I have got a £30 k tax bill from my former business, and previous self employment. at £500 per month this will take me 6 years to clear, along with another 40k ish of debt.

By going BR I can get a clean slate and then make sure I NEVER get in this situation again. As long as I can keep my house, then I'm happy.

Will keep everyone posted re my decision.:o

taxi73

That doesn't sound good.I don't know what to say but you know what will be best for you I guess.Owing £30k in tax may mean that you lose your house so please get professional advice as the tax office is one that really does come down heavy.But I guess you've really looked into it anyway.

JPS29

Thanks Taxi,

i have already looked into it, my house has limited equity, bought for £245 owes 239, theoretically I would have to pay half of the profits (beneficial interest) roughly £3k plus fees. This may be even less due to the current housing market.

I really dont want to go BR but have spoke to CCCs and they advise its my best option, and gives me a fresh start.

I do have 2 rental properties which is a grey area, but tbh, I need to think about myself and my family at the moment, and the tenants are protected til the end of their tenancies regardless.

taxi73

I guess that's the best option bankruptcy or the sale of one of the properties.Good luck with whatever you decide.It sounds like bankruptcy is your answer.

lucielle

Hi ITBS, I really do feel for you. At Christmas we thought BR was the only way forward for ourselves but since then with the help of this site we have decided to tackle our debts head on. For you who started with determination and resolution it seems a great blow to be dealt. I hope things work out for you and your family. Remember it is only money at the end of the day and as long as you have your health and happiness everything else doesn't matter.

Regards
L

JPS29

Hi everyone.

Just thought I'd pop in and say thanks to everyone for sticking with me on this thread and giving me your support.

Unfortunately due to the overzealous HMRC wanting their pound of flesh I have no option but to go bankrupt. Hearing booked for this coming thursday.

TBH probably a blessing in disguise as at least now I dont have to worry about the red letters etc, and with my job being mainly cash I should be able to make sure I still have enough left to live a "decent" life;)

I suppose in a way I am no longer a dfw but now debt free:D

Thanks again to eveyone and feel free to pop in and see me on my new home, the bankruptcy board.

Best wishes

taxi73

Sorry it didn't work out for you.I wish you well

hypno06

It doesn't mean you have to desert the DFW board!!

Good luck x

Buffythedebtslayer

Oh You can't leave!

evil tax people scare me.

Really sorry you had to go bankrupt, sucky in the extreme. but you can't leave us- you either have to carry on posting here or give us a link to your new thread on the other side! I need to hear about your taxi adventures.

I think it might be pretty good to have a new start tho. all clean to start again

xxxx

Poosmate

InTheBrownStuff wrote: »

Thanks Taxi,

i have already looked into it, my house has limited equity, bought for £245 owes 239, theoretically I would have to pay half of the profits (beneficial interest) roughly £3k plus fees. This may be even less due to the current housing market.

I really dont want to go BR but have spoke to CCCs and they advise its my best option, and gives me a fresh start.

I do have 2 rental properties which is a grey area, but tbh, I need to think about myself and my family at the moment, and the tenants are protected til the end of their tenancies regardless.

Can't you sell one or both of these rental properties to avoid bankruptcy?