nearly ready to go Bankrupt, any taxi drivers out there

tracytaxi

hi just got off the phone from cccs waiting for a call from the bankruptcy support team, really going to go bankrupt. Scared to death for various reason s like the loan I took out a few weeks ago to live on when my tax credits stopped, was going to repay it from my whip lash money but advised not to as can also be seen as preferential treatment to creditor.

However nothing can be as bad as when my dad died 4 years ago, nothing can make me feel like that, so I have to try to put it into perspective.
will be going back to self employment as a taxi driver, has any one got any idea how being bankrupt will affect that please,

Still feeling scared, feel stupid too, I think my debts are £35,000. Daft when I have not had fancy hoildays never been abroad, do'nt have a show home or a wardrobe full of clothes, don't smoke , drink or gamble or even go out. Most of my debt is caused by trying to live and circumstances change so you think borrow from there to sort this, work hard earn money pay it off and then something else happens and goes wrong.
and it just snowballs, most of mine was caused by LLoyds tsb, not helping when my taxi blew up, and I should of avoided the doorstep 190% apr brigade.

Does this sick feeling go away, intend to go bank rupt in about ten to 14 days.
Would like to do it whilst employed on the buses before I go back to being self employed on the 27th April but running out of time. as I was told if I am self employed I can't trade for a day or so , taxi drivers don't trade as such , but thats what I was told .:rolleyes:

JPS29

Hi Tracy,

Sorry your feeling down at the moment. At least now you have made the decision and from reading these posts that is the hardest part.

I'm not yet a taxi driver but am just waiting on my CRB check to come back. I only decided to be a taxi driver after reading these boards and having a failed business, weird eh?

Re the self employmet I don't think (although more knowledgeable people will correct me if Im wrong) really it will affect you.

You may only be allowed a basic bank account but that shouldnt hinder you in any way, and these still allow dds so can show expenses like insurance etc for accounting.

There are a few other taxi drivers on the Debt free wannabe board who's diaries I read and they also post in mine. busytodaymate and taxi73, really nice people so hopefully they will see your post.

Just want to say chin up, like you say you've been through worse (my dad died too, when I was 18 still hurts 9 years later) and Im sure you'll come out on top.

JCS1

tracytaxi wrote: »

Would like to do it whilst employed on the buses before I go back to being self employed on the 27th April but running out of time. as I was told if I am self employed I can't trade for a day or so , taxi drivers don't trade as such , but thats what I was told .:rolleyes:

Think you have been told this as the OR can stop people being self employed - but it's usually "high risk" occupations such as pubs (tend to send out agents to take anything they can sell and to close the premises within a day of BR), taxi companies (as in fleets) are high risk in case of passanger injury, claims, lack of insurance, etc. But have not heard of any issues with a self employed taxi driver with one car.

maxmycardagain

once BR you are able to trade - but only using the same title as prior to going BR, most taxi drivers are owner drivers renting a radio off a base, so your trading title isnt an issue, as for bank accounts, 99% of taxi fares are cash....................

just a note, if your employed now+at time of BR then the OR may implement an IPA, which youd have to re-sort if going SE.

tracytaxi

thanks all, still not heards from any cab drivers, to in the brown stuff, I don't know where you are, but be prepared for sixty hours a week, I prior to bus driving did this for 7 and half years, must be mad to return to it but I miss it and its more flexible with the children,

just a waiting game, will ring insolvency helpline when I get home from work re the employment/self employment issues.

( I was 34 when dad died, I am only child he would be so ashamed of me going bankrupt hope my mum does not find out she would dis own me)

has any one on here dealt with the official reciever office in Plymouth Devon, are they approachable friendly humans lol???

lindsaygalaxy

like you I have recently had a payout from a cat accident(£3000) and was really unsure about spending any of it, as I am afraid of getting a BRO. but I have spent some of it, which im sure im gonna get in trouble for.

I used a few hundred to pay for a small holiday which i need so badly at the moment to escape it all! I got my little girl a new bed as she had outgrown her toddler bed, some new clothes for her and me ( not designer or anything) as I need smart clothes for work ( which i was desperelty lacking), tumbledryer (nothing fancy), getting my car fixed, stocking up the kitchen cupbards, oh and some new saucepans as i only had 2 that had seen their day! I have spent around £1400 ( i know - spent some of it on little things too like new passport!), and the rest is gonna be used for paying my BR fees and going to the reciever. However, in the meantime, I have been payed too much tax credits, and I think they will stop any TCs, so some may have to be used for bills.

I am trying not to be preferential to creditors, but I payed my water bill as hadnt paid it in months, and ive got the electric board on my back demanding money! Seems to never stop! I know my tax credits can go in my BR, but im just gonna say that I told tax credits that my income had changed, and hope the OR belives me.

Anyway, thats my ramble, I just wanted you to know that your not alone. I just feel now that its time to just do it, and hope for the best! Good luck.

JPS29

tracytaxi wrote: »

to in the brown stuff, I don't know where you are, but be prepared for sixty hours a week,

Hi,

Can't wait, if you go back and read my thread I had my own national business from as far up as dundee to bristol and beyond working 7 days a week minimum 12 hours a day.
This will effectively be a cut in hours for me:D

tracytaxi

sorry in the brown stuff, do remember reading that now, enjoy the holiday.
lindsay galaxy dont worry about injury money, mine was £1,500, not had it yet but some will be spent on fees for BR, the OR said that does not get counted when I rang them, I wonder if there is anyone reading this and under what circumstance did they get a BRO.
My trouble was that I did not want to go bankrupt and borrowed and robbed peter to pay paul thinking I would be able to earn enough last time i was taxi driving, and then something would crop up and take any money,

villageidiot_2

Hi Tracy,

I'm a privatehire driver in based in London's Westend.I became BR in feb and it's not changed anything.I've got a mondeo worth £4500 which he hasn't asked for so i'm assuming i can keep it.The one good thing i'm finding so far is that with all the expense of running a cab,i've not been given an IPA yet as business is really bad for drivers in central london at the moment,too many drivers,less customers,and more people getting the tube/bus.I only work about 38hrs at the busiest times cos otherwise you can be sitting there for 4 hours before you get a job.As soon as i'm dischaged i'm going to college to get a trade,then moving to Oz in a couple of years with my Aussie wife,where i'll be able to get a morgage straight away,and start a lovely debt-free life.

Good luck,

Ste

tracytaxi

Hi village idiot, yes its a bit like that down here for us private hire drivers.(plymouth)
Did the OR have your accounts and did your accounting date change??
I've got atrade I am a qualified chef but enjoy meeting people hence my line of work.

villageidiot_2

No,the OR wasn't interested in my accounts even though i owed the IR for this years tax.He just said to speak to the IR myself about getting in my 07/08 return,and any tax due would be included in the BR.Just received the forms last week so will fill them out with the help of an advisor from the IR over the phone.