| T O P I C R E V I E W |
| k.g |
Posted - 21 May 2008 : 20:53:03
CAN SOME ONE EXPLAIN THE ZERO TAX CODE TO ME I DONT QUITE UNDERSTAND,
ALSO I HAVE A COOP CASHMINDER ACCOUNT AT PRESENT WILL THIS BE FROZEN ONCE I SEE THE OR,BECAUSE ITS ONLY ACCOUNT I HAVE AND WAGES AND BENEFITS GETB PAID INTO IT.AND I HAVE DIRECT DEBITS TAKEN OUT,WOULD IT NOT BE POSSIBLE TO KEEP THIS ACCOUNT |
| 15 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 02 June 2008 : 10:07:59
Hi Modensane,
Glad I could help.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| modensane |
Posted - 30 May 2008 : 11:53:31
Thank you very much, Julian. This explanation has been very helpful. I suppose the same explanation will apply if you retain one store card for occasional use to purchase basic essential items, considering there is never any disposable income at the end of the month. All these will be declared in the SOA though. |
| JulianDonnelly |
Posted - 30 May 2008 : 08:14:35
If they were only small sums I would not worry too much the OR is looking for lump sums being paid to one or two particular creditors to improve their position above your other creditors for example family members.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| modensane |
Posted - 29 May 2008 : 18:25:06
Thanks, Julian! Whilst you are on line, an unrelated question. What reasons are acceptable to the OR for making preferential payments. One or two of mine were so minimal and the balances were so small it did not occur to me to include them in the IVA. I do not want to be penalized for this when I submit my SOA. Thanks in advance. |
| JulianDonnelly |
Posted - 29 May 2008 : 18:03:48
I was never asked!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| modensane |
Posted - 29 May 2008 : 18:00:01
I am a bit baffled. If your account is frozen and you open a new one, let us say, the following day, would you not have to declare that too to the OR? |
| JulianDonnelly |
Posted - 29 May 2008 : 16:43:15
Hi kg,
The time depends on the OR's workload, but it wouldn't be immediate. My advice is to ensure the account is empty the day before your BR and open a new one the day after.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| k.g |
Posted - 29 May 2008 : 15:30:34
so would i have to take all my money out of account before i see the or incase the bank does freeze account then how long would it take to unfreeze it,due to d/d and wages + benefits |
| m and v |
Posted - 24 May 2008 : 10:01:22
Julian/Pix
I am more than happy to be called something else!! Forum expert gives me a lot to live up to, although of course I am very honoured!
Vicki x |
| JulianDonnelly |
Posted - 23 May 2008 : 21:04:00
Hi Pix,
You Have to hit the 200 hundred posts or be an industry professional so keep posting.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| pix1 |
Posted - 23 May 2008 : 19:11:27
As to the Nil Tax Code question another aspect worth mentioning to k.g. is that your employer will not be specifically informed by the OR that you are bankrupt. If you are in a small company they might guess it but you might be able to vaguely suggest it was something to do with a tax rebate. If you are in a large company and they sub contract the payroll it would probably only be someone in a large team dealing with all different employer pay roll contracts so would not be likely to be noticed by your immediate colleagues or managers. You only need to declare bankruptcy if it is mentioned in your terms and conditions of employment.
It's not fair. I joined before Vicki and I am not considered an expert, although I have contributed 75 posts and she has put in 204. Humbly, I did unearth some information about mortgage shortfalls and BR. Also, about Nil Tax Codes not getting applied if you go BR within a few weeks of the end of the tax year. Boo hoo. No, just kidding. This forum has been great for putting a brave face on the whole experience and excellent advice all round. |
| melanie_giles |
Posted - 22 May 2008 : 22:23:07
Aha - I had not realised this appointment had been made - but just mentioned this in an earlier post so well done Vicki!
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 22 May 2008 : 13:32:38
Thanks Julian.....I freaked a bit when "expert" was added to my username.....gave me a lot to live up to!
I have only the forum and you experts to thank - I have learnt everything from you!!
Still learning something new every day - just glad I can share my experience of BR and help anyone going through the turmoil debt causes!
Maybe "expert" should be for you guys and "BR survivor" or something similar for us???
Vicki x |
| JulianDonnelly |
Posted - 22 May 2008 : 10:20:42
Hi K&G
I quite agree with Vicki who has rapidly turned into a great source of information.
Well done Vicki.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 21 May 2008 : 22:22:28
Glad I made sense!
Vicki x |
