| T O P I C R E V I E W |
| SATAL |
Posted - 04 March 2011 : 14:30:17
Is it correct that the OR may refuse a BR because I have used my credit cards recently? I am getting conflicting advice about this and am very confused!
I used them to get supplies for work (I am self employed/sole trader), for travel and cash for living expenses..not for luxuries.
Thanks |
| 15 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 09 March 2011 : 20:57:37
cant see any problems then, just remember to tell HMRC that you are starting business again after the bankruptcy date |
| SATAL |
Posted - 09 March 2011 : 20:46:45
No, haven't been able to afford it! Though it would obviously be good for business so I hope to in the future |
| debtinfo |
Posted - 09 March 2011 : 20:42:20
then nothing should be taken off you business wise, waht about a website, do you have one of those |
| SATAL |
Posted - 09 March 2011 : 19:53:43
Make-up artist. I have tools of trade but not of great value, no stock or premises |
| debtinfo |
Posted - 09 March 2011 : 19:33:06
Whenever you are ready to proceed, what sort of business is it, do you hold stock, expensive tools of trade or a trading premesis |
| SATAL |
Posted - 09 March 2011 : 18:53:33
Thanks for that. I have stopped using them now..I last used them about a month ago. I have not started BR yet..still working on the forms. How long should I leave it before I go ahead? |
| debtinfo |
Posted - 09 March 2011 : 18:41:28
you are free to trade before and after the bankruptcy but you should not be using credit now you have decided to go bankrupt |
| SATAL |
Posted - 09 March 2011 : 18:26:14
Can't seem to make contact. Can anyone else help in answering this? |
| Skippy |
Posted - 08 March 2011 : 12:13:37
Hi Satal, most of the professional experts, including Bigal, have contact details in their signature.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| SATAL |
Posted - 08 March 2011 : 11:51:37
Or can i email you direct? I am able to access email but not the internet. |
| SATAL |
Posted - 08 March 2011 : 11:49:55
Hi Big Al, sorry for the delay in replying..my computer, with great timing has died, so I'm having to go to the library to get on the internet.
Your post has scared me rather! I am still trading..I don't see how I could not if I am to earn any money. I was told that i should stop trading the day I become bankrupt and start trading again the day after. Is this incorrect?
My liabilities are approx £60k. I owe HMRC approx £650 from the last tax bill due 31.1.11. This is the first time I have been in arrears with them in 17 years of trading.
I am even more scared and worried than before now and am getting desparate. Is it possible to call you directly as I can't get on the internet easily to access the forum?
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| Bigal4787 |
Posted - 07 March 2011 : 14:42:35
Hi SATAL,
having read your brief account of how you've used the credit cards, this can be explained by the fact that, there has been a downturn in the industry, plus competition from competitors has led to cash flow problems. To overcome this, you have availed(a favourite word of my old OR!)yourself the use of credit to keep trading, in the belief that trading would improve, however with no improvement in sight, you decided to stop using credit, and trading to prevent the situation becoming worse.
To be honest you won't be a candidate for ED, as by the sounds of it, you were trading whilst insolvent, but by being honest and up front with the OR, and as long as your liabilities aren't excessive(over £100k) no ED would be no bad thing, but it does depend upon your trading position over the past 3 years, plus what is your position with HMRC?
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| SATAL |
Posted - 05 March 2011 : 07:37:54
I tried CAB but they said they could not help me.
I'll keep posting on here and will try contacting the experts as well. Thanks all! |
| glafy |
Posted - 05 March 2011 : 06:49:01
Hi SATAL, as Richard P has said, there is some great support on here. Did you contact one of our experts from the link on the left of this page?
It can take a couple of goes before you meet the right one. It is a hugely stressful time and you will need to have a good, trusting relationship with an expert if you feel that you do need assistance with your BR. I was one of those who needed help & support through BR & the following year & I (& hubby) know we can pick the 'phone up at any time for a chat with them.
Try not to rush into anything & take time to decide if you can do your own BR and use this Forum to assist, or DO try & contact one of our experts.
Good Luck with it all & keep on posting any questions that you need the answers to.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
| choccie lab |
Posted - 04 March 2011 : 23:30:18
Hi Satal,we had all our forms done with the help of our local CAB,they were really helpfull and best of all it was free.
Good luck with whatever you decide to do |
