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| T O P I C R E V I E W |
| Alison.mn |
Posted - 24 June 2012 : 23:32:39
Hi. Can someone please advise me re my position please?
I was self employed, and due to London cost of living and sporadic contracts, now owe HMRC c £22k.
I was on a Payment Plan for initial debt of £3.5k but this was cancelled once further Tax returns were submitted and not paid.
A Field officer from HMRC called round to collect for the £1.9k outstanding, unaware of the additional £19k+ debt. Once she was aware of this, decided not to take any assets (I rent and have an older car) and encouraged me to pay £100 a month for 6 months, then reassess. Since then I have received a letter from HMRC pursuing the additional £19k which I thought was included in this 'repayment'. The Field officer did mention court action and bankruptcy further down the line.
I also have unsecured debts totalling approx £10k, all of which I am making a token payment towards. Some of these date back to 2002!
I have looked at 2 credit reports, none of my old debts are showing. One was a CCJ from 2004 which is not on my file but am still paying for...?
I am a sinle parent. Have ceased self employment to draw a line under the amount of tax owing. Moved North to reduce my outgoings and to 'start again' after 7 months of benefits, and paring my outgoings right down, I now have a part time job earning £14k pa. I am on anti-depressants but feel positive about my future.
My questions are: do I consider BR as my Informal arrangement with Unsecured debt will never go away. Some debtors are hassling me regularly to pay more and continue to add late payment fees, interest etc. HMRC appear to have misled me into paying this £100 which will only pay towards the interest and I have no way of clearing their debt.
Also, if I do decide BR is the best option, should I contact some old outstanding debts, even though they appear to have fallen by the wayside, and include them on my petition?
Thank you xx |
| 4 L A T E S T R E P L I E S (Newest First) |
| James Falla |
Posted - 26 June 2012 : 15:49:15
Hi there Alison
From what you have said about your circumstances I think that bankruptcy would be an ideal option for you. It will take care of all of your HMRC debt and any other debts that are outstanding so will really give you the new start you are looking for debt free. From what you have said about your income it seems relatively low so I would be surprised if you will have to pay an income payment agreement. As such you should be discharged after a year and debt free.
There is no need for you to contact old creditors. If you think you might still owe them money simply include them in your bankruptcy anyway and the official receiver will deal with them for you. If you forget any do not worry, even creditors you have forgotten about are still bound by the bankruptcy as long as the money was borrowed before the date of the bankruptcy.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
| year 2029 |
Posted - 25 June 2012 : 08:51:46
If you do decide to go BR, then include everything on your petition.
It will be like creating a clean and fresh start.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Viki.W |
Posted - 25 June 2012 : 07:35:09
Hi Alison,
It sounds like bankruptcy is your best option but please speak to an expert on here or visit the CAB to have all your options explained to you.
If you have the account numbers for the old debts, then list them down, but if you don't have any information, don't worry, they will still be included in your bankruptcy.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| year 2029 |
Posted - 25 June 2012 : 00:50:51
Ask an administrator if you can contact me directly. I give my full persmission for you to contact me. I have recently gone through BR, and happy to help, and share my experiences.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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