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Mrzanderman123
Starting Member
1 Posts |
 Posted - 17 November 2010 : 11:59:56
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Hi All,
Just came across this site, it is nice that there is a place where you can get help!
So I have a quick question.
My wife and I were made bankrupt about 6 months ago and at the time I wasn't working and hadn't been for a while (hence the bankruptcy!) so the bankruptcy was fairly straight forward. It was a very painful time for me and my family as we effectively lost everything I had worked 15 years for and now have to start over. My wife has a small ish income but nothing coming in from my side.
6 months on and I have finally managed to get a job paying me a decent wage. I have been issued with a tax code of NT and just been contacted by the OR. They have asked me to fill in and sign a NTB2 form and a TNIDIS form. The forms are asking for all my tax affairs to be shared with the OR and a reminder of my duties and responsibilities.
There is no IPA in place at the moment because i havent had any money.
I am assuming that the OR will take my tax money into the bankruptcy 'pot' and pay that to my debtors. What I am now worried about is that the OR will want to take a chunk of what I now earn towards my bankruptcy for the next 3 years.
We will have a bit of money spare each month but I am SO far behind on everything that it is going to take me god knows how long to get straight. I ended up having to borrow quite a bit from family in order to keep us afloat over the last year and a half and that is my priority.
The other side is that like has been scary and horribly tight for a long time now so I am worried about being penilaised just when we start to see a little light at the end of the tunnel.
I am worried about contacting the OR as it just feels like opening a can of worms and at the moment they haven't asked for any extra money. When they see how much tax I am paying I am guessing they will come after me?
Does anyone have any knowledge of what the situation is or what I should be doing?
Any advice is greatly appreciated.
Many Thanks!!
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 17 November 2010 : 12:05:03
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Hi and welcome to the forum.
You need to contact the OR and you will need to fill in a new income and expenditure sheet. This will establish whether you have at least £100 surplus at the end of the month.
If you do then they take 50-70% of it for 3 years.
Unfortunately, if you are coming out with that surplus, then there is no way round it and you have an obligation to tell the OR of your new circumstances.
You won't be allowed to repay family until after your IPA, and really they should have been listed on your SOA so that they can receive there fair share of any payments along with your other creditors.
You might not come out with a surplus so will not have to pay anything back.
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
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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gjm68
Starting Member
18 Posts |
Posted - 19 November 2010 : 16:21:54
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I hope everything works out for you. I have gone bankrupt as a result of not being able to work due to a mental health breakdown. I lost everything I had so I know how horrible it is. I wish you well.
From what I have learnt if an IPA starts then you wont be free from the effects of bankruptcy for another three years. I know going back to work is good but if you wait until you are discharged then you do not have to lose any of your earnings. As you are already six months into bankruptcy then discharge will happen in another six months. If you get early discharge then it could be sooner than that.
If you go back to work now you have another three years. If you wait then it will be over in no longer than six months.
It is up to you but I think it is something to consider aspecially as it is unlikely that the receiver will allow you money to repay your family.
As I said I know how hard it is to lose everything so I wish you all the best. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 November 2010 : 16:24:48
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Please don't put off getting a job just to avoid an IPA - an IPA is a short term inconvenience, and you need to think of life after the BR and IPA are finished.
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! |
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gjm68
Starting Member
18 Posts |
Posted - 19 November 2010 : 16:51:46
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I think the discharge vs IPA decision is down to your priority. If having some money is more imporant then the IPA is the right option. If the time until having 100% of your earnings is more inportant then not working may be the better option. There is the additional consideration of whether you can stand a year of watching Jeremy Kyle and Bargin Hunt instead of working.
This is an individual decision based on your own circumstances. I mentioned it as I believe you should consider all of the options in order to come to a decision that you can live with if it turns out to be the wrong one.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 November 2010 : 21:31:01
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My point is that it's not worth losing a job opportunity (especially if it's a good one) to avoid an IPA. The IPA last for 3 years, but a lost opportunity can affect you for a lifetime.
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! |
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RHB
Senior Member
1159 Posts |
Posted - 20 November 2010 : 12:47:10
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| I agree Tracy. The longer you are out of work statistically, the harder it is to gain employment. Plus, nit all your disposable income foes to an IPA, thus allowing you chance to start saving & buying hte things you want again. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 November 2010 : 16:30:46
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I wasn't wealthy when I was paying my IPA (and I'm still not!) but I was comfortable. I had enough money to pay the bills, and I could do what I wanted with my surplus.
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! |
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Help needed please.
