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remedy234
Starting Member
United Kingdom
18 Posts |
 Posted - 01 December 2011 : 21:18:57
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| Hi, im looking for some advise. I hope its not too complicated but here goes.....Im in debt to the tune of approx £56k, about £20k of that is to the inland revenue from when i was self employed. Basically, me and my wife split up and things fell behind. Im at the point of an IVA but the inland revenue are pushing for bankruptcy which i find odd as if im bankrupt surely they get nothing where as an IVA they at least get something but anyway. Two days before i got this letter from IR i bought a car on finance for 12.5k. I had no option really, my house was burgled 2 weeks ago and they took my old car which had £9.3k outstanding finance on it. The insurance paid that off. My car is essential for my job, im the director of a company and i often have to take clients and potential new customers out in it so a £500 runaround just isnt ging to be good enough and i also have to pick my kids up from their mums every thursday at 7am to come and stay with me. I know i wont be able to be a director of the copmany if i go bankrupt but thats not a problem, im more concerned that i wont be able to carry on with my job if i lose the car. Does anybody have any similar experinces or opinions please? |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 02 December 2011 : 08:33:57
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Hi remedy234
I am sorry to hear about your plight but you have come to the right place for advice.
Firstly government departments are not too commercial and would far rather make an example of you by forcing bankruptcy - even if they will not receive any repayments of your debts.
You may be eligible for an IVA if you can afford substantial monthly repayments but as the Inland Revenue are your largest creditor, they would have to agree to the Arrangement and it sounds as if they are unlikely to do that. A lot also depends on the monthly repayments.
If you do go down the bankruptcy route, you do run the risk of losing the car although there is no equity in it and you need it for work.
I suggest that it may be worth contacting one of the experts who regularly contribute to this forum for a more detailed discussion.
All the best
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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remedy234
Starting Member
United Kingdom
18 Posts |
Posted - 02 December 2011 : 10:09:28
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| Thanks for your reply. The car is my main priority really, theres negative equity in the house so im confident id keep that for now but without my car im totally screwed |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 02 December 2011 : 12:40:00
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Hi there and thanks for your email - I have responded could you please give me a quick ring my number is on my email response thanks Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Hi, im looking for some advise. I hope its not too complicated
