| Author |
 Topic  |
|
nicola123
Junior Member
180 Posts |
 Posted - 20 June 2008 : 11:30:16
|
| Thanks Suzanne. I'm sensing we're really in a pickle now. Does the tax man ever write off a debt? or will my partner have to repay every penny? Do they still send debtors to prison? is it open prison if so? Nicola xx |
 |
|
|
Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 20 June 2008 : 11:37:52
|
Inland Revenue do recognise IVA's so they must write some debt off, and probably quite a lot in the grand scheme of things.
I don't think prison would be likley for £40k, it's not really that big an amount when you think of other cases that have been in the news.
I do think he should get some good advice sooner rather than later as the Inland Revenue are very pro Bankruptcy and seem to use it to clear cases from their desk periodically.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
|
|
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 20 June 2008 : 11:40:08
|
Hi Nicola,
Interestingly enough, HMRC are one of the most cooperative creditors out there. As long as you are talking to them, they will hold off legal action for as long as possible. Brett England of england, Jackman & Spacey does excellent work with HMRC, as does Paul Johns of Reviva. You can contact them through they websites (links on the experts page).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
|
|
|
nicola123
Junior Member
180 Posts |
Posted - 20 June 2008 : 12:05:22
|
| Thank you Julian and Suzanne. I'll speak to my partner and get him to do as you suggest. I can't believe the support that i'm getting from you guys - what a wonderful forum. Our stress levels are being severely minimised thanks to your input. Nicola xxxx |
|
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
|
|
melanie_giles
Senior Member
1191 Posts |
Posted - 21 June 2008 : 00:07:43
|
We may be missing the point here. The corporation tax is owed by the company and not your partner personally, and has to be paid by the company. If the company cannot pay, then it may have to cease trading and enter liquidation proceedings. The implication of this will be that your partner will have an unpaid directors loan for the money taken out to fund your house deposit, and the liquidator of the company will need it to be repaid - which puts pressure on your partner personally.
I suggest advice from an insolvency practitioner who can talk to you about the company and your personal affairs would be a sensible first step.
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 |
|
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 21 June 2008 : 14:22:58
|
Hi Melanie,
Thanks for getting us back on topic. It's easy to go off at a tangent when a thread becomes this long!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
|
|
|
nicola123
Junior Member
180 Posts |
Posted - 29 August 2008 : 18:33:20
|
| Just an update - thanks to your help my partner contacted England, Jackman and Spacey - and feels that the help/assistance they are giving him is great. In the meantime, my partner said he saw on your website templates to show you what to write to your creditors when they start chasing you for money (I appear to have an old debt which I don't know what for and have just received a letter from a company called Lovells who say they purchased the debt from Lloyds). Is there particular wording you should use when asking to see a copy of the original agreement you signed? thanks Nicola :-) |
|
|
|
pix1
Average Member
689 Posts |
Posted - 30 August 2008 : 10:55:22
|
Hello,
It may be that the letter (it was a letter, not a phone call, wasn't it?) stating that the debt company were going to take your partner to court was simply a threat to induce action on his part. I used to get letter after letter threatening court action and ccj's. i only ended up with one ccj and went BR soon afterwards and the amount concerned was then written off. My guess is that your partner will not be taken to court just yet and that he has time to negotiate a satisfactory monthly sum to pay the creditor - this depends on the debt amount which I don't think you have stated in this thread. Obviously, the lower the amount the less your partner should pay per month. If it is over £750 (min. to make you BR, anyway) but under £5000 I would suggest he sohuld offer no more than £30 per month to be reveiwed at a date in the future.
Debt companies love to put the pressure on and the people who send the letters (if they are not automaitcally generated by computer) are under pressure themseelves to put the debtor under pressure!
I think no BR for your partner and probably no ccj unless he does not set up any kind of payment arrangement (better, by the way, to request a payment booklet or plastic card from the debt collector as this will take a couple of weeks t o send and will not leave you open to bank problems of dd's being missed, etc. |
|
|
|
Topic |
|
My partner has just phoned me in a panic
