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merivik
Starting Member
United Kingdom
2 Posts |
 Posted - 14 August 2013 : 07:54:15
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In 2010 I was just coming to the end of an IVA, and was living abroad but very homesick. I saw an advert to raise cash by cashing in a pension that I had from when I was employed in the UK. At the time, I used the money to get back from overseas and to put down a deposit on a rented property and rental payments up front, and to get furniture etc. The actual cash I had was £22,000. I now think the Inland Revenue will want this amount plus interest, fines etc etc. I do not have anything like that amount of money and I don't think HMRC would wait long enough for me to pay in instalments. The only thing I could offer them would be another small pension that I would sign over to them (if that's even allowed). I am not sure of anything, all I do know is that at the time I was desperate and that was the only way I could raise any money.
I am now back in the UK, and although I am not in the mess I was in when I started with the IVA, before this letter arrived from the tax office, I was just somewhat ticking over month by month paying everybody with no arrears etc. I live in a privately rented house, and two months ago got credit to buy a car, so if that is taken off me if I am made bankrupt there will be a lot of negative equity in that, as I had bought it planning to keep it for a very very long time.
Should I now wait for HMRC to make me bankrupt or should I do it before they do? I'm now self-employed and am up to date with my 'regular' tax payments. But now this pension transfer has come to bite me on the backside.
For the time being I have written to HMRC explaining that I was not in a UK tax resident at the time and await their reply. But any help and advice would be appreciated in the meantime as I suspect they will come back wanting more answers.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 August 2013 : 09:00:41
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Hi Merivik,
Did your IVA complete successfully or fail?
If you can't afford your debts then bankruptcy could be one option, but you would need to take advice.
Have you approached HMRC regarding paying the debt 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 |
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merivik
Starting Member
United Kingdom
2 Posts |
Posted - 14 August 2013 : 09:17:03
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Hi
Yes my IVA completed successfully in 2010.
I have replied to the HMRCs letter now stating that I was not living in the UK at the time of the pension transfer, and does that make a difference and will wait for their reply.
I am just trying to sort out what to do in the worst case scenario, because if I do have to pay back a substantial amount to them, then I do not have that sort of money to do so. And that is the point where I don't know whether it will be best for me to be bankrupt before they come for it, or whether it is better to let them make me bankrupt - or does it make no difference?
Thanks |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 August 2013 : 09:24:07
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The only real difference is that if they do it, you don't have to pay the court fee of £700.
Take advice and chat everything through if it comes to that.
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 |
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Should I wait for HMRC to make me bankrupt ? Any help or advice would be appreciated
