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sarah.e
Junior Member
183 Posts |
 Posted - 08 September 2008 : 14:38:50
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Hi I got a very speedy answer to a post last week about us being self employed independent distributors and owing tax. I have more questions...my husband had a really big vinyl record collection which he has been gradually selling over the last year to keep us afloat, this is now coming to an end, will this cause us problems as we will have to go BR now we think as we are nearly 3 years into our IVA which is now on hold while we sort out Inland rev. We could not pay the tax + IVA, even though we informed IP of change in circumstances; ie our income has been steadily decreasing, they would not accept reduced payments. We are in contact with the inland revenue and they may acept an offer from us to pay them monthly depending on how much tax is due next year. I cannot see that we can pay IVA & tax, so is it best for us to let the IVA fail and still pay inland revenue? With hindsight we should have gone BR 3 years ago as we have no assets, but we were too frightened that we were going to loose our income from business at the time. We really don't know what to do...
Sarah |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 08 September 2008 : 15:22:15
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Hi
If you intend to go bankrupt it would not be in your interest to pay IR, and it might be seen as a preference if you have stopped paying into the IVA and therefore stopped paying other creditors.
I don't see that your husband selling off his possessions in order to fund living expenses could cause a problem.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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sarah.e
Junior Member
183 Posts |
Posted - 08 September 2008 : 15:49:06
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Thanks Suzanne we just want to show willing to pay.
What should be our next move? File for BR ourselves or
let IVA fail?
Sarah |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 08 September 2008 : 15:53:15
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In order for you to go bankrupt your IVA will have to fail (that would mean missing 3 months payment). The courts will not grant your bankruptcy unless you have a certificate of termination from your IP.
Maizie |
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sarah.e
Junior Member
183 Posts |
Posted - 08 September 2008 : 15:57:46
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Ok thanks for that Mazie So then do we still apply ourselves and need to have the fees or do they "make" us BR?
Sarah |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 08 September 2008 : 16:01:24
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It's entirely up to you. Most people go for bankruptcy themselves because if you wait for a creditor to do it, it could take months and months as they don't like spending out on the money to make you bankrupt and in that time you would have had a lot of hassle from creditors. I wanted to do it myself and get it over and done with. You would need to be £495 per person to go bankrupt but if you are on benefits you may be entitled to some help.
Most people in an IVA use the money that they would have paid into their IVA (i.e. failing for three months) to fund their bankruptcy fees.
Maizie |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 September 2008 : 16:01:55
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Hi Sarah,
It would be better to go BR yourself as there are no guarantees your creditors will do it for you. In the meantime, you'd have to cope with CCJ's, bailiffs etc.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Inland rev & BR..more questions...
