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pix1
Average Member
689 Posts |
 Posted - 10 September 2008 : 12:06:22
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I have read on this forum that C.G. (see recent posts) may be about to go down to the court for the BR petition but I have been reading that if you cannot work for a local authority and be bankrupt.
See this link.
http://www.theiva.co.uk/what-bankruptcy.html
It states, inter alia;
What Does it Mean?
Once you have been declared bankrupt there are several consequences that can be detrimental to your financial situation for several years. The person declared bankrupt loses control of all of his or her assets and can not get credit for over £250. The person declared bankrupt is also banned from taking on certain roles. For example the person declared bankrupt cannot act as Company Director. He or she may not act as a member of parliament.  He or she is not allowed to work for a local authority and may not work as a lawyer or accountant. The person declared bankrupt should be able to be discharged after a year however the bankruptcy is still noted on your credit record and creditors will not look kindly on it. It may be that you will struggle to obtain any credit for several years to follow.
Can soemone advise asap. I hope C.G. can have the chance to check Terms & Conditions of Employment to see if BR is the right option. |
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zoe
Junior Member
329 Posts |
Posted - 10 September 2008 : 12:13:57
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What a load of rubbish!!!!
I would like to know where they got that info from!
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John
New Member
United Kingdom
73 Posts |
Posted - 10 September 2008 : 12:18:00
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Hi
not surprisingly, or unusually, an IVA site has got their information regarding bankruptcy totally wrong.
There is no problem working for a local authority when BR (expert Zoe is living proof) and you can borrow as much as you like.
Where they got the limit of £250 from I don't know.
The restriction in bankruptcy regarding borrowings is that you are not allowed to borrow more than £500 WITHOUT disclosing to the potential lender that you are an undischarged bankrupt. If the lender did not care you can borrow as much as you like.
The reality being that a bank wouldn't nor would any other lenders that I know of but if it were from a family member or similar the bankrupt nor the lender has contravened the terms of bankruptcy.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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zoe
Junior Member
329 Posts |
Posted - 10 September 2008 : 12:20:11
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I suspect John (am i being cynical???) that this site was set up by an IVA comapny and they want to discourage BR???
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 September 2008 : 12:27:12
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Hi John and Zoe
I agree sounds like they would rather keep you paying an IVA for years to come so they can make there money.
I am sooooo glad i chose BR and not an IVA. My F.I.L is in one and now wishes he had gone BR too as it keeps going up and up.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 10 September 2008 : 12:36:37
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Hi Zoe
I'm sure you're right.
I have to be honest and say for me personally, not professionally, I am equally as guilty in that I truly believe in BR over DMP and IVA.
However, it always has to be a personal choice and I would never try to persuade anyone away from any solution they think is best for them.
But to publish such inaccurate information on a website and demonstrate a lack of basic knowledge in that way would hopefully make most people enquiring on the site run a mile!!!
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 10 September 2008 12:37:21 |
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pix1
Average Member
689 Posts |
Posted - 10 September 2008 : 13:13:46
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Well, I am glad that things look OK for C.G. Just thought I would air it, though. |
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John
New Member
United Kingdom
73 Posts |
Posted - 10 September 2008 : 13:15:39
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Absolutely pix1.
Your post will have helped any other forum members that may have come across that same site.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 10 September 2008 : 13:41:48
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Hi Guys
To add to this, I work for a Local Authority and am also considering going BR.
I called up our HR Department (anonimously) and told them I was considering BR and asked whether there was any problem with this? They replied that as along as I wasn't working in Finance then there was no problem.
They did however ask that if I was to go BR that I send a letter in to them and to my Manager to let them know.
Would I have to let them know? |
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Local Authority - can someone go BR?
