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| T O P I C R E V I E W |
| Ashamed |
Posted - 25 August 2008 : 11:51:18
Hi me again.
I wanted to say thanks to John and JO for your help I have alot of things clarified in my head.
I cant get my head around the No Tax thing and why they do this? Has anyone told their employer of bankruptcy and how did they take it?
How long does it take to get bankruptcy proceedings done from filling in forms to being given bankruptcy. |
| 9 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 25 August 2008 : 15:22:31
Good luck mate,
Be strong for those kiddies, they really need you even more so now. I have 3 myself all starting to grow up really fast, this is one of those times where being a loving caring parent comes into its own.
I want to wish you well and hope that you will keep coming back and asking those niggling questions and get things a bit straighter in your head.
Life is way too short and we must live every day as if it were our last, i dont mean that in a morbid sense just that sometime we all forget where our priorities lie and as such we make those mistakes which in the long run make us better people.
I know im one of them, and now im learning to overcome these and try and be the wife and mother my family deserve.
I have always had my family come to me for advice or a moan and i have always listened and given straight forward on the nose advice, i dont beat about the bush, i say it how i see it, sometimes people may not like that but whats the point sometimes in just saying what you think they want to hear. Obviously that depends on the circumstances, but when i found this site i was given hope and also someone "WHO" I could confide in and let my feelings be known, after picking up everyone else pieces in there life I neglected my own and now im free again as the pressure that built up has started to disappear.
I know this is no consolidation to what your going through right now but i just wanted to let you know:
"Your not alone and you wont be the last"
Take care
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| John |
Posted - 25 August 2008 : 15:06:28
Hi ashamed
all of these factors will go a long way in mitigation to giving the examiner a good picture of your case.
A typical example of why a personal interview is crucial for them to make informed decisions.
Imagine your story was presented only by submitting the mandatory answers to the SoA.If you were the examiner what conclusions would you draw?
Now add in everything you know about your case....a totally different view now?
That's how they work too.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Ashamed |
Posted - 25 August 2008 : 14:54:55
I shouldn't ruch my replies! In March just after we moved my eldest son fell ill and was hospitalised for 2 weeks diagnosed with Nephrotic Syndrome which is Kidney Disease he will have for life. He is on Steriods and this causes alot of stress. I also suffered PND and had a traumatic birth where I lost alot of blood.
I am not looking for sympathy or excused for my debt but I just so want something right to happen for us as I feel my poor young family has gone through so much in just 5 years.
P.s - My baby who is 7 weeks has just been seen by a doctor and has bowel problems - when will something right itself? |
| Ashamed |
Posted - 25 August 2008 : 14:22:31
Forgot to add we moved in March to release equity and get some debt paid off but this was not enough but it helped free up a bit of extra money each month. We moved bang on the wrong time as it was then the market started going down so we are in negative equity now. |
| Ashamed |
Posted - 25 August 2008 : 14:20:41
Thank I think I am beginning to understand. What difference will it make that I am on Maternity which is just statutory £112 a week from now until December?
Also how much does the OR look into your affairs and what is seen as extravagance?
Also I have been living off credit cards the past 3 months to live and pay bills. Will this be viewed as fraudulent?
Basically my story in short is, my debts have run up over 10 years. To begin with being young and single got credit card and car finance, these escalated then moved in with husband brought things. My dad then died very suddenly and I helped my mum out. We brought our own place which needed work doing. We got a secured loan to pay off unsecured debts and do work on the house but the work was more so got more loans, the whole time we could afford these. I then fell pregnant totally unplanned this threw us out totally as basic materity pay for 4 months was not enough to live on so I got loans again could afford to pay once returned to work. Cost of childcare was way higher than expected but then my husbands contract came to an end and he joined the police force, which was more than half his take home at his contract job. It is a better career for him and he is so much happier but it was here the debts spiralled out of control. I thought my job would improve and so took loans to pay the bills each month thinking we would get out of it as the market improved. But I then fell pregnant again and now childcare costs will be ridulous, cost of living is stupid amounts now and still my ages remain lower than expected due to market conditions and they are getting worse.
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| John |
Posted - 25 August 2008 : 13:43:42
Hi JO
there certainly seems to be something in the water in the SW which prompts people from the region to get involved in the Insolvency arena.
You'd be surprised how many of the experts and members are from your part of the country despite the site being administered from London.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Needafriend |
Posted - 25 August 2008 : 13:31:15
Hi Ashamed,
My OH told his employer about the NT code and the reasons it may happen. He did not have too but felt he wanted to just get it of his chest.
He did so in private and nothing has been said about it since, they also made sure they dont bag him for the overtime that he used to do.
We wont know till Thurs 28th if his has been applied yet but if it has then i know i must work out what to to put one side for the OR when they want it and that we wont be rich for the next few months, LOL "I wish" :)
Anyhow this BR lark does take a lot to comprehend and I have only been on here about 7 weeks and now look at me, wow im a fast worker. Still waiting for them to offer me a post of SW of England adviser. Only kidding!
No seriously any more worries or questions, jot em down and we will do our best to help.
But at the end of the day no 2 cases are the same and so advice is done on a general thing and only you know how your feeling and what is going on in your life.
Think of it this way, since the 4th of August im happier than I have been in years, it was a great feeling walking out from the Court and I know i made the right choice in the end. :)
Take Care and Good Luck
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| ann.s |
Posted - 25 August 2008 : 13:28:52
Welcome to the forum ashamed, I have told my employer that we are going br on the 8th Sept, I wasn't going to tell them until after the date, but due to staff leaving and also I am not expected to take holidays in Sept I felt I should mention it to them, they were great and understanding I have been there 19 yrs they even asked if I wanted them to come to court for support, you don't have to tell your employers the only way they would find out is if they read the local rag. Only two people at work know and that's the way it will be (hopefully).
Take Care
Ann |
| John |
Posted - 25 August 2008 : 12:25:54
Hi
Re the NT code.
If you are made BR current legislation is such that if you are in an employed position the income tax that you would normally pay, within that tax year, goes to the OR as part of your estate.
This always ceases 31st March, the end date of every income tax year.
So if you went BR in April, your income tax, normally paid to the inland revenue, would go the OR for a full tax year. If you go BR later than November, the OR would not usually advise your tax office to do this as by the time the arrangement is in situ, the 31st March would be looming.
You have to do nothing at first. The OR informs your tax office, your tax office informs your employer, your net income increases as you are paying no tax and the OR will advise you how much to pay to him as a result.
So if you were of a mind, going BR between December and the following March will avoid this happening thus your employer will never be advised of the NT code nor suspect BR.
How quick the BR process works depends on each court.
You will need to contact the county court nearest to your home address that deals with BR. Not all county courts do. Phone them to ask if they have an appointment policy or a walk in policy.
Most are by appointment, if it is, ask how long the waiting list is these days.
You would need to download the forms from the net or complete them online. You can also ask the court to post them out to you.
Always check with the court that they hold jurisdiction in Bankruptcy for the postcode where you live, do not assume.
So if your court is walk in and you have £495 in cash you could start today and walk in tomorrow as long as you've also completed the forms in time.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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