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| Sarah.12 |
Posted - 21 October 2010 : 22:57:23
I am going to file for bankruptcy very soon along with my husband, I need to know what to do about my bank account, I know that it will be frozen, but my money is paid into the bank on a Tues, Thurs and Fri, this is money we rely on every week, if my account is frozen how do I manage to pay my bills? Do I open an account with Co-Op and then transfer money in there and declare my old bank account with the bankruptcy? This is really stressing me out :( |
| 6 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 22 October 2010 : 18:03:24
Sarah,
As regards an IPA assessment, it would be based on your earned income, benefits and tax credits, against expenditure. If you were solely on benefits, then they would not be used in the calculation of an IPA.
This is based on information from the insolvency service's own technical manual, that details how they work out IPA's, so tqax credits are taken into account.
Big Al |
| debtinfo |
Posted - 22 October 2010 : 17:25:36
ALL tax credits and benefits form part of your income on the forms. It is simply the case that if ALL of your income is SOLELY from benefits and tax credits then you will not be asked to pay anything from this from this to the bankruptcy. If your income is mixed (earned and unearned) you may be asked to pay something depending on your exact circumstances
hope that is clear |
| Sarah.12 |
Posted - 22 October 2010 : 15:11:03
Why would a debt management agency tell us that tax credit doesn't form part of your income? This is all very confusing..
We have an appt with CAB on 1st Nov and hoping they can then sort out a court date for us, I have today called tax credit and child benefit to pay us by giro until all this is over and then we can open a cashminder account for our money to go into.
I am picking up my forms tomorrow so will start to complete them, I am dreading all this, sleepless nights, crying all the time, I just don't know how much longer I can try to keep a normal life for my 3 kids :(
Sarah |
| RHB |
Posted - 22 October 2010 : 15:02:33
Tax credit does form part of your income. |
| Sarah.12 |
Posted - 22 October 2010 : 08:17:47
Thanks Bigal
My initial plan was to get everything paid into a co-op cashminder and only put down my old bank account on the bankruptcy forms... The money I have paid in is Child benefit on Tues, husbands salary every Thurs and tax credit every friday. My wages are paid monthly.
The other thing I am confused about is the tax credit. We have been informed that tax credit do not form part of your income as it's not guaranteed money? is that correct?
very very confused.com!
Sarah |
| Bigal4787 |
Posted - 21 October 2010 : 23:33:42
Hi Sarah,
welcome to the forum, on which you will find plenty of help.
Regarding your bank account, the best thing to do, is to open a Co-op cashminder account, then arrange to have your salary paid into that account. Once that has started, you can then inform your current bank, as if you don't then they'll immediately withdraw any overdraft, and leave you with no means of paying bills etc. Any overdrawn balance can then be claimed in bankruptcy. You should be able to open a cashminder account over the phone, and have it up and running fairly quickly.
When you say your money is paid in on a Tuesday, Thursday and Friday, is this a salary or benefits?
Big Al |
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