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| T O P I C R E V I E W |
| shelleyandrew76 |
Posted - 22 August 2009 : 21:41:23
Hello all and would like to thank you all for your comments to my previous questions. I have 3 more questions if people dont mind.
My 1st question is - My husband and I went bankrupt at the beginning of June this year. I am only on benefits, so as far as I am aware I will not be receiving an IPA and have had a letter to say that my files have now been forwarded to the RTLU office to search for any assets I have. My husband has not been given an IPA (I think). All that is going to happen is his tax code will go to "nil tax code" and he will pay the tax to the OR until the start of the financial year next year. So eventually lol - my question is Is this classed as an IPA? What happens when he gets his new tax code at the beginning of April?
My 2nd question is - If we get early discharge? Do we have to fill in another I and E form?
Last question is to do with savings - My husband had a Natwest Account so just before going BR we added my name to this account. The whole process took 2 months and we were not happy with the service so have now opened a cashminder account with COOP who I must say have been so friendly and helpful. However, I wanted to open a savings account for my children. I filled all the forms out in branch and they were sent off. I received a letter last week to say that this cannot be done due to my credit rating. So they are happy to give us a cashminder account but not a savings one. I dont really understand that. Im quite upset and was wondering if anyone knows who will let me open a bank account for my children.
Many thanks in advance for your answers and Im sorry there are so many questions on this one page.
Shelley |
| 5 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 23 August 2009 : 11:01:38
You would normally be asked to complete another I&E for ED even if nothing has changed. If only one was eligible for ED or you were being considered for ED at different times then you would need to complete a separate I&E. |
| shelleyandrew76 |
Posted - 23 August 2009 : 10:17:28
Thanks again for that gettingoutofdebt. Do you have to fill in an I&E form before early discharge, even if nothing has changed in your circumstance? Also when my husband and I went bankrupt we filled in an I&E form together. If we have to fill out another one will this be joint again, or just on his own, as I dont think we will both get early discharge together.
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| gettingoutofdebt |
Posted - 23 August 2009 : 08:38:57
Your husband is only paying his income tax to the OR instead of paying it to HMRC so in reality he isn't paying anything. Once the new tax year starts these payments will cease and his income tax will be taken out of his pay as it is now.
The NT tax code lasts until the end of the financial year unless your husband changes his job. If he moves to another company in the current tax year the NT tax code will also stop.
If your husband, or you, have an increase in your income during the time your are BR then you will need to complete another I&E. If you have more than £99 DI (Disposable Income) then an IPA will be implemented by the OR.
The important thing to remember is that an IPA can only be implemented while you are are BR. Once you are discharged, either automatic or early, an IPA cannot be implemented regardless of how much DI you have. |
| shelleyandrew76 |
Posted - 23 August 2009 : 08:00:40
Thank you so much for your answers gettingoutofdebt. I do REALLY appreciate it.
So When my husband has his new tax code at the beginning of april, what happens with his payments then?
What if, when my husband fills out an I & E form things have changed i.e an increase in pay? Will he be given a "proper" IPA?
Ive been saving the money as cash and will try again after discharge.
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| gettingoutofdebt |
Posted - 23 August 2009 : 07:07:42
quote:
Originally posted by shelleyandrew76
my question is Is this classed as an IPA? What happens when he gets his new tax code at the beginning of April?
This is sometimes referred to as an NT IPA but it isn't a 'real' IPA. An IPA lasts for 36 months but this will only last until the end of the financial year.
Next April HMRC should contact your husband's employer and provide them with an updated tax code. Make sure you keep an eye on the pay statement in April as some people haven't had their NT code changed back to a 'normal' tax code. If this happens your husband should ring up HMRC and let them know that the tax code should be changed.
quote:
My 2nd question is - If we get early discharge? Do we have to fill in another I and E form?
Yes, normally you will receive an EDREV form advising that the OR is seeking an early discharge and you will be asked to complete another I&E.
quote:
Last question is to do with savings - My husband had a Natwest Account so just before going BR we added my name to this account. The whole process took 2 months and we were not happy with the service so have now opened a cashminder account with COOP who I must say have been so friendly and helpful. However, I wanted to open a savings account for my children. I filled all the forms out in branch and they were sent off. I received a letter last week to say that this cannot be done due to my credit rating. So they are happy to give us a cashminder account but not a savings one. I dont really understand that. Im quite upset and was wondering if anyone knows who will let me open a bank account for my children.
This is one of the strange things about the Co-op. They will let BR people open a Cashminder account but not a savings account. Several other people have had the same problem so don't think that you are alone in being refused the savings account.
Sparkle mentioned that they were able they were able to open an Abbey Saver account without any problems (http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210610585635&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2) 8 weeks into their BR so you could give this a try.
If you are refused then I'm sure other people will post their experiences and any accounts they were able to open otherwise it may be a case of keeping the savings as cash for the moment and then opening the account once your are discharged. |
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