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topsy b
Starting Member
6 Posts |
 Posted - 10 February 2010 : 11:52:43
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hi we are considering taking bankruptcy after months and months of trying to keep our heads above water ,on declaring br would employer be notified of br i know my wages would no longer be able to be paid into my lloyds tsb account and i would have to sort that out but i could have a prepaid payment card for that .
my head is swimming with worry and this seem seems the best ruite to take we have the oppertunity to rent a property from someone so we will not be let homeless i may have more questions as time goes on ,thank you |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 10 February 2010 : 12:16:57
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If you declare BR after April 5th then you will be issued with a NT tax code. This will mean that you won't pay any income tax. The tax code will be sent by HMRC to your HR Dept so they may know that something it up but your tax code can change for several reasons.
You can use a Co-op Cashminder account rather than the Lloyds one as the Co-op is very BR friendly. You won't get an overdraft facility or cheque book as it is a basic account but you do get a debit card. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 10 February 2010 : 12:17:04
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Hi Topsy
welcome to the forum
firstly slow down, we can tell that your mind is swimming with worry, it is common for us all to race around but the support and guidance from this forum and the experts will i believe help you properly plan your bank ruptcy.
How quickly you go BR depends on how much you are in arrears and what paperwork you have been served by your creditors, if it helps I went bankrupt many months after deciding to take the plunge.
Your employer may be notified that you have gone BR, normally it will only be in that you will be given a NT tax code, on other occasions they may write to confirm income? some employers are genuinly interested in your welfare and may help with your situation
LLoyds are not usually BR friendly especially if you have debts with them, COOP cashminder tends to be most supportive (unless you have debts with coop)
Richard Housing provides sound advice re housing issues.
I would suggest at this early stage of planning your bankruptcy speaking to one of the experts to the left, they will be able to put your mind at rest, your mind may still be swimming but at least they will be able to get you swimming in a straight line and throw you a life vest !
I used Paul and Ken at reviva, I would recomend speaking to them and persuading them to come and have a coffee with you and your partner, they will give you huge support and guidance
regards Richard |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 10 February 2010 : 12:22:11
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Topsy,
Welcome to the forum.
As Richard P has said, I will be pleased to assist on the "housing needs" front if you have any questions. I post on the forum most days.
Paul and Ken from Reviva come well recomended and as Richard P said, they successfully took him through his situation.
Post as necesary,. Regards, Richard
quote:
Originally posted by Richard P
Hi Topsy
welcome to the forum
firstly slow down, we can tell that your mind is swimming with worry, it is common for us all to race around but the support and guidance from this forum and the experts will i believe help you properly plan your bank ruptcy.
How quickly you go BR depends on how much you are in arrears and what paperwork you have been served by your creditors, if it helps I went bankrupt many months after deciding to take the plunge.
Your employer may be notified that you have gone BR, normally it will only be in that you will be given a NT tax code, on other occasions they may write to confirm income? some employers are genuinly interested in your welfare and may help with your situation
LLoyds are not usually BR friendly especially if you have debts with them, COOP cashminder tends to be most supportive (unless you have debts with coop)
Richard Housing provides sound advice re housing issues.
I would suggest at this early stage of planning your bankruptcy speaking to one of the experts to the left, they will be able to put your mind at rest, your mind may still be swimming but at least they will be able to get you swimming in a straight line and throw you a life vest !
I used Paul and Ken at reviva, I would recomend speaking to them and persuading them to come and have a coffee with you and your partner, they will give you huge support and guidance
regards Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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months and months of trying to keep our heads above water
