Would i qualify for an IVA?

[david_f]

Ok. I have learned a lot tonight, and have to go away and think about the best way forward.. Thanks for everyones comments.
Goodnight.

[mish1953]

Beechy -- just a comment - - it's a personal bee in my bonnet !

"5)If you have an old car of little value the OR will not be interested."

Thats not quite accurate & a general misunderstanding, the OR IS interested in your vehicle and the value really doesnt matter at all. If you can persuade the OR that your vehicle should be exempt ( and that isnt always easy ) only then does the value become an issue.

I have personal experience in this and some people have struggled to keep their vehicles when the value has been as low as £200 .

Cars can be a real pain in BR.

Sorry - I have posted on this before and it does cause a lot of heartache.

ps .. I am BR .. I still have my car ( worth about £900 ) 'cos its exempt .


Rant over [8D]

Slainte
Mish


Will an automatic discharge hurt.

[Beechy]

As i said in the response , these were brief response. But I take your point

Dave Beech

[Beechy]

re point 4)
If you are bankrupt you are still allowed to earn a living, and can do this by being self-employed or by carrying on a business, as long as you do not disobey the law by obtaining credit of £500 or more without disclosing that you are an undischarged bankrupt, and as long as you do not use another name unless you tell those with whom you trade of the name under which you were adjudged bankrupt. If you earn more than sufficient to meet the reasonable domestic needs of yourself and your family, the Official Receiver may apply for an Income Payments Order (IPO).

Just to make things a little more clear

Dave Beech

[Skippy]

Can I just add my thoughts to this?

1. The BR fee is now £485 unless you are on benefits in which case the court fees can be refunded. I can't remember how much you then pay.

2. BR stays on your credit file for 6 years from the date of the BR order. You are automatically discharged after 12 months (unless you fail to co-operate with the OR in which case discharge can be suspended). Some people are discharged earlier, although this is a privilege and not a right.
If the OR considers that you have been reckless or negligent or your debt was accumulated through gambling you may get a Bankruptcy Restriction Order (BRO) or Bankruptcy Restriction Undertaking (BRU). This means that the restrictions of bankruptcy (no credit over £500, unable to work in some professions etc) apply until the end of the order / undertaking.

3. The papers can be completed online (www.insolvency.gov.uk) and printed off before you go to court. You then sign them in front of the clerk before (in most cases but not all) seeing the judge.

When you go before the judge he will ask you if you have taken advice. I answered yes as I had been advised by my IP to go BR and he then asked had I taken advice from someone other than my IP. I answered yes, as I had advice from Melanie and the other experts on this forum. I wasn't asked for proof that I had taken advice.

5. You will need to prove to the OR that you NEED your car for work, rather than it being a convenience. I was allowed to keep mine as I wouldn't be able to get to work on time using public transport, I work for a multinational company and have had to work outside of normal office hours and I may be required to visit my customers in the UK.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Beechy]

A very through and thought out response which i am sure will help the original poster

Thank you

Dave Beech

[david_f]

Very informtive and helpful. I think we have decided that an an IVA will better suit us, due to my business. My wife needs our runaround to ferry the children to and from school as they don't go to the local school, and it is some miles away. Our next step will be to contact an IP and see what can be arranged for us.

[Beechy]

If you are self employed you will have to make sure that IP you choose has a face to face meeting with you

Dave Beech

[david_f]

I am a sub contractor and am paid by a management group called Gabem. But i am thinking of getting an accountant and going limited as i will pay less tax, i have been told.

[Beechy]

are you on CIS

Dave Beech

[MelanieGiles]

David

There is really no advantage in you incorporating your business these days, and the burden of statutory responsibilities you will have to carry out as an officer of a limited company, really bring you no advantage.

The accounting system operated by Gabem is a good one and should give you everything you need to comply with tax legislation. Why add additional complications?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[david_f]

Gabem seem to take such a large amount in total of my wages. It seems unreasonable.I have a CIS card but dont use it, whilst being paid by Gabem.

[MelanieGiles]

How much are you actually having deducted from your income, and how would this compare if you reverted back to CIS? And would this be possible or are you obliged to use Gabem by your current employers?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[david_f]

No, i don't have to use Gabem. They take between 27% and 31% from my wages depending on what i earn each week. My friend went limited and says his is now only 20%. Gabem pays me under an 'umbrella company', whatever that is!

[MelanieGiles]

Sounds like you need to take advice from an accountant, but do beware that HMRC are starting to clamp down on peopole incorporating limited companies where they are the sole shareholder, director and sole employee.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp