HMRC Demands - please help

[DonkeyRhubarb]

Print this off and take it with you to the Insolvency Practitioner.

https://www.gov.uk/government/public...eration-update

[Mouse007]

Did they make you bankrupt due to 200k? We think ours will be 100k which we couldn't pay, I was told if you go bankrupt they wipe the debt but it seems to good to be true and I know they wouldn't do that!

It's awful this is happening to people, my husband is so down about it, I try to make light hearted jokes about it with him, he's slowly coming round. I'm just glad my son is too little to understand what we're going through.

yup, it was the only option. Judge was great in court, we had a very nice chat.

What you need is to plan, plan and plan. Do pop over to the MSE forum (link in my first post)

Saved my home and family, lost nothing except a huge debt. Sure, it was hell at times but with sufficient knowledge and planning (did I mention planning?) we survived. 6 Years later life is good.

[ChimpMaster]

yup, it was the only option. Judge was great in court, we had a very nice chat.

What you need is to plan, plan and plan. Do pop over to the MSE forum (link in my first post)

Saved my home and family, lost nothing except a huge debt. Sure, it was hell at times but with sufficient knowledge and planning (did I mention planning?) we survived. 6 Years later life is good.

I don't get it though. How can you save your home when HMRC would quite happily steamroll over anyone's life to get the money?

[Mouse007]

I don't get it though. How can you save your home when HMRC would quite happily steamroll over anyone's life to get the money?

That assumes there was any equity in the home that belonged to me at the time ....

[ChimpMaster]

That assumes there was any equity in the home that belonged to me at the time ....

Ah I've always thought that tax debt would be liable to both married partners even if only one was targeted by HMRC.

Hence why I said above about getting divorced and handing everything to the wife and kids

Interesting that you can transfer it to your partner and absolve yourself.

[Mouse007]

Ah I've always thought that tax debt would be liable to both married partners even if only one was targeted by HMRC.

Hence why I said above about getting divorced and handing everything to the wife and kids

Interesting that you can transfer it to your partner and absolve yourself.

You can't transfer, be very very careful about that. But when the asset already belongs to the other partner, or if there is negative equity, then you can save things. Even if there is equity you can get someone else to buy it back (subject to having the funds to do so).

My wife actually bought my beneficial interest off the Official Receiver. They will sell for the right price. Cost her £1,000 + fees then, equity now over £300k

[Fowden]

yup, it was the only option. Judge was great in court, we had a very nice chat.

What you need is to plan, plan and plan. Do pop over to the MSE forum (link in my first post)

Saved my home and family, lost nothing except a huge debt. Sure, it was hell at times but with sufficient knowledge and planning (did I mention planning?) we survived. 6 Years later life is good.

Thank you so much. I really appreciate it I will look at the link thank you

[Fowden]

That assumes there was any equity in the home that belonged to me at the time ....

Mouse, does that mean as my husband is not linked to the mortgage and never has been and it is solely in my name that we won't lose our home?

Only the car is in his name, so we will just lose the car?
And if savings are in my name only, they are protected?

I'm worried with us being married how it will affect me also? Especially when we have a baby on the way, last thing I want is us to be homeless.

Thanks

[DonkeyRhubarb]

Mouse, does that mean as my husband is not linked to the mortgage and never has been and it is solely in my name that we won't lose our home?

Only the car is in his name, so we will just lose the car?
And if savings are in my name only, they are protected?

I'm worried with us being married how it will affect me also? Especially when we have a baby on the way, last thing I want is us to be homeless.

Thanks

No disrespect to Mouse007, but this is a discussion you should be having with an Insolvency Practitioner.

[BrilloPad]

No disrespect to Mouse007, but this is a discussion you should be having with an Insolvency Practitioner.

Indeed. Or at least private. HMRC can read all the posts on a public forum.