BANKRUPTCY!! Pushed to the edge....
Join Date: Apr 2007
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MOD Views on finance
Contrary to beliefs here the MOD are very strict on there views regarding the managements of your finances. As a member the the armed forces you cannot be declared bankrupt as this is considered to bring the service into dis-repute and as such would loose you your job and possible a lot more such as pension etc. IVA however as stated has a legal clause in the insolvency act meaning it does not have to be declared nor does it stop you being a director of a company etc like a bankruptcy order does. So in the armed forces you could be in a IVA but not bankrupt. certain government departments such as MI6 do not allow you to work for them if you have ever had such financial problems. you do not have to declare it but they are allowed to check and act on it.(besides there are still many old millitary rules from days gone buy that still stand. Such as in the RAF if a service member arrives on camp by horse it is the station warrent officers duty to feed water and look after that horse till you leave).
Well as the RAF only requires 105 pilots next year I think the average Wannabe can rest easy with his bankruptcy. easyJet just hired 450.
And unless you secretly want to be an MP, accountant, company secretary or more possibly Director of a company then I really wouldn't worry about a bankruptcy on your CV.
Mrs Welshman recruits for a large well known financial institution and they are subject to the FSA rules. She wouldn't blink if your bankruptcy is two years old.
Cheers
WWW
And unless you secretly want to be an MP, accountant, company secretary or more possibly Director of a company then I really wouldn't worry about a bankruptcy on your CV.
Mrs Welshman recruits for a large well known financial institution and they are subject to the FSA rules. She wouldn't blink if your bankruptcy is two years old.
Cheers
WWW
Join Date: May 2003
Location: uk
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I take it you took out loans in the UK, defaulted on those loans and have now left the UK.
Yes, you can be made bankrupt. Your creditors rights have not changed just because you left the country. You can be made bankrupt in your absence.
Yes, you can be made bankrupt. Your creditors rights have not changed just because you left the country. You can be made bankrupt in your absence.
Join Date: Jun 2001
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Hi Chrisbl,
Thanks for the response, question was more like whether it was possible for a recently arrived person to be declared bankrupt.
But i think the same answer applies.
In Oz there is restrictions on travel set if you are declared bankrupt, permision must be seeked from the trustee i believe.
Is there no travel restrictions for bankrupts in the UK?
Thanks for the response, question was more like whether it was possible for a recently arrived person to be declared bankrupt.
But i think the same answer applies.
In Oz there is restrictions on travel set if you are declared bankrupt, permision must be seeked from the trustee i believe.
Is there no travel restrictions for bankrupts in the UK?
Join Date: Aug 2005
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Know of a Middle Eastern skipper who was commuting back to the UK as his wife and kids were there. He then got sick of the sand and returned to be in the left seat for a low cost carrier. When he applied for his UK tax code again and told the taxman he was back home permanent, he was investigated.
He was hit with a backdated taxbill of 5 years and interest added. All in all it was approx 130K+ Obiously he had no cash to pay it so they started Bankruptcy proceedings and he was forced to sell his family home. the equity in it was about a 5th of what he owed. He begged the taxman to let him keep his house as he had a wife and young kids to provide for and if he was forced to sell this would stress him. The consequences would be him losing his job etc. and he would then have to claim benefits and move into a council house on benefits too which would be costly to the government. He would try and borrow the equity from a relative so therefore could he keep the house? The answer... NO!
He is now not flying and living on the benefits - Where is the logic in that?
He was hit with a backdated taxbill of 5 years and interest added. All in all it was approx 130K+ Obiously he had no cash to pay it so they started Bankruptcy proceedings and he was forced to sell his family home. the equity in it was about a 5th of what he owed. He begged the taxman to let him keep his house as he had a wife and young kids to provide for and if he was forced to sell this would stress him. The consequences would be him losing his job etc. and he would then have to claim benefits and move into a council house on benefits too which would be costly to the government. He would try and borrow the equity from a relative so therefore could he keep the house? The answer... NO!
He is now not flying and living on the benefits - Where is the logic in that?
Join Date: May 2002
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Won't be a problem. Only effects certain jobs such as Police etc - Insolvency service publish a full list.
You will be discharged after a year anyway, so are not "bankrupt" after the discharge & therefore do not even need to mention it.
You will be discharged after a year anyway, so are not "bankrupt" after the discharge & therefore do not even need to mention it.
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You will be discharged after a year anyway, so are not "bankrupt" after the discharge & therefore do not even need to mention it.
Join Date: Oct 2005
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Unless I'm mistaken the airlines do not do a credit search therefore your financial state is none of their business. It obviously will not appear on a criminal record check.
But when you are in your period of discharge yu will have an appointed Insolvency practioner and he may well write to your employer to find out details of your salary, as this may have to be paid to him/her.
It still should not affect your airline employment.
But when you are in your period of discharge yu will have an appointed Insolvency practioner and he may well write to your employer to find out details of your salary, as this may have to be paid to him/her.
It still should not affect your airline employment.
Join Date: Aug 2007
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An IVA.
Your debts are frozen, no more interest is added. Bearing in mind a credit card with a 3k debt will take about 40 years to clear when you are only paying the minimum monthly amount!!
As long as you can afford to pay a minimum of £250 a month back to your creditors over 5 years [3 in Scotland] the remaining balance will be cleared. The monthly amount you pay back over this time will change depending on your disposable income. If you speak to a company offering IVA services they will [add their charges to the debt but you are no worse off] tell you what the maximum amounts are you can claim for each allowable living expense. Your 3 largest creditors have to agree to the IVA, the rest have no choice. The monthly repayment amount will increase as your pay does and your IVA manager will review it yearly. Proof of income does not need to involve the employer as your P45/P60 is good enough. The amount you agree to pay back can not be reduced. If you fail to make payments you will be declared bankcrupt.
Use a well known IVA management firm [!!] as your debts are still yours and I've seen news about some IVA firms not actually paying creditors the money clients have paid them.
You keep everything you own such as cars, house and as the owner of a business - your business.
Another Option
If you are just about covering your debts each month it might be an idea to ask all your creditors to agree a smaller monthly repayment with you. When dealing with credit card companies, they have to [as far as I have been told] agree to freeze the interest when you request they do so, then haggle the monthly repayment amount. This is the best option for your creditors as they are far likely to get all their money back. If you then find you can't pay them the agreed amounts then move to an IVA.
The tinternet and CAB have plenty more information.
Hope that is in some way informative.
Your debts are frozen, no more interest is added. Bearing in mind a credit card with a 3k debt will take about 40 years to clear when you are only paying the minimum monthly amount!!
As long as you can afford to pay a minimum of £250 a month back to your creditors over 5 years [3 in Scotland] the remaining balance will be cleared. The monthly amount you pay back over this time will change depending on your disposable income. If you speak to a company offering IVA services they will [add their charges to the debt but you are no worse off] tell you what the maximum amounts are you can claim for each allowable living expense. Your 3 largest creditors have to agree to the IVA, the rest have no choice. The monthly repayment amount will increase as your pay does and your IVA manager will review it yearly. Proof of income does not need to involve the employer as your P45/P60 is good enough. The amount you agree to pay back can not be reduced. If you fail to make payments you will be declared bankcrupt.
Use a well known IVA management firm [!!] as your debts are still yours and I've seen news about some IVA firms not actually paying creditors the money clients have paid them.
You keep everything you own such as cars, house and as the owner of a business - your business.
Another Option
If you are just about covering your debts each month it might be an idea to ask all your creditors to agree a smaller monthly repayment with you. When dealing with credit card companies, they have to [as far as I have been told] agree to freeze the interest when you request they do so, then haggle the monthly repayment amount. This is the best option for your creditors as they are far likely to get all their money back. If you then find you can't pay them the agreed amounts then move to an IVA.
The tinternet and CAB have plenty more information.
Hope that is in some way informative.
