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Casual Articles - UK Bankruptcy Myths Exploded
Hello againToday we want to talk about autoresponders and a closely related topic, opt-in mailing lists. Autoresponders are important tools for list management, and managing email product promotions, newsletter subscriptions and the like. If you use email at all to promote your products, opt-in processes are crucial to your avoiding being accused of SPAM (and communicating to others you’re a really nice person). :-)Autoresponders Autoresponders are software systems that manage your email communications with people on your list. They come in all sizes and shapes. If you have a website, you probably have a basic one included with your hosting package.Most of the time you want to email people on your list for one of three reasons. You want to send them:One-off information, a product offer, for example, or a reminder about a
What about HP agreements?
HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.
If you ar
Image you are an executive seeking a new position and you could create a PowerPoint presentation about yourself and your accomplishments. Imagine further that you could voice narrated to this presentation using your own voice. You could add the appropriate level of emphasis and articulate your thoughts in a refined manner.If you could do this then you would be playing to your strengths. Executives need to be able to use their presentation skills all the time. They must present to communicate. They must present to convince. They must present to the board or to their employees. Their voice is a well polished tool and their ability to use it is a strength that has been well developed. Their ability to communicate is a matter of pride.Today, an executive is expected to know how to use the powerful communication tools now available. Also, if an executive could distribut
What did you feel when you read that statement?
'Yeah I thought it was something like that' is the most common thought or reply I come across. I state categorically that all the above may be, and usually is, wrong depending on your circumstances.
Surprised?
Let me tell you some more about UK bankruptcy. The British government went to find out why small enterprise was booming over the pond but not so much in the UK. When the report came back looking in depth on many areas the British government concluded, amongst other factors, that the USA is so enterprising because they had made it easier for individuals to go bankrupt and start again having learnt from their mistakes.
This was the precursor to the changes in the Enterprise Act which impacted the way personal bankruptcy is handled amongst many other areas of finance in the UK today.
At the time of writing, bankruptcy in the UK usually lasts for no more than 12 months. In fact many people are discharged in less than 12 months depending on the circumstances around their bankruptcy. That's one year or less in most cases! Previously the usually time for an individual to be in bankruptcy was 3 years.
All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself bankrupt. Your membership in some societies and associations may also be lost.
What can't you do during bankruptcy
Well you didn't think it was all a breeze did you? There are a number of things you need to be aware of:
1) You can't ask for more than ?500 of credit without first informing the lender that you are bankrupt. That's usually the point at which they start sprinting away from you in their rush to not get their fingers burnt. Remember a lender doesn't just mean a bank, it can mean friends and family. Even if you agree to buy a car off a friend and they say here take it now and pay me the money next week then you are in a credit agreement probably worth more then ?500 and so you have to legally tell them about your bankruptcy.
2) You cannot be a director of a limited company whilst your are bankrupt. If you area one-man band or a sole trader, this doesn't mean you cannot trade as a sole trader. Yes, you get to keep your business assuming you haven't traded fraudulently but you do lose your limited company status in this instance.
3) You will lose certain positions of authority. Think councillor or accountant or high-ranking police officer. There are many more roles that are affected. Do check with a professional that your job is not affected if you do decide to go bankrupt. Some companies actually have a 'no bankrupts' policy in their employment contracts. It's time to read your contract again.
Other stuff to consider
There is an impact on your credit file for 6 years. This means there is a record of your bankruptcy on your credit file that can be seen by lenders and anyone with access to your history.
Your name will appear in the local newspapers under the bankruptcy notices section and the London Gazette.
On the day of your bankruptcy all your bank accounts are frozen by the Official Receiver (the person appointed by the courts to administer your bankruptcy). If you owe that bank money on the day of your bankruptcy then it is unlikely they will reopen your account. Any accounts in credit will see that money going to the Official Receiver to go towards repaying costs and debts associated with the bankrutpcy.
The really nasty bit that your friend down the pub forgets to tell you
One of the Official Receiver's roles in administering your bankruptcy is to look at your assets and disposable income and determine your ability to repay your debts. If you have disposable income available then you may end up paying a proportion of that to the Official Receiver over the course of 3 years under an income payment order or income payment agreement. This is a commonly overlooked fact by many a 'lay person' giving debt advice down the pub to a friend. It's can also be a costly bit of overlooked advice.
What about your house and car?
Well this needs to be understood and talked through with a professional but the general rule of thumb is this:
If you own a house then the Official Receiver will take an interest in that property even if it is in negative equity. You may even lose your house in some circumstances even if you have a wife and child at home. The Official Receiver will also be looking to realise funds from the car, caravan or any other valuable asset (anything of value really, start thinking about pensions funds with a cash in value, windfalls, endowment policies, valuable artwork, intellectual property rights, websites....etc.). And this is not just in the run up to bankruptcy. If you have a windfall during your bankruptcy period then that is liable to be made available to the Official Receiver administering your case and paid towards their fees and the losses of your creditors.
What about HP agreements?
HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.
If you are
You don’t have to be a design guru or professional industrial designer to come up with creative solutions to improve the things around us. After all, most of the best things were designed by amateurs, out of sheer need.There are lots of things out there that we use every day and, surprisingly, most of them can be improved to work better, be more useful or just look better and could make you money. Let’s take an example: the pouring spout and lip. Every tea pot, jug, carafe, virtually anything that holds liquid has a pouring spout or pouring lip. But what annoys people is that it drips. There you are, thousands of years of continuous refinement and we still can’t get it right!So, if someone takes the time, examines the problem and comes up with a really dripless spout, people will beat a path to their door? Well not really. There’s all that branding, marketing and s
All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself bankrupt. Your membership in some societies and associations may also be lost.
What can't you do during bankruptcy
Well you didn't think it was all a breeze did you? There are a number of things you need to be aware of:
1) You can't ask for more than ?500 of credit without first informing the lender that you are bankrupt. That's usually the point at which they start sprinting away from you in their rush to not get their fingers burnt. Remember a lender doesn't just mean a bank, it can mean friends and family. Even if you agree to buy a car off a friend and they say here take it now and pay me the money next week then you are in a credit agreement probably worth more then ?500 and so you have to legally tell them about your bankruptcy.
2) You cannot be a director of a limited company whilst your are bankrupt. If you area one-man band or a sole trader, this doesn't mean you cannot trade as a sole trader. Yes, you get to keep your business assuming you haven't traded fraudulently but you do lose your limited company status in this instance.
3) You will lose certain positions of authority. Think councillor or accountant or high-ranking police officer. There are many more roles that are affected. Do check with a professional that your job is not affected if you do decide to go bankrupt. Some companies actually have a 'no bankrupts' policy in their employment contracts. It's time to read your contract again.
Other stuff to consider
There is an impact on your credit file for 6 years. This means there is a record of your bankruptcy on your credit file that can be seen by lenders and anyone with access to your history.
Your name will appear in the local newspapers under the bankruptcy notices section and the London Gazette.
On the day of your bankruptcy all your bank accounts are frozen by the Official Receiver (the person appointed by the courts to administer your bankruptcy). If you owe that bank money on the day of your bankruptcy then it is unlikely they will reopen your account. Any accounts in credit will see that money going to the Official Receiver to go towards repaying costs and debts associated with the bankrutpcy.
The really nasty bit that your friend down the pub forgets to tell you
One of the Official Receiver's roles in administering your bankruptcy is to look at your assets and disposable income and determine your ability to repay your debts. If you have disposable income available then you may end up paying a proportion of that to the Official Receiver over the course of 3 years under an income payment order or income payment agreement. This is a commonly overlooked fact by many a 'lay person' giving debt advice down the pub to a friend. It's can also be a costly bit of overlooked advice.
What about your house and car?
Well this needs to be understood and talked through with a professional but the general rule of thumb is this:
If you own a house then the Official Receiver will take an interest in that property even if it is in negative equity. You may even lose your house in some circumstances even if you have a wife and child at home. The Official Receiver will also be looking to realise funds from the car, caravan or any other valuable asset (anything of value really, start thinking about pensions funds with a cash in value, windfalls, endowment policies, valuable artwork, intellectual property rights, websites....etc.). And this is not just in the run up to bankruptcy. If you have a windfall during your bankruptcy period then that is liable to be made available to the Official Receiver administering your case and paid towards their fees and the losses of your creditors.
What about HP agreements?
HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.
If you ar
Today, the internet is an excellent media to reach out to the masses. You should really get to know your market niches. Focusing your marketing efforts to reach that specific audience and the ability to communicate with large numbers of people in a very personalized manner.You should agree first that getting permission to inform, to persuade and ultimately to sell to a prospect is the way to creating business success online, and equally true offline.Create a channel of communication, so you can turn a complete stranger into a customer. This can be in the form of emails, opt-ins, attention capturing websites etc.The whole process will go through these stages:Firstly, the business will have to grow over a period of time.
Building a list of potential customers is time consuming. You need quality prospects. Target your prospects into your niche area. Kee
2) You cannot be a director of a limited company whilst your are bankrupt. If you area one-man band or a sole trader, this doesn't mean you cannot trade as a sole trader. Yes, you get to keep your business assuming you haven't traded fraudulently but you do lose your limited company status in this instance.
3) You will lose certain positions of authority. Think councillor or accountant or high-ranking police officer. There are many more roles that are affected. Do check with a professional that your job is not affected if you do decide to go bankrupt. Some companies actually have a 'no bankrupts' policy in their employment contracts. It's time to read your contract again.
Other stuff to consider
There is an impact on your credit file for 6 years. This means there is a record of your bankruptcy on your credit file that can be seen by lenders and anyone with access to your history.
Your name will appear in the local newspapers under the bankruptcy notices section and the London Gazette.
On the day of your bankruptcy all your bank accounts are frozen by the Official Receiver (the person appointed by the courts to administer your bankruptcy). If you owe that bank money on the day of your bankruptcy then it is unlikely they will reopen your account. Any accounts in credit will see that money going to the Official Receiver to go towards repaying costs and debts associated with the bankrutpcy.
The really nasty bit that your friend down the pub forgets to tell you
One of the Official Receiver's roles in administering your bankruptcy is to look at your assets and disposable income and determine your ability to repay your debts. If you have disposable income available then you may end up paying a proportion of that to the Official Receiver over the course of 3 years under an income payment order or income payment agreement. This is a commonly overlooked fact by many a 'lay person' giving debt advice down the pub to a friend. It's can also be a costly bit of overlooked advice.
What about your house and car?
Well this needs to be understood and talked through with a professional but the general rule of thumb is this:
If you own a house then the Official Receiver will take an interest in that property even if it is in negative equity. You may even lose your house in some circumstances even if you have a wife and child at home. The Official Receiver will also be looking to realise funds from the car, caravan or any other valuable asset (anything of value really, start thinking about pensions funds with a cash in value, windfalls, endowment policies, valuable artwork, intellectual property rights, websites....etc.). And this is not just in the run up to bankruptcy. If you have a windfall during your bankruptcy period then that is liable to be made available to the Official Receiver administering your case and paid towards their fees and the losses of your creditors.
What about HP agreements?
HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.
If you ar
There are seminars, workshops, sales training books as well as other medium to learn about sales. Marketing and sales training books, the Internet and employers are constantly presenting and using sales strategies to further increase profits.One of the key ways to a great sales career is credibility. How credible are you? If you have a character defect and your integrity is deficient you will miss a lot of sales. You need to be honest and straight with your clients else will lose them. Credibility is crucial.Another key factor which you may have seen in sales training books or workshops is having the right mental attitude. You have to believe that you can make more sales. Of note, is that studies have been done that shows that optimistic salespeople are in general more successful than pessimistic people. Positive thinking combined with training and direction will p
The really nasty bit that your friend down the pub forgets to tell you
One of the Official Receiver's roles in administering your bankruptcy is to look at your assets and disposable income and determine your ability to repay your debts. If you have disposable income available then you may end up paying a proportion of that to the Official Receiver over the course of 3 years under an income payment order or income payment agreement. This is a commonly overlooked fact by many a 'lay person' giving debt advice down the pub to a friend. It's can also be a costly bit of overlooked advice.
What about your house and car?
Well this needs to be understood and talked through with a professional but the general rule of thumb is this:
If you own a house then the Official Receiver will take an interest in that property even if it is in negative equity. You may even lose your house in some circumstances even if you have a wife and child at home. The Official Receiver will also be looking to realise funds from the car, caravan or any other valuable asset (anything of value really, start thinking about pensions funds with a cash in value, windfalls, endowment policies, valuable artwork, intellectual property rights, websites....etc.). And this is not just in the run up to bankruptcy. If you have a windfall during your bankruptcy period then that is liable to be made available to the Official Receiver administering your case and paid towards their fees and the losses of your creditors.
What about HP agreements?
HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.
If you ar
“Mommy, Mommy, Mommy! Am I stupid?” excitedly requested Christopher, nearly out of breath from the long run into the kitchen. She knew he had been playing with neighborhood children under a mighty pine tree in the side yard.Saddened by the question and realizing he had just been tormented by the others, she tenderly gave him a hug and lovingly told him, “No, Christopher, you are not stupid.”“Oh,” replied Christopher, with obvious disappointment in his tone.Certainly you must be wondering why these loving words of motherhood would be met with such sadness. You see what had really happened was that as the children were teasing him about his autism they were really paying attention to him. He was the center of their focus and for a brief moment he felt like he was accepted by them. He felt special. His value as a human had astronomically increased because h
What about HP agreements?
HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.
If you are going bankrupt for a second time.
The other changes to the Enterprise Act means that people going bankrupt for a second time will likely be made bankrupt for at least 5 years and possibly up to 15 years before being discharged.
Be aware and get proper advice.
Do get good advice from somebody that will guide you through the whole process and not just send you off in the direction of the local courts. Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to go bankrupt. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.
Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses. Ed can be contacted on 0845 123 4000 or in confidence on 07970 659266.
http://www.debtDr.co.uk 'prescribing life without debt'
This article does not constitute regulated advice. Please remember that any action regarding financial advice should always be taken only after considering the specifics of your own situation.
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