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Bankruptcy and Benefit in kind Company car

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Bankruptcy and Benefit in kind Company car

Postby aspiration » December 9th, 2016, 1:42 pm

Hi Everybody I have been trawling the Internet and cant seem to find answers that fit my particular case, I have looked on the Forum and again cant see the information so apologies if the answers have already been given.

I am weeks away from going Bankrupt after I have fought by ex wife for nearly two years in various courts to regain / continue the 50/50 care that I had / have with our children.

I have incurred nearly £40,000 in debt on Credit cards and was hoping that the property / monies we had would be divided equally and debts paid off. Sounds great but wife is French and the long and the short of it is that the possibility of me seeing a penny is unlikely due to French Law and unfair decisions made against me as a father in the UK courts, I have had to now understand the position I am in and look forwards.

The question that I would love help with is that I have just taken on a new sales position on the road, this job I hope will help me to turn things around, all sounds great until they said that you have the job but you will be given a Benefits in Kind package for a company car - £560 per month less tax, they have allowed me to temporarily use my AUDI A4 but as it is only a 3 door and older than allowed it is only a stop gap and I must go and get myself a 5 door executive motor under 5 years old and with less than 120,000 on the clock - also I am to fuel the car and claim back each month 19p and the rest through my Tax. I would love to know how this would work with the OR and when I go bankrupt all my cards are taken away so I cannot pay for my fuel on a card and clear each month as is the norm. Can someone please help me if they have been in a similar predicament as I can only think I cannot be alone in this? Without the car I cannot keep the job so I am getting money each month from the company but cannot see a way of getting a car on HP / PCP so help if you can???
aspiration
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Re: Bankruptcy and Benefit in kind Company car

Postby Debtwizard » December 9th, 2016, 7:25 pm

Hello aspiration and a very warm welcome to the DebtWizard IVA and debt help forum.

Have you taken advice and had bankruptcy confirmed that it is the only option available to you?

If so then how much disposable income does the adviser say you have each month, I ask this becasue if you have disposable income, as assessed through industry set guidelines then you will also make payments towards your bankruptcy for a period of three years under an Income Payment Agreement (IPA).

Re your question of 'benefit in kind' some Official Receivers (OR's) will have different views. It might be an idea to speak with The Insolvency Service on their consumer help line number.

Insolvency Service email - insolvency.enquiryline@insolvency.gsi.gov.uk
Telephone: 0300 678 0015
Monday to Friday, 9am to 5pm
Find out about call charges here https://www.gov.uk/call-charges
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Re: Bankruptcy and Benefit in kind Company car

Postby Debtwizard » December 20th, 2016, 5:42 pm

Hello aspiration

Just seeing how you are getting on as not heard back from you.

Any joy with the Insolvency Service Help Line?

Best wishes,

Mike
How do we help at DebtWizard?

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