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| Rotts |
Posted - 27 November 2008 : 19:08:28
Hi there,
I just stumbled on this site while frantically searching for information on Bankruptcy and am already feeling a great sense of relief by reading some of the posts which have answered some of my concerns.
I'm new to this and while reading forums I have seen terminologies that I dont know.
Could someone let me know what are:
BR0
BRU
IPA
BI
I would be greatful for your help.
Rotts |
| 2 L A T E S T R E P L I E S (Newest First) |
| Trolly-Dolly |
Posted - 27 November 2008 : 23:10:09
Hi Rotts,
Welcome to our gang!
You will pick the terminology up soon, just keep asking questions and you'll get there.
A BRU is a big slapped wrist. It is placed on you for up to 15 years. Although you will still get discharged after a year, you will still be restricted by some of the BR rules. If you contest this and lose you will get a BRO!
IPA, not everyone gets one, but if you have some disposable income then a % of it is taken and paid back to your creditors over 3 years.
BI, pretty self explanatory, but anything worth money is classed as BI, so someone can buy your share of this rather than the OR seizing it. If your share has a £0 value (ie home is in negative equity) then this can be purchased for a nominal sum (£1)
HTH (hope that helps!)
TD
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Reviva UK |
Posted - 27 November 2008 : 19:37:12
Hi
BRO - Bankruptcy Restriction Order
BRU - Bankruptcy Restriction Undertaking
IPA - Income Payment Agreement
BI - Beneficial Interest
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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