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steve.63
Starting Member
6 Posts |
 Posted - 21 June 2010 : 20:55:05
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Edited by - steve.63 on 17 July 2010 16:35:57 |
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theguvnor
Junior Member
100 Posts |
Posted - 21 June 2010 : 21:23:03
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| Ideally u need to speak to an expert to get best advice but yes if you took out a vanquis whilst in a dmp you may get a BRU from or as you were insolvent at the time. |
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steve.63
Starting Member
6 Posts |
Posted - 21 June 2010 : 21:56:10
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Thanks for your reply theguvnor..
Sorry im new to all this, BRU??
while i was in the DMP i was working, i started the DMP in Oct 2006 and lost my job in june last year, up untill then i was paying £240 a month,into the DMP, but since i lost my job last year i`ve just been making token payments of £1 to my creditors, the vanquis was taken out in 2008 and i froze the account in Aug/Sep last year.
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steve.63
Starting Member
6 Posts |
Posted - 21 June 2010 : 22:16:25
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Has anyone got any advice on How i get out of this MESS???
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 22 June 2010 : 08:41:50
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A BRU is a Bankruptcy Restrictions Undertaking and it is something the OR can implement under certain conditions, which include taking on further credit when you were already insolvent.
It isn't something to really worry about as you won't go to jail or anything similar but it will increase the time that the BR restrictions (i.e. not being able to be a company director, etc.) apply. The BRU can be implemented for up to 16 years however this would only be for very severe cases.
If you are no longer working and it doesn't look likely that you will get a job in the near future then you only real option is to declare BR.
If you do declare BR then you should be completely honest with the OR and let them know about the Vanquis card. You may get a slap on the wrists and a BRU but you debt problems will be over. |
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steve.63
Starting Member
6 Posts |
Posted - 22 June 2010 : 12:51:09
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Thanks For your advice gettingoutofdebt...
How do you think the OR will look upon what i`ve
done, and how long do you guess i could be under
the BRU, possibly 2,3 or more years before im
discharged from the BR.
And also i have applied for a budgeting loan as i am
on job seekers, should i cancel that? i haven`t had
the money yet or a reply, as i only applied for it a few days ago,
i needed it for new bed etc.. would that also have to be declaired
to the OR if i got it or would that not matter.
Lastly.. i dont yet have the money to go BR and not sure
where or how i can get it.. any advice???
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 22 June 2010 : 18:58:53
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There's no way to know how long (or if) you would get a BRU for and, to be honest, it's not worth worrying about. Even if you do get one you will still be rid of your debt problems so life will seem a lot better.
Definitely cancel, or don't accept, the loan if it is successful. You have already taken out credit once when you are insolvent so taking out more credit, especially when you are planning to declare BR, will definitely cause problems.
You need to get the idea of taking out any more credit any time in the next few years completely out of your head. Declaring BR is a way to have a fresh start in your financial life so taking more credit on is not a good idea. I know that having no money/job is not ideal but things will get better. Get your financial life sorted by declaring BR and things will seem better and, hopefully, a job will come along shortly.
If you are on jobseekers then the BR fee is reduced from £600 to £450 although this is still a lot of money. You should make an appointment with the CAB as they may know of a way of getting assistance with the fees. |
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steve.63
Starting Member
6 Posts |
Posted - 22 June 2010 : 19:34:31
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Thanks for your help and advice gettingoutofdebt..
i really mean that.. THANK YOU..
This is all such a worry, i just want to get it all
sorted out, and have my life back..
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 23 June 2010 : 07:26:48
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No problems, Steve. The situation that you are going through is something that people on this board has gone through so we all know the issues you are dealing with. It may seem difficult but there is a way out and BR looks to be you only option.
You will look back in 6 months or so and will have declared BR, be debt free, and hopefully have a job and life will seem so much better.
Feel free to post any other questions on this board as everyone here is very helpful and can relate to your current position. |
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