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nigel.w
Junior Member
172 Posts |
 Posted - 11 July 2008 : 21:50:57
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Hi, my BR hearing is on Monday morning. My credit record has always been good but I have a residential and buy to let mortgage and since losing my job in April I am no longer able to repay debts or the mortgage (I will offer voluntary repossession and move to rented accomodation).
Between end of May and mid June I withdrew about £6000 cash on credit cards which I have quite frankly spent on a pre-arranged holiday and other living expenses. I also intended to let out my flat and move into rented accommodation owned by my dad, and pad £1200 as 6 months rent in advance for my room. Total unsecured debts in the BR are around 40k including this. i was not intending to go bankrupt at the time but make a temporary arrangement with all my creditors and expecting to by employed again soon but offers have now fallen through.
How is the OR likely to view this cash expenditure? I don't really have any receipts, although I can produce a tennacy agreement. Is the fact that my new landlord is my dad likely to matter?
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 July 2008 : 21:56:09
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Hi Nigel and welcome to the forum
I'll be honest with you and say that the OR is unlikely to be impressed with your recent holiday, but ongoing living expenses whilst you have been out of work will be viewed differently. The fact that your Dad is your landlord, also looks odd in that you have paid him 6 months in advance, albeit you would have had to pay a similar sum presumably to a private landlord.
I suspect that the OR will comment unfavourably, but whether this leads to a BRU is debateable.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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BankruptC
Senior Member
1030 Posts |
Posted - 11 July 2008 : 22:07:12
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I hope you don't mind me asking on here, but you mentioned BRU. I've read the term BRU a few times before. What does it mean? Sorry for all the questions, but we're really trying to educate ourselves as to how this all works.
Thanks,
I |
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 July 2008 : 22:14:01
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It stands for a Bankruptcy Restriction Undertaking - and is granted when you accept that your conduct has been poor enought to warrant not being released from the restrictions of bankruptcy when you get your discharge.
In truth these are relatively toothless, and merely stop you from taking credit without disclosing you are subject to a BRU, and entry remaining on the Insolvency Register post-dsicharge and an inability to serve as a JP or MP!
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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| bankruptcyhelp.org.uk Forum |
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How is the OR likely to view this expenditure?
