Well that wasnt nearly as bad as I thought. My OR was very nice & said that I had provided far more info than he usually gets although I did not have any bank/credit card statements but he is going to apply for these. He did say that i will probably be subject to a BRO which I was expecting as I did not really have the means to pay my creditors back, I was just borrowing from 1 to pay the other. But if I had stuck with the DMP I would have been 107 b4 it was cleared so even if I get the maximum I will only be 52 when it ends. I just have to wait for him to get back to me once he has all his info but he said that will probably be a couple of months from now so I can relax for a while.
Glad it's over and done with for you. I'm worried I may get a BRU/BRO too because we took out more debt this year (even though we fully expected to be able to pay it back at the time). Did they say how many years you will be looking at for your BRO? Was yours just personal debt or did it involve a business too?
He cant give me an exact amount of years until he has all the info he needs but I think it depends on how long you continued to take credit & were unable to pay & also to what extent your outgoings exceed whats coming in, But as far as Im concerned worst ways it will be 15yrs which is a lot less that the 70yrs if I had stayed on DMP. To be honest I think you have had to be pretty devious to get 15. If the Bro is more than 4 years & you accept that you were in the wrong they will issue a BRU & they will take a year off. If it is less than 4 years they will issue a BRU & take off 6 months if you accept responsibility. However, if you dispute either the reasons given for the BRO or the length of time of the BRO then the case will have to go to court. My debt was personal debt only & its a biggy, £102,000. I also have finance on a vehicle that was loaned to a friend who offered to pay the payments & has subsequently disappeared off the face of the earth so this will also mean I will get a BRO ( I could even be subject to criminal proceedings if the finance company see fit) but I will worry about that if & when it happens as there is nothing I can do about it now. In short if they prove that you or your joint income was way exceeded by your outgoings for a certain lenth of time & or you continued borrowing then they will probably issue a BRO but if it isnt too bad it will probably be a couple of years only. Have a look on THE INSOLVENCY SITE, you can do a searc on there for BRO/BRU & you can see what other people got in years & why.
OR interview today
Posted - 31 July 2008 : 13:45:09
