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Sharon53
Junior Member
194 Posts |
 Posted - 03 September 2008 : 19:39:08
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Hi Julian
Thanks for your reply, sorry to be a pain but you didn't say if it would be wise for my son to delay his BR or if it doesn't make any difference?
Also, if he gets a BRO for a longer period of time would any payment he was ordered to make be for the same length of time or would it still be 3 years?
Sharon
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Sharon53
Junior Member
194 Posts |
Posted - 03 September 2008 : 19:49:18
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Sorry, just thought of something else I wanted to ask - Will it be impossible for him to borrow money once he is BR? It certainly wasn't the case with IVA which I thought it would be.
Sharon |
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grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 03 September 2008 : 21:48:14
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Hi Sharon,
I'm no expert, but from my understanding of it, any payment (IPO) that he makes can only last 3 years maximum and any BRO is entirely separate in its duration.
For your last point, He won't be able to borrow money whilst he is BR but should be ok after he is discharged. Although he will probably find it difficult to find a lender. If he gets a BRO he won't be able to borrow more than £500 without telling them he was bankrupt.
I think thats correct, but if not I'm sure someone will set you (and me) straight  |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 September 2008 : 13:04:57
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Just to clarify, as an undischarged bankrupt, you cannot obtain credit from anyone for more than £500 without dislosing the fact you are BR.
As Grantspants rightly says, IPO/IPA's and BRO's are treated entirely seperately. The maximum time for an IPO/IPO is 3 years, whilst a BRO/BRU could last up to 15 years.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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how soon to go BR
