| Author |
 Topic  |
|
|
Help007
New Member
91 Posts |
 Posted - 30 October 2008 : 19:25:14
|
| i have been reading alot of posts and am scared silly. no one has anywhere near the amount of debt i do and i have nothing to show for it so worrying what or will think to this. have just sold my car brought another for2.5k using rest for rental deposit will or look down on this also rental place is 1k a month which is a saving as of next month 500 on mortgage and secured loan but will or think too high and make us move. what is the very worst they can do to me i have two very young children and just want a clean fresh strart without ever having debt again but just think i will be punished somehow. |
|
|
John
New Member
United Kingdom
73 Posts |
Posted - 30 October 2008 : 20:37:19
|
Hi
what you have done with the car is fine. You have not incurred further debt to replace the car or find your rental deposit so that's to your credit (no pun intended). Also the rental being significantly less than the mortgage shows a level of responsibility and the OR will (or at least should ) see that for himself.
It is not how much debt you have that matters.
If you have £100K of unsecured debt built up over 5 years for example. This is not so bad as having £30K of debt taken on over a 12 month period immediately prior to bankruptcy. You may get a comment on the level of your debt with little or nothing to show for it. At worst you'll get a BRU for a few years which, in itself, is pretty toothless. You can't borrow more than £500 without saying your a bankrupt and you can't be a barrister, MP or the like. Other than that there's little to no effect.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 30 October 2008 20:38:15 |
 |
|
|
Help007
New Member
91 Posts |
Posted - 30 October 2008 : 20:48:02
|
Thanks John, as ever you have put my mind at ease a little.
Have checked the insolvency site at BRU's and people with debt with no intetion of paying (which I think would be what mine would be classed as although would argue I never thought I could never pay) seems to be 3.5 years and I can quite happily live with that and would actually welcome it as a "slap on the wrists" The ones that are higher than these term seem to either be gamblers, business ethics or Fraud. |
|
|
|
BankruptC
Senior Member
1030 Posts |
Posted - 30 October 2008 : 21:46:52
|
Hi Help007,
We're almost certain we'll get one too. As you've said, I'm not too worried, although of course i'd rather not get one! They really don't mean too much, but something I have learnt recently is that OR's/examiners are on pay related targets for imposing BRU's!! I therefore will be looking closely at what they try to give us a BRU for and if I have the slightest doubt about their reasons, we'll question them about it (very politely and reasonably of course!! :-) )
I hope it goes well for you. BRU's are actually very rare, and as they are so busy at the moment, even if they intend to look further or impose a BRU, they are sometimes having to drop the cases simply due to lack of time!
Take care,
C. x |
|
|
|
Trolly-Dolly
Average Member
591 Posts |
Posted - 30 October 2008 : 22:01:43
|
Yes, please dont stress about this. I was 100% sure that I would get a BRU for incurring £12k in 18 months and going BR the moment the credit ran out. fair enough, I may still get one, but given that 2 months down the line and the fact that they still dont want to interview me, tells me that I may have escaped this. Fingers crossed x
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
|
|
|
scaredkez
Junior Member
United Kingdom
194 Posts |
Posted - 31 October 2008 : 00:12:25
|
stop worrying about BRu's if you read the insolvency site they are mostly people out there committing fraud and having no intention to pay anything back, i know its easy for me to sit here and say that, my hubby and i had racked up over 100k in debts and nothing to show for it, it was basically taking out more loans and re mortgaging etc to pay off debts until we couldn't afford to pay anymore, like yourselves we though we were in for a BRu as we had just had the bathroom done and paid for the tiles on the credit card etc, plus we done the lottery on line and i played online bingo not too great amounts i must add, we were discharged after 6 months, its nearly 2 yrs since we went BR and i don't look back now it was the best thing i could have done once my iva was rejected, so don't worry yourselves silly, its hard enough coming to terms with going BR as it is.
good luck
kerri |
|
|
|
movin on
Average Member
United Kingdom
946 Posts |
Posted - 31 October 2008 : 08:58:35
|
Kerri
What great advice and im so glad that you shared it with us.
I, for one feel more comforted by reading your post.
Jenny
xx
The weights are coming off my shoulders very slowly, but making such a big diference !! |
|
|
|
Trolly-Dolly
Average Member
591 Posts |
Posted - 31 October 2008 : 09:03:40
|
I second what Jenny has said, that made me feel heaps better reading that.
I would love to hear more of your story, please stick around as you really have lifted my mood today and others I am sure!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 October 2008 : 09:04:38
|
Hi Kerri
Thanks for your input, as Jenny has said its a comfort to us all.
Glad that 2 years on that your now free from all of those worries and fears and that your now living life to the full.
Good on ya!
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
|
|
|
|
scaredkez
Junior Member
United Kingdom
194 Posts |
Posted - 31 October 2008 : 13:54:06
|
hi all thanks for your replies, i am always about if you need any info or just someone to talk to usually on the iva site lurking lol, i had so much help from the iva site and this one when i was going through everything, i do have a blog not recently updated which you can access through the iva site still under the name of scaredkez if you want to read the early days of what i went through and how me and hubby met the Or if it helps.
kerri |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 October 2008 : 14:13:27
|
Hi Kerri
That would be great for others to see your Blog.
Add your link in somewhere so that others can find it also.
You take care and again on behalf of the forum.
THANK YOU!
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
|
|
|
|
scaredkez
Junior Member
United Kingdom
194 Posts |
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 October 2008 : 14:49:43
|
Hi Kerri
Were you discharged early. And i love the Mother poem that is so sweet.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
|
|
|
|
Trolly-Dolly
Average Member
591 Posts |
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 03 November 2008 : 10:16:40
|
Thanks TD
Kerri answered that in another post, but thanks again.
How are you?
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
|
|
|
|
Almost there
Junior Member
United Kingdom
288 Posts |
Posted - 03 November 2008 : 14:07:46
|
My biggest worry has been fraud, not that I have deliberatly taken on my debt knowing that I cannot pay it, this year has since a significant rise in my debts mainly due to having to have so many things done in the house, so I do have something to show for it, my debts started in 2002 but this past 8 months they have excalated and I am now £30,000 in debt, I intend going BR in January by which time my debts will be bigger. I have not spent on holidays or anything luxurious, they have been necessary but am worried the OR won't see it that way. I am a bit worried by John's comments about racking up £100,000 over many years as opposed to £30,000 in 12 months which looks worse, the later would probably apply to me.
Just want to get on with it now, first payment went out on new loan today, so just 2 more to go. Thanks for listening. Sandie |
|
|
| |
Topic |
|
Scared
