my husband is considering going bankrupt and i think he will get a bru. he bought a car in july and took out a loan, i was going to give my lease car back but was told for early surrender i would need to pay £1000 we didnt have. we managed for 5 months but was using credit to pay for credit. In december we sold car back to garage, as it was not enough to pay off loan we though we would pay off some payday loans and other credit, and our boiler broke so needed to have it replaced. we checked with loan company and said it was ok as loan was not secured on car and as long as we continud to pay loan all is ok. lightbulb moment hit this week husband job has stoped all overtime ( which we relied on) and there could be redundancies.
How does a bru work, will it start from day of banruotcy or date of discharge. my husband knows it is the right thing to do but does not want to go through the or interview as alot of the finances were dealt with by me. can anyone help thanks cath
having made 5 payments towards the loan I'm not sure a bru is going to happen. OK, the car was sold and the money from the sale has been spent. But only to pay off credit and to buy a replacement boiler which is a must have item.
If your husband does declare bankruptcy then the interview with the OR's examiner is unavoidable. You should explain as much as you can to him regarding the household accounts in readiness for the interview but it is not a problem if he does not have the answer. If he explains that you were largely in control, that you may have the answers that he does not and you are more than willing to co-operate and provide the information the examiner has requested then he should have no problems. It is only if he (and therefore by definition in this case you)refuse to co-operate that a bru is likely.
Obviously I can't be sure but I have seen many cases apparently more deserving of a bru that have not received one.
bru
Posted - 17 January 2009 : 10:42:50
