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Tess
Junior Member
United Kingdom
219 Posts |
 Posted - 16 May 2008 : 11:36:42
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I filed for BR on 13.5.08 had a 10min chat with OR yesterday but actual interview isn't until a couple of weeks time.
She has stated that she will need to go through my debt and how I got there. I have been maintaining my min payments to all my creditors but have been using credit to live because there was no income left once everything paid, I did this until April 08 and then made no payments when I got paid at end of Apr but have not used any credit since then.
My debt is simply because I have lived beyond my means, I have had consolidation loans and then run up credit cards again.
I am seperated from my ex and have a son I had cancer 10years ok and have had several other ilnesses due to thetreament. My debts however have really only been builtup over last 5 years and basically I just went on spending frenzy wanting to give my son a good life, holidays etc after the treatment etc. Can anyone advise how this will be viewed by the OR.
Tess |
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Pedaldog
Junior Member
United Kingdom
190 Posts |
Posted - 16 May 2008 : 12:03:53
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Hi Tess,
A lot of my spending was due to cognitive problems after brain injuries. The OR was very straight forward with me, I told her I had been living beyond my means, and I am now waiting to hear if any action will be taken. Human Nature is understood in my case, and I hope, yours too. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 16 May 2008 : 14:27:22
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Hi Tess
I was in the same position - using credit to pay credit, had two debt consolidation loans in an attempt to sort myself out but ended up using the cards again. It was a nightmare.
My examiner was quite understanding of how I got into debt and how it spiralled out of my control.
You are a single mum with no one to back you up financially, if this and your illness contributed to the debt then you'll be able to tell the examiner this during the call.
Might avoid using phrases like "spending frenzy" though! LOL!
Good luck
Vicki x |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 16 May 2008 : 14:55:14
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| I am so worried that they will give me a BRU because I increased debt so close to declaring BR. Have been reading the Insolvency register where they put those who have been given a BRU and some have been given them for exactly that reason or taken on credit that they had no reasonable chance of repaying. I feel really sick at the prospect. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 16 May 2008 : 15:10:05
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Try not to worry - you have petitioned for your own BR - you haven't left it for a creditor to pursue you. You are taking control of your situation and acknowledging your debt problems.
I bet your debt is small in comparison to the others on the insolvency register.
I changed my job, took a huge drop in income (at a time when I was off sick) failed an IVA and have £63k of debt and my examiner was very understanding - no mention of a BRU.
The courts/OR's must come across people who don't care about their debt and don't show any remorse for it - these will be the ones who come off worse.
You will be fine!
Vicki x |
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Tikka
Junior Member
210 Posts |
Posted - 16 May 2008 : 16:21:37
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| can I ask a silly question - what does BRU mean - Ive got the rest of the abreiviations just cant suss this one!! sorry... |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 16 May 2008 : 16:47:46
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A BRU is a bankruptcu restriction order and can mean if giving one that you do not get automatic discharge after 12 months but anywhere between 2 - 15 years usually for misconduct or giving misleading information.
My debt is 24k but I did take on more credit by using my cards even when I was aware that I was struggling. |
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Tikka
Junior Member
210 Posts |
Posted - 16 May 2008 : 19:39:44
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ahh I see thank you..
yes I have been advised that I might not get the 1yr discharge it maybe more... I ended up using credit to pay credit therfore increasing my debt but I couldnt see a way round it...
Have my meeting with the judge on weds.. am worried but in a way releived, just want to get this sorted now so I can get on..
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 17 May 2008 : 11:38:14
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The key here is not to worry. The last thing everyone does before going BR is to exhaust lines of available credit, and you've not done anything out of the ordinary in this respect. Remember, the judge and the OR are human too and usually very understanding.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 17 May 2008 : 15:18:30
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Even if you get a BRU you will still be discharged from BR after 12 months (unless you fail to co-operate with the OR and discharge is suspended), but you will be subject to the restrictions of BR until the end of the BRU.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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pix1
Average Member
689 Posts |
Posted - 02 June 2008 : 14:00:12
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A 'BRU' is a Bankruptcy Restrictions Undertaking and a 'BRO' is a Bankruptcy Restrictions Order.
The only difference between a BRU and a BRO is that in a BRU you reach an agreement with the OR to abide by the terms for a set period between 2 and 15 years but in a BRO no agreement has been reached between yourself and the OR so the OR goes to the court for an order. A BRU is likely to be a year or two shorter than a BRO becaasue in a BRU you have cooperated to avoid bothering the court. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 June 2008 : 14:35:46
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Pix1 and skippy13 are spot on here ... you guys trying to do me out of a job? :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Any advice
