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leakie
Junior Member
United Kingdom
158 Posts |
 Posted - 08 January 2010 : 03:19:26
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Hi all
I have been discharged from BR, But ended up with a BRU,
The year has gone quickly for me,
Many ups and downs,did not get an IPA, I think that was because I am self employed,
How can I start to re-build my credit rating, with the BRU hanging over me?
Hope some one can help,
Happy New year to you all
all the best
Leakie
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 January 2010 : 07:12:53
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If you are in a BRU then you would need to inform any creditors if you are applying for more than £500. I don't even know if any creditors would look at someone with a BRU as the BR restrictions apply and they may see someone with a BRU as still being BR.
To be honest I wouldn't even think about the credit rating until you have 1 yr of the BRU left. I'm going to make sure my credit file is cleaned up (http://forums.moneysavingexpert.com/showthread.html?t=677875) but probably won't bother with anything else (Cap One/Vanquish CC) until 12-18 months before my BR debts are due to drop off my credit file. |
Edited by - gettingoutofdebt on 08 January 2010 07:13:52 |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 08 January 2010 : 07:52:41
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Thanks for the reply
I do not intend to get any credit, to be honest,
The only thing I could do with is a proper Bussiness account with the bank, if they refuse then that is not to much of a problem,(it will be there loss in fees!!) as I was able to keep my Lloyds account even though they were one of my creditors,
I had a long chat with some one in there insolvency department, about the account, and they let me carry on using it as long as I did not use the cheque book,
I may try again and ask for a cheque book?
it just makes it easier to make payments to some of my suppliers, a Cheque instead of cash all the time.
All the best
leakie |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 08 January 2010 : 09:08:14
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Thanks for the link Gettingoutofdebt
One question
even though I have a BRU will the credit reference agencies still have to mark my file satisfied etc,
I understand about the BRU restrictions, but just wondered about the above,
all the best
Leakie |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 January 2010 : 09:14:55
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Yes, the debts should still be marked as satisfied as you are have been discharged from BR. A BRU just means that the BR restrictions (not the BR itself) continue for a certain period after BR.
You could try asking for a cheque book and see what the bank says but if you have a BRU you still appear on the Insolvency Register and most creditors check this but it is worth asking. |
Edited by - gettingoutofdebt on 08 January 2010 09:16:58 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 January 2010 : 11:35:04
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If you have a BRU this will show on your credit files even though your debts may show as settled.
You will automatically drop off the insolvency register after 3 months, but you will be on a different register showing BRU's for the duration.
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/
30 IPA payments made, 6 to go - the end is in sight! |
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spices100
New Member
67 Posts |
Posted - 08 January 2010 : 18:50:48
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quote:
Originally posted by leakie
Hi all
I have been discharged from BR, But ended up with a BRU,
The year has gone quickly for me,
Many ups and downs,did not get an IPA, I think that was because I am self employed,
How can I start to re-build my credit rating, with the BRU hanging over me?
Hope some one can help,
Happy New year to you all
all the best
Leakie
How long into your bankruptcy did you find out you've got a BRU, what was it for ? |
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Niobe
Administrator
United Kingdom
4590 Posts |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 08 January 2010 : 22:07:14
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Hi All
first chance to reply
My BRU was because of some bad advise from an advisor,
I paid him just over £900 for his help and advise,
I was knocked for a large sum of money,which then snowball with customs and Excise and Inland Revenue,
I kept some O/D, going, I was advised not to declare them for an IVA,
IR wanted more than my disposable income for the first 6 months, I accepted because I just wanted everything to go away, In hindsight I should have gone BR then, but I wanted to try and pay some thing back,
OR picked up on the OD's
asked my advisor and IP what advise I was given, advser lied,to the OR. IP was 100% but did not explain everything to me,as he thought adviser had done his job,
The whole thing was over in 2hrs for the IVA,
Then just could not manage when got knocked again.
so I failed the IVA, I had no assets so nothing to loose,
I paid my employee's before paying the government,
so when I had my 2nd interview I knew that it was my word against the adviser with no proof I said that at the end of the day I am responsible for my actions, and I will accept a BRU .better than let it go to court,
My so called adviser said I would get a 2 year BRU,and it would start, from the beginning,of the Bankruptcy, WRONG 4 years as from 2nd of December, Not happy with adviser,
Hind sight is a wonderful thing,
I wish I had found this website a long time ago.
In my last year I have learnt so much, before no self control, ( still not quite there but not far off)
so this is my story, I'm glad to get it off my chest. wish I had done this earlier.
I have been luckier than most. so I shall not complain about the BRU,
One thing I have learnt,
I now Know who my true friends are now,
#and I must say it hurt at the time,
The one thing I have is I'm debt free,
The ones who judged me are not,
Hind sight is a wonderful thing.
I am just glad that my family and true friends helped me through this,
Sorry about the above, I have finally got things off my chest
Now I am discharged I will not leave this site, as I have received some valuable advise and was lifted when I was down,
I hope I will be able to do the same
all the best
Leakie
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 08 January 2010 : 23:24:28
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Hi Leakie
Thank you for sharing
your guidance and support for others will be invaluable, especially if we can stop another being tempted to beat the system and ending up with the choice of court or BRU.
From what i have found on this forum, there are people with each others best interest at heart, yes we may get the odd fact or figure slightly wrong or disagree with some of the comments posted but the majority is fact based positivity, aimed at supporting each other and helping lift us all from our current TEMPORARY situation.
look forward to posting with you in the future
regards Richard |
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Disharged but got BRU
