Mind working overtime.....

Had my interview today which was surprisingly stress free however, my mind is working overtime.

The OR said the only contribution to the bankruptcy would be from my NT tax code. He said there was no need for a formal interview and I would be automatically discharged in 12 months.

I assume this means no BRO/BRU??

Also, I can't stop thinking about what my creditors might do!! Can they respond to the creditors report and object to no further action being taken against me?

Thanks in advance
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Comments

  • Mistygrove
    Mistygrove Posts: 30 Forumite
    You are bankrupt now. Your creditors can't really say or do nothing surely.

    I had mine today too.
    Few loose ends as I've stated on that other thread we've been on.

    But like you my mind is working overtime. I think because today it all seems very very real

    Take care x
  • Julesc
    Julesc Posts: 12 Forumite
    Thanks Mistygrove.

    Yes, I think I'm just overthinking everything. I've spent so long stressing about the whole thing it's hard to believe it's finally over.

    Thank you , you too x
  • nikkirr
    nikkirr Posts: 42 Forumite
    Wish mine was over, i bet anything mine is a face to face! Its taking way too long maybe cos mine was a large amount
  • peterkay369
    peterkay369 Posts: 164 Forumite
    Sorry to break it to you, however I wouldnt rule out a BRU/BRO just yet. I had my initial interview with the OR mid Feb (declared BR at start of Feb) and only received notification a couple of weeks ago to say there is a chance I may be getting a BRU/BRO. OR mentioned absolutely nothing of this in the initial interview.

    Had my interview with the examiner yesterday and completed my statement, it's then sent to another department however could be weeks before I hear anything back.

    Not what you wanted to hear, however best not to build your hopes up for everything to go down the pan like it did for me. Fingers crossed I don't get one.

    If you have no reason for one however (debt isn't due to gambling, reckless spending etc) you should be pretty safe.
  • KJ2886
    KJ2886 Posts: 67
    First Post Combo Breaker First Anniversary
    Forumite
    Whats the difference between an IPA a BRO and BRU?
    I haven't submitted mine yet (not got the money for it yet) and a bit scared as a lot of my debt is recent, and some gambling :(
  • peterkay369
    peterkay369 Posts: 164 Forumite
    IPA is a payment agreement that lasts for 3 years whereby any surplus income you have is paid to the OR to distribute the funds to creditors (and fund the Insolvency Service). You are still discharged after a year of being bankrupt and the restrictions that you have as a bankrupt no longer apply.

    BRU/BRO basically extends the restrictions of your bankruptcy. Again, still discharged after a year however the restrictions such as not being able to obtain credit of more than £500 (without notifying lender of the BRU), being a company director etc still apply. BRU/BROs last for a minimum of 2 years, and maximum of 15 years.
    BRU = Bankruptcy Restrictions Undertakings - you agree to the restrictions voluntarily
    BRO = Bankruptcy Restrictions Orders - an order made by the court if you disagree to the restrictions

    I don't have an IPA however may well be getting a BRU so it's possible to have one without the other.

    I was in the same situation as you with recent debt, quite a large amount within the 6 months leading upto my bankruptcy. The majority of that was due to gambling.

    If you haven't already, get in touch with Gamcare and get counselling for the gambling. As well as the obvious positive aspects you would receive from the counselling, showing that you have acknowledged and are addressing the problem will go favourably in your way when the decision is made for whether you will be receiving a BRO.
  • HothHan
    HothHan Posts: 18 Forumite
    peterkay369, A lot of my debt was also recent and due to gambling. Did they tell you on the initial OR call that you would need to have a face to face interview?
    Just wondering, and dreading, that I'm going to get requested to do one of those. On my telephone interview they asked very little details regarding spending after I mentioned the gambling and didn't discuss the income expenditure at all, but did say I'd probably get a BRU.
  • Julesc
    Julesc Posts: 12 Forumite
    Thanks for your responses.

    I hope you hear something soon Nikkir - it's just awful not knowing what to expect.

    I suppose I will just have to wait and see what happens, I have had some reckless spending (not gambling) but I explained to the OR that this can be attributed to my Bipolar. He seemed to accept that but I suppose you never know. Worrying is making me ill so I need to try and switch off.

    Thanks for your support, I've not contributed much to this forum but I have followed it closely and learned loads.
  • LincsPaul
    LincsPaul Posts: 131 Forumite
    To Peter Kay - echoing HothHan's question - you mention 'initial' OR interview and then another 'interview with the examiner' - why did you have two? After my phone interview (2 days after being declared) they said that's probably the last I'll hear from them.

    To OP - I don't think BRU/BROs are anything to be scared of particularly. All they do is extend the bankruptcy term. The end result is the same - no debts!
  • peterkay369
    peterkay369 Posts: 164 Forumite
    edited 16 June 2017 at 1:42PM
    HothHan wrote: »
    peterkay369, A lot of my debt was also recent and due to gambling. Did they tell you on the initial OR call that you would need to have a face to face interview?
    Just wondering, and dreading, that I'm going to get requested to do one of those. On my telephone interview they asked very little details regarding spending after I mentioned the gambling and didn't discuss the income expenditure at all, but did say I'd probably get a BRU.

    Hi HothHan, no - although I don't think my first OR interview was exactly the norm. It ended up being at about 7pm on a Friday evening as their systems had been playing up all week. Took approx 15 minutes in total, the OR asked for a brief overview of what happened, said my Income & Expenditure were all ok and that was it. I think given more time they may have delved deeper. They didn't mention the need for any further contact

    The second interview I had (to determine whether or not I'll get a BRU) again only took around 15 minutes but went into more details on what happened, who I borrowed the money from, when I borrowed it, what was it used for etc.. It was mentioned that they were still awaiting a reply from one of my creditors, so it could be that they won't contact you until they have a lot more information. It is nothing to worry about however, they aren't judgmental and you won't be told off as such, they just need to gather the info. Normally this interview is done face to face however they can do it over the phone if requested and you have a suitable reason for not doing face to face.

    After this they will get you to read over your statement and it'll be sent to another department who then say whether or not you will be receiving a BRU. You then have a choice of whether to accept or not. If you don't, it could go to court and if found in their favour, an order will made against you to follow the restrictions which then becomes a BRO.
    LincsPaul wrote: »
    To Peter Kay - echoing HothHan's question - you mention 'initial' OR interview and then another 'interview with the examiner' - why did you have two? After my phone interview (2 days after being declared) they said that's probably the last I'll hear from them.

    To OP - I don't think BRU/BROs are anything to be scared of particularly. All they do is extend the bankruptcy term. The end result is the same - no debts!

    Hi Paul,

    The first interview with the OR is supposed to be a couple of days after the application for bankruptcy is approved. This is just a brief overview, whereby they gather more information on the reason for the application, your current financial situation, income/expenditure and to explain what happens next as well as answer any questions. The OR didn't mention anything about a BRU in this interview - and to be completely honest, I didn't want to bring the situation up and hoped I may slip through the net. This was in February and I didn't hear anything else until early June.

    At the start of June I had contact from the OR to say that my conduct may warrant the need for a BRU and arranged a second interview. The second interview was to determine whether or not I'll be receiving a BRU. They can't make the and decision during the first interview as they will need to go through all of your bank statements, credit card statements, loan agreements etc which given how understaffed the Insolvency Service is, could take weeks/months as it did in my case.

    If there is nothing in your bankruptcy that is out of the blue (excessive gambling, spending etc) then you should sail through with no further contact however if the bankruptcy is due to your own reckless actions (not having a dig, it's one of the reasons for mine!!) you may well hear from them at a later date.
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