Just had OR interview and I'm scared

Mummy4

First time post for me, although been reading this forum for 3 months in the run up to our BR.
Went BR on 3/10 and had OR meeting this morning over the phone, my husband first then me. Was rightly worried, but did not expect the depth of questioning going right back to 1991.
I & E ok- there is nothing for them to have.
But told we will have our BR extended as we have been "reckless" taking on a loan this year for 6k.
:eek:

Also advised will probably have to have a face to face meeting 40 miles away.

I am sick with worry, as i thought today would be some way towards knowing where we stand.

We have a mtg and secured loan which means we're in negative equity but I am scared that the BRU will mean that they may still take the house as our mtg debt goes down over the years.

Does anybody know what length of time they impose and if this is likely.

Sick with worry

unluckywithmoney

I am sorry you have had a hard time of it.

My husband had a face to face and he was in there for 3 hours back in March. It was intense for him but since it has been over we have not had much from the OR since only aboput our life insurance policy.

I know it is easy to say do not worry but there is not much more they can do if they say they are giving you a BRU. Just imagine the or naked and they are human like you or I. See if you can have someone with you in the interview for moral support.

Good Luck

chelseabun_3

Hi Mummy4,:hello:
without knowing the details of your debts etc it's difficult to tell why they've gone over so much ground. If they do impose a BRO you have the right to challenge it and appeal. ORs have targets to meet regarding BROs, believe it or not, so don't just sit back and take one - fight it!

I'm not an expert on this, but if you read through some of the threads on here you'll find loads of info, and I'm sure others will comment too!

CBx

deedee_3

Hi and welcome.

Here is some information on BRO's for you.

Bankruptcy Restriction Undertakings / Orders.

Bankruptcy Restrictions Orders (IS)

FAQ - Bankruptcy Restriction Orders / Untertaking ( BRO/BRU ) (IS)

If you buy the beneficial interest of the OR then they can not take the house at a later date. As the house is in negative equity this will be £1 each plus £211 ish fees.

Don't worry to much about the face to face.

philnicandamy

Have a read through scarletts diary...similar thing happened to her & OH a little while ago

http://forums.moneysavingexpert.com/showthread.html?t=596237

Mummy4

Thanks for your replies, I've been sat here like a lemon waiting for an answer as feel so helpless.

50k unsecured for me 30k for husband, all run up over last 10 years or so, consolidation after consolidation, obviously living beyond our means as big mtg , 4 kids, both working full time and knackered feeling like we have earned the right to a holiday each year and eat decent food.

Also work in a bank which makes me think the OR thinks I should have known better-they obv don't know the rubbish salary I am on,considering worked for them 20 yrs!

It has taken me 2 years to come out at work and tell my Manager what a mess I am in- mainly because I was scared I would get the sack for financial difficulties, they were understanding, referred me to an employee assistance programme that is a benfit through work where I got advice from a respected man, Simon Wiggins.

Hit me like a brick being told that BR was the best option for me, and had to do a lot of research e.g get house valued, redemtion figures etc to see how it would stack up.

Waited as he had said until I'd got the fees together and booked my court date, pooing my pants, especially as family and friends had no idea about our mess, and thought of me as this superwoman who managed to run round after 4 mental kids under 13 as well as work f/t-how wrong they were, I'm a crap person who has put tthe roof over her kid's heads in jeopardy all for insisting they ate fruit and veg every day and learnt the clarinet!

Sorry for the length of this post, but I have taken great comfort knowing that I am not the only one who has made a mess of their lives.

Scarlett.1974

Hi mummy4

Please stop beating yourself up about this okay? We've all made mistakes but we're all dealing with them as best we can

My H and I are currently awaiting confirmation of our BRUs and like you, when it was first mentioned I was very upset and worried sick. But really, in the grand scheme of things, it doesn't really mean that much, honestly - I see it more as a slap on the wrists :rolleyes:

Dez-Titute

Hi Mummy4,

Take note of what Scarlett says shes been there.Regarding the BRO contact your adviser Simon Wiggins but would also suggest giving CAB or one of the other debt charities a call.

May I say your employer seems to be with you all the way,that must have been a big worry for you.

Cheers DEz

Mummy4

ThanksDez-Titute-you are right it has been a very big deal about my work.

Also thanks Scarlett.1974 - I have spent the last hour reading your story and it has made me feel a bit better.

My poor husband is reeling from all of this, bless him, he has known we have been struggling but is mortified by it all. He's just said to me, " never mind,sugar, all of this will still be the same next week"-trying to make a joke , but it just made me cry.

I read the link about BRO/BRU and scraed myself silly that they might prosecute us, and all I have held in my thoughts over the last 3 months, is : we both still have a job-we can carry on living, our kids are ok, and we can feed them after it's all done-but the very threatening nature of the OR's comments today shook that belief, and made us both panic.

Basically they said that we took on a 6k loan in April which was used to pay off a credit card and some car repairs knowing we couldnt pay it back, disregarding the extra £900 gas and elctric bill that hit us on top of our normal £140 dds and an overtime ban at work coming in meaning I couldnt earn the extra £100 pm , or that the shares I earned as a bonus and cash in each august had dropped from 1200 to 100.

Having said all that, i was living off the c/cs so they are right.


The OR even said to me today, surely in your job you have access to advice about credit , and it obvious you have been reckless- I felt like telling her to buggar off and try living the life me and my husband have, 10 hour days, no personal social life, working o/t to pay min cc pmts and kids asking at every opportunity-mum, can I have some new spikes for cross country/leotard for dancing/footie subs/guide camps.

I tried to focus on it being their job to make it not seem to be taken lightly, but, surely, she can sense the severity of which we feel it, and that particularly in my job that I could not have considered going BR lightly?

distressed Mummy of 4

fiveyearplan

Advice about credit from a bank? Does your OR know whats going on in the real world. Banks encourage people to take on more credit regardless of if they can pay it back.

Mummy4

Too true, every time I was desitute-they upped my credit limit even though they could see my salary and outgoings