Confusion over £500 credit limit if bankrupt

debtinfo

it will matter to the OR, for instance if you could afford all your debts then had a drop in income, no problems. Most people fall into that type of catagory. which it would seem that you would, particularly as the original debt was so long ago i dont think you have to worry.

A few people fall into the catagory wher they new they were insolvent and carried on living extravagantly, or tried to hide assets etc and some that try to take advantage of the system, They are a small catagory and theses are the people that BRO,s are for

as i said above i dont think that you have to worry

Some

blind-as-a-bat_2

longshot wrote: »

so who's going to give someone in Bankruptcy a 500 quid credit?????? You would be surprised, there is always some creditor out there wishing to take [STRIKE]advantage[/STRIKE] the risk

are there any examples of Bankruptcy cases online? the outcome

for situations? who haas gotten a BRO?????

would someone with straighforward debts ie from cost of living around

30k get a BRO??

Obviously the apr would reflect the risk 200-2000% apr could be accepted as the norm:rolleyes:

Dum Dum dum Dum Dum Dum (as in the opening to jaws, aka loan shark;):p)

xocbc

"so who's going to give someone in Bankruptcy a 500 quid credit??????"

Well technically paying car insurance monthly is credit for example

longshot

xocbc - if you got a year for 68k and i've got half that...


i feel better.

skylight

longshot wrote: »

xocbc - if you got a year for 68k and i've got half that...


i feel better.

I am confused and worried that you may not understand the BR process.

You get a year as standard. Regardless of owing £750 or £7.5million.

You know that you are bankrupt for up to 12 months? A few get early discharge but most go the 12 months. A BRU/O is seperate to this 12 months and an IPA is payable for 36 months if one is applicable and implemented before your discharge date.

blind-as-a-bat_2

skylight wrote: »

I am confused and worried that you may not understand the BR process.

You get a year as standard. Regardless of owing £750 or £7.5million.

You know that you are bankrupt for up to 12 months? A few get early discharge but most go the 12 months. A BRU/O is seperate to this 12 months and an IPA is payable for 36 months if one is applicable and implemented before your discharge date.

99.9% correct, there was this one guy, i believe who owed 14 million, who had his discharge suspended for refusing to hand over his accounts:eek::p (wonder why, or should that be i wonder where he hid the money )

joking apart, I do know of a couple of others, one from on here where discharge was suspended.

In most cases your correct, but you can have your discharge suspended, indefinatly, for a few reasons, so BR is not strictly for 12 months, but those cases are rare, and the bankrupt usually asked for it.:rolleyes:

But it can also be because they where made BR and dont understand what they must do so seem not to be co-operating, but in truth simply dont understand what is happening to them(which was the one from here)

Sorry skylight, i am in a bit of a pedantic mood:p