Think I might get a BRO

curly04

We've struggled for years - since about 2003

back in 2005 we started an arrangement with Chiltern - but they weren't paying the smaller creditors and charging me 16% for me to still be getting all the calls, it didn't seem worth it £56 a month for nowt

So because in 2005 I'd go a better job a few grand a year more and bonus when 12 months were up in 2006 I started to do the arrangements myself, some companies didn't like this much but I sent them money so they couldn't say much.

We had an comfortable life didn't have a lot of money but we could life how we wanted to.

But we needed a new boiler, and other work doing on the house and the only want to get the money together was to get a loan from welcome finance (already had a secured loan with First Plus)

then in 2008 we were struggling - Bonuses had dropped from £1700 PM to £300 PM now they have dropped to £20 if we are lucky and we were borrowing of provident to help pay the bills but in the long run this just made thing worse


However I can't change what I have done and looking back it was wrong

When I had my OR interview he was so you was stuggleing and you carried on borrowing money - Large amounts of money like that.

I was very depressed like a walking zombie, then had a bad accident, and got stuck in a wheel chair which i still have to use as its made my bone problem a lot worse. I'm not saying I didn't know what I was doing but when I rang companies saying I was struggling paying they just didn't want to help, and I did what I thought was right

Do you guys think I am worrying for nothing or does the OR have a good case for me to get a BRO?
Thanks

nervousmother

I dont know wether you will get a BRO/U or not, but you have beat yourself up enough, what will be will be.
In reality if you get a BRO for 6 years or less it will make no difference to you.. your credit record is shot anyway, it means you can take credit out for the next 6 years but a)do you think they would lend to you? b)do you want credit again? it means you cant act as a director of a LTD company or stand as an MP

A BRO is not a jail sentence your not going down.. very few on these boards ended up with a bro. You will be stressing about loads during your BR it normal.. but try not to! it will be over soon and you will be able to start again x

MicheH

You know what, it annoys me, not you but the attitude of some people out there. A lot of us are in the mess we're in because the debt we had was crippling the amount of money we had coming in, therefore unable to live due to debt repayments. Yes we borrowed when we were struggling, we borrowed from here to pay here, we changed that so a better APR, borrowed a bit more to pay off that. So yes MR OR examiner - people do borrow when they know they are struggling. It's how people survive. The difference is when you call for help with your debt, relise there's absolutely no way you can pay what you have to and get smacked with the bombshell that you have to go bankrupt. Then the borrowing stops.

I don't know much about BRO/U's at all but I wanted to put into words the debt circle and the whole reason many of us have to borrow - a lot of us have nothing to show for debt. Hope you get the answers you're looking for. I just think the difference from borrowing when you're struggling is totally different from borrowing when you know you will not have to pay it back.

curly04

Thanks guys
x

fredfedup

Absolutely totally agree with MicheH. It's an endless vicious circle, and there won't be many on here that have not done it. Stop worrying curly, and relax and enjoy your christmas.
Very best wishes
Fred

tigerfeet2006

I can only remember 2 people on this board get a BRO in the time I've been around. So that tells you something. I think it is only something like 3%of people will get a BRO.

dojoman

Have a look on here if you are worried, it lists people who have been given BRO/U`s From what you have said I don`t think you have too much to worry about. BTW do you know what a BRO/U entails?

http://www.insolvency.gov.uk/databases/ddirector/viewbrobrudetailslatest.asp

curly04

[QUOTE=. BTW do you know what a BRO/U entails?
[/QUOTE]

Not really

confused76

[QUOTE=MicheH;27994517

. I just think the difference from borrowing when you're struggling is totally different from borrowing when you know you will not have to pay it back.[/QUOTE]

i think this is the key difference.... curly i think you've done what thousands of other people have done to try and stay afloat. try not to worry

kerrypn

Curly, try not to worry. There is a huge difference between borrowing when youre struggling and borrowing when you know you are insolvent. And its the latter you would get a BRO for.

People have done far worse-im sure of it

HTH

dojoman

Here you are Curly, have a read of this..

What are the restrictions imposed by a BRU/BRO?
They are the same as those that apply to an undischarged bankrupt, namely:
The person must disclose their status to a credit provider if they wishes to obtain credit of more that £500.
The person must disclose their status to those they wish to do business with the name (or trading style) under which they were made bankrupt.
The person must not act as the director of a company or take part in its promotion, formation or management unless they obtain permission from the court to do so.
The person may not act as an insolvency practitioner or as receiver or manager of the property of a company on behalf of debenture holders.
In addition to the above the person also:

May not be a Member of Parliament in England and Wales
May not act as a local councillor
May not hold the office of school governor
May not hold other positions as contained in other legislation (The Insolvency Service has no control over the restrictions contained in other people’s legislation or in the rules of associations or governing bodies or professions).

Curly at the end of the day, if none of the above applies to you then even if you did get one it is not the end of the world.