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Can anyone give me some advice??
debtfree25
Posts: 11 Forumite
ALL ADVICE WELCOME!!!
im looking to go BR now as it seems like my only option..
i lost my job and i am now unemployed and on jobseekers allowance and owe around 24.000,
i`ve been in a DMP since Sep/Oct 2006 and i still am, but now due to unemployment im only making token payments to my creditors. the problem i have is that 16 months into my DMP i foolishly took out a credit card in Feb 2008 and that has also fell into arears and i`ve had to activate my repayment plan on it that freezes the account while im out of work.
if i were to go ahead with BR would the taking out of a credit card whilst in a DMP cause me problems with the OR and would the OR take a dim view of it and give me a BRU bankruptcy restriction undertaking or do you think this will not be as bigger a problem as im thinking.. it was over 2 years ago.. Can anyone please avdvise me.
im looking to go BR now as it seems like my only option..
i lost my job and i am now unemployed and on jobseekers allowance and owe around 24.000,
i`ve been in a DMP since Sep/Oct 2006 and i still am, but now due to unemployment im only making token payments to my creditors. the problem i have is that 16 months into my DMP i foolishly took out a credit card in Feb 2008 and that has also fell into arears and i`ve had to activate my repayment plan on it that freezes the account while im out of work.
if i were to go ahead with BR would the taking out of a credit card whilst in a DMP cause me problems with the OR and would the OR take a dim view of it and give me a BRU bankruptcy restriction undertaking or do you think this will not be as bigger a problem as im thinking.. it was over 2 years ago.. Can anyone please avdvise me.
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Comments
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How long ago did you last use the credit card and how much is the balance on it?0
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i last used the crdit card around june last year and the outstanding amount is £7500
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In that case I wouldn't worry.
The OR might argue that the credit card was taken out at a time that you knew you were struggling (as evidenced by the DMP), but given it makes up 3% of your debt I doubt they will spend too much time on it as it's not material.0 -
so NOT a big problem then.. if any..
Thanks for yor advice JCS10 -
Is it common for peole to get BRO/BRUs just wondering really.sonnyboy0
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Not really, I think I have seen 4 or 5 on here since I started posting.
Have a look here
http://www.insolvency.gov.uk/databases/ddirector/brobrusearch.htmBSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
In 2007/2008 there were 1827 BRO/U's given out of 62,357 bankruptcies, so that is 2.9%Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Incidently in that year there was a 21% chance of getting an IPA
or a 42% chance of getting an Early DischargeHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Sorry to hijack - what is a BRU/BRO?0
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Sorry to hijack - what is a BRU/BRO?
Basically, if you have been bad, then they place extra restrictions on you that last for between 2 and 15 years after your bankruptcyHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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