Advice on BRO's

WhoThrewThat

Has anyone had a BRO incorced apon them. I think this will happen to me and just wondered wat he reality of it would be like.
Once discharged will i still have to justify spending? What if my salary goes up after discharge but still in BRO?

elfieb

A bankruptcy restriction has no effect the end of your original bankruptcy order. As soon as your 12 months are up, (or earlier if you get an ED), you no longer have to inform the OR of anything, unless you are subject it an IPO.

The restriction means you can not obtain credit of over £500 without informing the lender of your BRO (remember your credit file is going to be shot for 6 years after bankruptcy anyway, so obtaining credit will be very difficult with or without restriction), or undertake various jobs, such as director of a company, MP etc.

SouthCoast

To my mind the main problem with having a BRO/BRU is that your dirty linen gets washed in public:


http://www.insolvency.gov.uk/databases/ddirector/viewbrobrudetailssummary.asp?gnnregion=south east

tigerfeet2006

What makes you think you are going to get a BRO?

Amiga

I have a BRO - well a BRU as I accepted it. I was recently discharged after the year of Bankruptcy. As you have been advised here, it extends the restrictions of the Bankruptcy for the period of the BRO/U but you are still discharged. If that makes sense!

WhoThrewThat

Thanks guys
I just thing I could have made some better spending decisions over the last 12 months or so. I also got a small loan in june. At that point I had no reason to think i was going bankrupt and I absolutly did intend to pay it back. Things have just got a little tighter since (tennant left and apartment got repod) which has caused me to look at my finances in more detail and things wern't as rosie as I had thought.
I know all of the above could be looked at like "well you should have been on top of things more your own fault" and i accept that.
The thing that makes me feel realy bad is not the poss of a bro or maybe not even the BR its self. just the appearence that i took money rubbing my hands together thinking i wont be paying it back. which is absolutly not the case.
Note. I have never so muc as paid my phone bill late untill a month/ 6 weeks ago

sorry if im goin on
lol

elfieb

WhoThrewThat wrote: »

Thanks guys
I just thing I could have made some better spending decisions over the last 12 months or so. I also got a small loan in june. At that point I had no reason to think i was going bankrupt and I absolutly did intend to pay it back. Things have just got a little tighter since (tennant left and apartment got repod) which has caused me to look at my finances in more detail and things wern't as rosie as I had thought.
I know all of the above could be looked at like "well you should have been on top of things more your own fault" and i accept that.
The thing that makes me feel realy bad is not the poss of a bro or maybe not even the BR its self. just the appearence that i took money rubbing my hands together thinking i wont be paying it back. which is absolutly not the case.
Note. I have never so muc as paid my phone bill late untill a month/ 6 weeks ago

sorry if im goin on
lol

Dont beat yourself up!!
You will have the opportunity to explain everything when you are interviewed by the OR. If they decide to go for a BRU, so be it, if not, bonus!!
The best advice I can give you ,having been through a similar situation, is not to over analyse things, its very easy for your mind to run away with itself. You will soon be imagining the situation to be far worse than it really is! Take each day as it comes, and go with the flow!:)

WhoThrewThat

Thanks Elf
Yeah I think have a case of trying to imagine every possible outcome and maybe my mind is running away wit it's self a little. Thing is I still have two weeks till my court date and have researched everything to death had long chats with national debt line and CCCS and I'm pretty much ready to rock and roll. Even got forms filled in with just a few finer points to touch up and a final look over.
I think the next two weeks will be the longest of my life. I realy should try and put it down for a few days and get on with something else. Problem is its the first thing I think off when I wake and the last thing before i go to sleep.
Think I'm gonna go crazy.

elliesmemory1

I know how you feel. I went to court 2nd Aug and was a nervous wreck before hand. The day itself was much easier than I thought, nice friendly people at the court, even the judge was nice. The OR interview was ok too, It was about twenty mins and the lady was quite friendly. I just had to send her a bit of paperwork.
waiting to hear about the nil tax code etc now.
The weeks leading up to it are horrible, but the time will soon go and it will be over.
I still feel strange about it all but its only three weeks ago.
You will be ok.

scorpio62

Hi,

I was declared bankrupt in March 2009 and received a BRU which didn't start until September 2009. I am in a very low paid job but, hope to start work in the NHS soon. I have not had an IPO set up so, does that mean I have to contact my OR or am I now officially discharged as from March 2010 but, still have the usual BRU restrictions for 3 years?

Quite perplexing all this!! :o

scorpio62

elfieb

scorpio62 wrote: »

Hi,

I was declared bankrupt in March 2009 and received a BRU which didn't start until September 2009. I am in a very low paid job but, hope to start work in the NHS soon. I have not had an IPO set up so, does that mean I have to contact my OR or am I now officially discharged as from March 2010 but, still have the usual BRU restrictions for 3 years?

Quite perplexing all this!! :o

scorpio62

As you are discharged, you dont have to inform the OR of any increases in income.

Your BRU remains the same for the 3 years.....no credit above £500, no director of a company etc etc.