cons to being BR

crisispoint914

Hi all just asking for more advice, I am still considering going BR. What 'cons' are there to this I have a long list of 'pros'. I have been paying token payments for six months now and my circumstances have not changed, if anything slightly worse as not sure if my job is under threat or not!! I think I now need to move forward one way or another, I have £26k of debt, live in rented accommodation and have a deficit of £6pm with paying 'token' payments.

TIA
CP

dojoman

1, No access to credit (although this may be a good thing)

2, No access to a bank account with a cheque book.

3, Possibly having to answer to the OR for 36 months if you have an IPA.

4, Trouble getting insurance.

There are others but these spring to mind.

JPS29

Not allowed to work in certain sectors.

Very hard to remortgage/obtain mortgage meaning may be stuck on higher rates

Details visible online for anyone who cares to look, sometimes in local press too.

Always have to answer yes to have you ever been BR

Can't be co.director whilst undischarged

sizzler

Hi,

There are many cons of being BR. But it is down to circumstances, stress, health and which is better if you have bad debt.

You must weigh them out.

best of luck

Sorry no body wants to do BR but its down to what happens in your life and circumstances.

crisispoint914

thanks guys, what type of insurance is a struggle to get? Also where will I find a definitive list on jobs allowed??

JPS29

all types of insurance is difficlult, but not impossible to get

home, motor, life, business, btl rental.

These are all the ones I have had difficulty in but have finally managed to secure

Angiepange

crisispoint914 wrote: »

thanks guys, what type of insurance is a struggle to get? Also where will I find a definitive list on jobs allowed??

I have only had to get car and home insurance since being BR.

I found no problems with Car insurance and the majority of insurers I spoke to said they did not rate on BR.

However Home insurance has been a different story all told. Very limited insurers willing to quote and premiums did come in way higher than I anticipated.

sizzler

Hi,

you are asking what type of insurance is hard to get?
To be honest they will be ok for life and car etc but will sometimes ask if you are BR and you must answer yes if you are br will bump you a bit.
jobs which are affected are listed on insolvency.gov for BRs

But from my experience not to hard:)

sizz

ontheroad_2

crisispoint914 wrote: »

thanks guys, what type of insurance is a struggle to get? Also where will I find a definitive list on jobs allowed??

if you know which companies to ask, it needn't necessarily be a struggle. I got competitive quotes for my home and car insurance from Co-op and Barclays, both were fine with me being an undischarged BR., and both were fine with me paying in monthly instalments.

Angiepange

ontheroad wrote: »

if you know which companies to ask, it needn't necessarily be a struggle. I got competitive quotes for my home and car insurance from Co-op and Barclays, both were fine with me being an undischarged BR., and both were fine with me paying in monthly instalments.

Im definitely going to try the Co Op for home insurance on renewal.

After lots of trawling they have given me the best quote on my car insurance and the ability to pay by monthly DD. Bearing in my mind car insurance seems to have gone up 40% this year regardless of BR, Im very pleased to get a really competetive quote off them.

AllNancy

Angiepange wrote: »

I have only had to get car and home insurance since being BR.

I found no problems with Car insurance and the majority of insurers I spoke to said they did not rate on BR.

However Home insurance has been a different story all told. Very limited insurers willing to quote and premiums did come in way higher than I anticipated.

Never had a problem getting any type of insurance. BR was never mentioned. Also the same with BT etc etc. Only problems with banks so went to the Coop and Tesco who STILL won't take the debit card on line Grrh!