Bro

freddy911

What sort of things are you likely to get a bro for??

Are these only given in cases of dishonesty or can you get them for poorly conducting your affairs?

debtinfo

have a look here

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bro.pdf

freddy911

Thanks for the link DI

Anyone got any real life experiences?

Thanks

debtinfo

what do you want to know, i've recomended lots of BRO's for people

freddy911

I'm worried because in the last 8 months I used credit cards to buy high risk shares trying to make cash to pay my debts. I have about 17k of credit card debt most of it long running for general spending, the shares amount to about 5k of this, as my balances maxed out I ended up selling the shares off gradually to stay afloat! Nothing dishonest but looking back quite reckless, I just wish I did br back in December before I bought the shares as it's just added to my debts. Although not the cause, as my other debts would still now force me to be br with my changes in circumstances.

debtinfo

well one of the reasons you can be given a BRO is for rash and hazardous speculation which could cover what you describe, The OR has to consider if you were already insolvent when you did this and if you ought to have known you were inslovent, they also need to consider if the actions have increased the debt and if so by how much, for instance 10%, 20% etc, as you said yourself you may have made the situation worse even though you were already on the way to bankruptcy. If the OR does decide a BRO is needed then there is a big range from 2 -15 years the low end being small amounts (£5,000 is fairly small) and people who have been a little reckless rather than the high end where people have acted deliberately and meant to cause losses to their creditors

without knowling all the ins and outs it is impossible to give an opinion on an individual case. for instance conside if you had done nothing, how much would the debt have increased with just the interest and charges, therefore the extra loss may be smaller than first thought

freddy911

Well the shares themselves didn't lose me much money, a little at the end, but most were sold for what I bought them for, this money was then used for living expenses and paying other debts!

Time will tell I suppose.

jess0612

Not sure if it helps but i have been given a BRU for spending on my cards up to two months before my bankruptcy. I was asked to attend the OR office and basically they went through with me what i had used the cards for. They told me there and then that they would be compiling a report and recommending a BRO but because i accepted it i didnt have to attend court. Nothing really to worry about (easier said than done) they gave me all the information about it there and then

freddy911

Can I ask what you had used the cards for? Also how long was the BRO for?

freddy911

Does anyone know how a bro affects you future credit file? Does it show you received a bro? If say you get a 4 year bro will your br still be off your file in 6 years?

Thanks

freddy911

srichar3 wrote: »

Does anyone know how a bro affects you future credit file? Does it show you received a bro? If say you get a 4 year bro will your br still be off your file in 6 years?

Thanks

BUMP Anyone?