Main penalties in going Bankrupt

philnicandamy

there was someone on here a while ago that worked for norwich union & answered a smilar post saying the same thing that its ok as long as your still paying installments...i'll try & find the link

skylight

What when the current policy expires then and has to be re-newed? Would it be easier whilst BR to just let the policy roll-on??

Bald_Runner

If you do so, there are no questions. They just send a renewal usually and it carries on, in my experience

peachyprice

fermi wrote: »

Only if you are subject to a BRU/O.

That was changed in the Enterprise Act 2002, or one of the others that went through at the same time.

From: Restrictions imposed by other legislation

In that case I don't think alot of schools have changed their nomination forms in a very long time!! lol:rotfl:
Although you do have to wonder how being bankrupt would effect your ability to be a school governor in the first place.

jono_1uk

debt_doctor wrote: »

Yes, plus:

possibility of a BRO if your conduct is "questionable" which would continue undischarged restrictions on you for a further period. ( discharge still after 1 year ).

Some proffessions do not allow BR.

Possible tenancy problem ( little real effect )

Br entered on insolvency service website ( just like IVA's). Basic details only.

Whilst undischarged cannot be the director of a company, trustee of a charity or borrow more than £ 500 without informing lender of your BR.

DD

sorry whats a BRO and what happens ?

tigerfeet2006

This will explain it all Jono

http://www.insolvency.gov.uk/guidanceleaflets/guides.htm#1

and some people who have recieved them and why.

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

fermi

jono_1uk wrote: »

sorry whats a BRO and what happens ?

See: Bankruptcy Restrictions Orders

A BRU is the same, but it is a voluntary but binding undertaking.

A lot of people stress quite a bit about "Will I get a BRU/O?", but not many people get one and if you do it's not as big a deal as it looks at first.

empty_wallet_2

fermi wrote: »

I can't see anything mentioning bankruptcy/insolvency in the policy either.

http://www.norwichunion.com/library/pdfs/policy-car-insurance.pdf

I've looked at my house and car insurance and cant find anything either with Norwich Union.

dodecanese

Thanks for the link Tigerfeet, about the people who got BROs. Lot seemed to get them for borrowing more when they already had a deficit- aware or not. I would have thought more would get BROs in that case. Crumbs, theyll probably throw the book at me:eek:

lookingforhelp_2

Hi,
I've just read the thread too dodecanese,and feel the same as you:eek:
Got my OR interview tuesday:o
Sarah