Righty-ho... have just learned from OR that they are applying for a BRO

MissPants_2

I'm not surprised. I have cooperated fully and have known since January that this was on the cards. My own stupid fault... hands up.

However - can anyone advise me what this actually MEANS? I have done my research and I can see that it extends the restrictions of bankruptcy - not being able to obtain credit of more than £500 without disclosure, not being able to be a Member of Parliament etc. Does it extend the time after which my slate will be "clean"? Has anyone here had to live with one?

dalip

Hi
Sorry to hear about your BRU.Not sure if this is 100% but as far as i know your slate was clean the day you went bc. The restictions as you have listed stay in place for X amount of years,depending what your OR deems fit. You will still be discharged at 12mth regardless, unless you decide to argue the BRU,in which case your discharge may be suspended until the matter gets sorted. Good luck.

fermi

MissPants wrote: »

Does it extend the time after which my slate will be "clean"?

I believe the BRU/O stays on your credit record only while it is in force. So if it doesn't extend further than 6 years after you bankruptcy date, then I don't think it will result in it taking longer for your record to clear.

Did they give an indication of how long?

MissPants_2

Thanks dalip and fermi. The OR said they have requested 4 years and said if I offer to to make a BRU (which I'm sure I probably will, am just waiting to see their report) then I will be looking at 3.5 years. I was worried it would add 3.5 years on to the 6 years if you see what I mean.

fermi

MissPants wrote: »

I was worried it would add 3.5 years on to the 6 years if you see what I mean.

Nope. Definitely won't do that.

I've seen some very definite info somewhere, so I know that is not the case.

At the moment I can't remember where, but the best I can quickly find is from Experians factsheet

Link: Your credit report and bankruptcy "This guide explains what bankruptcy is and how it could affect your creditworthiness."

What are Bankruptcy Restrictions Orders and Undertakings?

A Bankruptcy Restrictions Order can be made against you for a variety of reasons including if you do not co-operate with the Official Receiver (or the licensed insolvency practitioner) or if you took on credit knowing that you could not pay it back.

A Bankruptcy Restrictions Order can last for up to 15 years and stays on your credit report (and an online register) for this time.

If you agree the bankruptcy was your fault, you can make a Bankruptcy Restrictions Undertaking without having to go back to court. This has the same legal effect as a Restrictions Order.

MissPants_2

Thanks fermi. Crikey... It's really not that bad is it... am just having visions of the local press getting hold of the press release now and tracking me down - I'm a teacher as well - gaaaaahhhhh.

PixiePie

You and me both Miss Pants - my OR 'threatened' me with a BRO at my interview, so I guess I will get one too eventually (although the bit about 'where the BR was your fault' is slightly confusing, at the end of the day, surely BR is generally the BR's fault, as 99% of the time, no one forced us to take out the loan/credit card/whatever - or am I just too willing to accept my shortcomings in life and admit to things that aren't really my fault?) - I think they try to only pin child or pornography things on teachers now - the 'teacher found to be a stripper in spare time' Daily Mail shock/horror/gasp stuff. Going BR is just too boring for them (well, with so many people going BR now, it's old hat...).

Another vote for your name btw - very good

fermi

Nope. Not nearly as bad a people imagine.

If it's going to be less than a 6 year one, which most are, then for the a lot of people it's not going to make much difference.

Most of us don't want to touch credit for a good few years after bankruptcy, so that's not a huge issue. Obviously if you want to be a director of a limited company or another of the barred things then it's a problem, but most people don't fall into that category.

MissPants_2

Thanks Pixiepie - God, if I could lose a stone and have a boob job then I'd definitely be at Stringfellows gyrating round a pole of an evening paying my way out of this mess... but where would I find a babysitter?! Never mind the money for the surgery! I agree that the reckless behaviour thing is definitely a grey area when it comes to the BRO - in my stronger moments, despite what I said in my OP, I think I should contest it but in all honesty I just want to get on with my life and it would mean going to court in Leeds (I live in London) - they deal with a lot of overflow cases there apparently. All I can say with regard to what the OR said to you (nice of him/her by the way) is be helpful and transparent. I'm sure that has helped me. The Examiner I spoke to this evening almost sounded regretful for me! Thanks to you as well fermi - you are, as ever, a mine of good advice!

PixiePie

LOL Miss Pants - it wasn't particularly nice of my OR to say - he was threatening me with it, apparently they're not allowed to judge about things like that until they have drawn up the report on you, mine has been a total git the entire time, and sounded like he enjoyed telling me I'd get one. Throughout the interview he was saying things like 'what did you spend that on then' and I would say I can't remember exactly, probably living expenses, some suits for work as I had just graduated etc etc (bearing in mind this is about 6 years previously) and he just kept going 'well, what exactly did you spend it on'
me: I don't know
him: well, what?
me: crying and tears
him: I'm waiting......

Not a nice man at all - I have a sneaky suspicion that he believes a) Woman shouldn't have access to money b) that a woman such as me shouldn't have gotten into debt (obviously nice middle class background, degree, further qualification etc etc) c) I'm playing the system and have a Merc and Five bed house stashed somewhere. When the truth is I'm all but homeless, have been for about 3 years now (gosh has it been that long?!) haven't got a pot to p*ss in and just want to try and forge a life for me and partner, but finding we can't actually move on at all, as soon as we make headway, we just hit another brick wall.

Not that I care too much about the BRU/O - the only pain in the bottom will be I wanted to move into prison education, and you can't with an discharged BR (don't know if the BRU means this is still the case, but think so) and become Comp. Sec for my partner again (not that that means I do anything, just my name on a bit of paper that helps everyone out). Not that I ever ever ever want credit again and to be honest don't really want anything to do with money ever again, but them the rules I guess.....