My road to BR and BEYOND thread!!

ClaireLR

Summer1969 wrote: »

As just posted, I have just rang the NDL. I would rather do just the one thing, than start a DMP than do BR, but they suggest doing the DMP for a short while as my head is all over the place, then re-visit BR? Bit worried about this BR restriction order thingy? Any fraudulent activity? What does that mean??

Oh I don't know! I need a ciggie.

BRO - bankruptcy restriction order - only applies in cases where there has been evidence of fraud or disposing of assets etc. Say for instance you sold a family member your house for £25k and it was worth £200k then that would be look upon unfavourably and could result in BRO. Or if you've gambled away thousands in a very short space of time. I read one BRO on a woman who had spent almost £50k in slot machines in 3 months!

If you've used credit recently theres nothing to worry about unless you've gone mad and spend thousands on unnecessary things, spending on food, clothes and bills would certainly not be classed an unnecessary though.

The thing is, I found it quite stressful setting up the DMP, the creditors kept calling and there was a lot of paperwork to do. I really think you should give some serious thought to BR. I hope I don't sound pushy, you just sound like your in the same predicament I was, and if I knew then what I know now I'd have filed for BR a long time before I did.

Richard_S

ClaireLR wrote: »

Sorry Richard

and all the other youthful nubile 47 year olds lurking

:A :A Apologies accepted Claire,:A :A

Although I think nubile is usually used to describe a young woman.:rolleyes: :rolleyes:

ClaireLR

Richard_S wrote: »

:A :A Apologies accepted Claire,:A :A

Although I think nubile is usually used to describe a young woman.:rolleyes: :rolleyes:

And handsome men of course!

I think I'm going to shut up now before I really stick my size sixes in it :D

Summer1969

ClaireLR wrote: »

BRO - bankruptcy restriction order - only applies in cases where there has been evidence of fraud or disposing of assets etc. Say for instance you sold a family member your house for £25k and it was worth £200k then that would be look upon unfavourably and could result in BRO. Or if you've gambled away thousands in a very short space of time. I read one BRO on a woman who had spent almost £50k in slot machines in 3 months!

If you've used credit recently theres nothing to worry about unless you've gone mad and spend thousands on unnecessary things, spending on food, clothes and bills would certainly not be classed an unnecessary though.

The thing is, I found it quite stressful setting up the DMP, the creditors kept calling and there was a lot of paperwork to do. I really think you should give some serious thought to BR. I hope I don't sound pushy, you just sound like your in the same predicament I was, and if I knew then what I know now I'd have filed for BR a long time before I did.

Oh we haven't done anything illegal! Just lived beyond our means and me not working for ages, well, that hasn't helped. We haven't defaulted on a single thing yet which is why I want to sort things out asap.

You don't sound pushy at all, I need some clarity from people who have gone through a similar situation. I can see that doing a DMP now will give me some financial breathing space, but the thought of the phone calls and letters really stresses me out, I would much rather just choose one option and stick with it, just want to make sure its the right thing.

dalip

Summer

You need to take a couple of steps back and a little breather. The more you think about it the more confused you will be.

I get the feeling you WANT to go bc but are scared to.

All of those on here who went bc felt that same it's an unknown area.

BRO'S/BRU'S are usually given if you have take credit knowing full well you have no intention of paying it back(fraud) or debts accumalated through gambling. All they consist of is restrictions which where in palce whilst bc but undischarged, will remain for a period of 2-15 yrs

Have a wkend off without thinking about bc/dmp and then tuesday sit down and look hard at a few figures. Good luck with whatever you decide.D

Summer1969

dalip wrote: »

Summer

You need to take a couple of steps back and a little breather. The more you think about it the more confused you will be.

I get the feeling you WANT to go bc but are scared to.Have a wkend off without thinking about bc/dmp and then tuesday sit down and look hard at a few figures. Good luck with whatever you decide.D

Yes, I think you are right, the more info I read, the more confused I get, I think my head is going to explode.

Thanks everyone. x

AllNancy

Hi,
I've just recently gone BR. Two weeks ago I made the decision and now it's all done and dusted. The panic and the confusion I can relate to and reading the various web sites worsens the doom and gloom.

This place on the otherhand isn't and people are more than willing to help and advise.

If BR is inevitable then what's the point of fighting it and still having to put up with phone calls etc? Mine have now mostly stopped.

I don't own my house which is an advantage but now I don't own £35000 of debt either.

Don't panic. You can get through this. I did.


Nancyx

Summer1969

Thank you, everyone's replies have really helped.

Summer1969

Have a couple of questions about BR - I will be switching off soon though and forget about it for the weekend, promise!

1. Income payment orders - OH's commissions changes every month, how does that work? I was hoping, on the good months he has, we could actually start saving up a bit, do they take it and if so, how long does that last?

2. Items they take, we don't have anything of value apart from a £700 car which I know they could take. After BR, are we allowed to purchase anything? If we ever got to the stage when we could afford a new tv or a pc or something, do we have to tell OR? I am a bit confused as to when the cut off date is of telling them what we own or buy.

ClaireLR

Hi Summer

1) I dont know! But I'm sure someone will be along shortly.

2) do you use your car for work? If you do, and/or need it for other things (dropping kids off at school, shopping, caring for sick relative etc) then its unlikely they will take it, considering it's value it wouldn't be worth their while. You can purchase anything you like after BR - I've been saving since last year (I never thought I would have savings!) and I spend it on what I want. They don't delve as deeply into your financial goings on as you would think - I thought every single transaction on my bank statement would be questioned and the reality is they just don't have that much time to go through everything with a fine toothcomb.

As long as you don't have anything of a high value, such as antiques/jewellery or a huge plasma tv then the OR really won't be interested in anything you own. Promise!