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| T O P I C R E V I E W |
| monkey |
Posted - 12 November 2008 : 16:16:46
BRO. Hello. I've done the typical 'robbing Peter to pay Paul' with my debts, but also I put alot of the money onto the stock market, which has obviously lost a fortune. 1) I told myself I was 'investing' but would the O.R. just see it as gambling? Am I likely to get a BRO?
2) I took a loan out with Welcome but subsequently lost that money too. I have made two payments so far on the loan. A woman from Payplan said that I had to make a minimum of 3 payments before doing any IVA/BR action, otherwise I could be accused of fraud. Please advise. |
| 5 L A T E S T R E P L I E S (Newest First) |
| pix1 |
Posted - 13 November 2008 : 19:09:36
be upfront about your affairs. present them in the best possible light. it may depend what percentage of your debts are due to specualting on shares, futures, options,etc. perhaps it is not considered so bad as losing the money on dog racing! i have been br 9 months and had £1500 of gambling losses out of a total debt of about £60000. the OR has not issued me with a bru as yet and i am cautiously optimistic i won't get one. time will tell. really, you can search the insolvency service for br restrictions orders and see what people get bru's bro's for. it is haphazard. |
| tracy_b |
Posted - 13 November 2008 : 11:54:16
Hi Monkey,
As i understand it a bru/bro is more of a slapped wrist than anything else. It Means that although you can be discharged from your BR after a year the restrictions of the BR can go on for anything between 2 to 15 years. This does mean no credit, no being an MP,Lawyer,director of company etc.
Hope that of some use, please dont worry too much about it, at least its not like the olden days where we would have been slung in prison and paraded through the streets!!!
Tracy XX |
| monkey |
Posted - 13 November 2008 : 10:55:48
Thanks for your replies. If I DO get a BRU/BRO as I understand it the consequences are mainly related to careers/trading etc. How big a worry is a BRO to me if I'm not running a business or planning a career as an accountant or MP? Thanks. |
| tracy_b |
Posted - 12 November 2008 : 17:13:01
Hi Monkey,
The OR could well say that you put a lot of money into the stock market when your priority should have been to pay your creditors. It depends when you played the stock market and if you had debts at the time and also if you invested a lot of money.
with regards to the loan, what did you state was the reason for getting one cause if it was for consolidation and you used the money to invest in the stock market, again the oR could get grumpy.
This is my opinion but i'm sure i will be put right by someone with more knowledge
Take care
Tracy XX |
| Needafriend |
Posted - 12 November 2008 : 16:28:35
Hi Monkey
I dont think putting your money into stocks and shares could be counted as gambling so i would not worry too much about that. Otherwise we could say the same about pensions for example.
Anyhow the loan i would if you can make the 3 payments to them before you go BR it will look much better on your part. The OR does not take to kindly to new debts and no payments being paid thats why we say to make at least 3 before declaring the BR.
Take care and dont worry, we are here for you :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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