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kma
Junior Member
194 Posts |
 Posted - 01 July 2008 : 22:21:19
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Hi Everyone
Had my interview with the OR yesterday, have waited 5 weeks for it and it lasted 2 and a half hours. Looks like they are going to investigate me further as I was a director of a company that ceased trading a couple of years ago which was when my debt problems started. I was a wreck by the end of it and felt like a criminal for using my credit to live on. I thought that would be the reason most people go BR, his main criticism being that I shouldn't have tried for so long to get myself out of the mess I was in and why had I not done it earlier. Have never missed a payment on anything but just couldn't pay full amount in last 12 months and spent 6 months trying to sort an iva. Am really worried now as he indicated that my br would be more than 12 months. What are the implications of that? Was expecting an IPA for 3 years anyway? And he could give me no indication of how long before I would know. Has anyone had a similar experience?? |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 01 July 2008 : 22:40:44
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| Not had a similar experience, but I think most people going down the BR path live on credit to survive, hoping that one day they can get themselves out of it. Strikes me that sometimes it cn depend on who your OR is. Thats life really. Hope everything works out for you. If it helps, all of our debt is from the last 2 years! How the OR will view that, I dont know. Also have hardly any disposable income available unless I return to work full-time (which I wont do with 2 young kiddies), so I can see me having a 'fun' time with the OR!!!! |
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melanie_giles
Senior Member
1191 Posts |
Posted - 01 July 2008 : 23:12:37
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So many people continue building up their debts in the pretence that they are properly servicing their creditors - whereas the reality is that they are only paying on time because they are using additional credit to make those payments. This is commonly referred to as the debt spiral, and what the examiner means is that you should have realised that you were only surviving on fresh credit for quite some time before you stopped borrowing.
It may be a fair comment, and if they deem you to have been reckless you are more likely to receive a BRU or a BRO rather than hav eyour discharge suspended. Well done for getting through the interview, and try not to take things too personally. What will be will be from now on, and I do rather suspect that the worse is over for you.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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kma
Junior Member
194 Posts |
Posted - 02 July 2008 : 01:27:52
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| Thanks for the advice. I work in financial services and I was desperate to keep my credit file clean, I did in fact lose my job in the end and after being out of work for a few months took a lower paid admin position with another company. I do hope you are right and the worst is now over, it is all very scary though! |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 02 July 2008 : 08:42:03
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Hi kma
It sounds to be as if they are looking into whether or not you obtained credit with no reasonable prospect of repayment.
If they intend to get a BRO/BRU from you they must do so within 10 months of the making of the order, and you will probably be interviewed again.
I have to say that around 50% of the cases that should be investigated further are dropped because the OR runs out of time because they do not have the resources to investigate all the cases for further investigation.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 02 July 2008 : 09:16:26
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Hi KMA
I 100% agree with Suzanne, they don't have the resources to investigate in greater detail, and you are not the only one to have done this, i think the majority do! Of course i don't know what your story is, but dont worry to much about it.
One thing to think about is that your credit is going to be pretty stuffed anyway for 6 years so if you get a 3 year BRU/BRO would it make much difference, i think it not. Dont worry it will all turn out ok! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 July 2008 : 11:23:35
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Hi KMA,
The key here is not to worry. The initial OR meeting is usually a pretty in-depth affair. The examiner who interviewed you has to let you know all the possible outcomes, so don't panic just yet. You had a good reason for continuing to borrow as your income depended on it. I'm sure once the OR has completed their investigation, you'll be fine!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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kma
Junior Member
194 Posts |
Posted - 03 July 2008 : 01:26:36
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| Hi All, Thanks for all your replies, they were much appreciated. They still have a few questions, but I think I might be ok from what they have said today. They have confirmed my IPA payment which is a fraction of what I was begging them to take from me under an IVA. Am now begining to agree with you all and BR is not as bad as you think! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 July 2008 : 17:47:10
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Best of luck, I'm sure you'll be fine.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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kramsenrab
Junior Member
United Kingdom
199 Posts |
Posted - 04 July 2008 : 22:32:04
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| quick question - whats a BRO/BRU? I'm looking into going bankrupt and there seems to be a lot of abbreviations! |
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melanie_giles
Senior Member
1191 Posts |
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Had or interview yesterday
