Hi am going BR in 3 weeks. I moved into my new house in December 2007 and got a mortgage for £133000 with this I bought my house and paid off one debt to Northern Rock of about £17000 and leaving myself owing about £15000 on my other cards. I had £6000 cash left from my mortgage which I put into bank for spends on my house and a holiday. I continued spending on my credit cards and bought a few items on HP. And when I was finding the money draining started gambling. Now I owe about £50000 in total in debt and now find I cannot continue to make my minimum payments on my cards and the property I bought has now decreased in value. My only option is BR. What I would like to know is what punishment am I likely to face for spending that amount of money so quickly if I got issued a BRO I would have to take that but how long would you expect this to be for and is there any other punishments the OR could do to me. Also my wife is sticking by me and would like to buy any BI in the house so we can all continue to live there is there any way the OR would deny this. If you could answer these questions it would put my mind at ease for the coming weeks.
A lot of people on here have spent a lot more money than you and not got a BRO / BRU. As for the gambling i believe that although a BRO / BRU is likely if your gambling has created or increased your debt, it is not a certainty that you will get one. If you have a gambling problem you need to get help and show the OR you are getting help, this will help you enormously. As for the property if your wife is prepared to buy your BI then the OR would prefer to keep you in your home. The OR's are human and don't want to see you on the street but they do have an obligation to realise your assets for the benefit of your creditors.
Hope this puts your mind at rest a little, i am sure an expert will be along soon to confirm or correct my response.
worried about OR
Posted - 02 July 2008 : 14:11:58
