| Author |
 Topic  |
|
|
spices100
New Member
67 Posts |
 Posted - 02 September 2009 : 12:20:45
|
My understanding of a BRU is its exactly like a bankrupt but worded differently ?
Also once discharged but still on BRU, can you then get a full debit card (cheque garantee) reason i ask is that i may want to hire a car for the weekend and rental firms tend to want some sort of garantee for fuel etc ?
Also can you apply for a early discharge for a BRU ? |
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 02 September 2009 : 13:28:23
|
A BRU increases the time that the BR restrictions (i.e. can't be a company director, etc.) apply and is only implemented by the OR if you haven't co-operated with the OR during your bankruptcy or have been reckless with your finances prior to BR i.e. taking credit when you knew you couldn't pay it off, gambling, etc.
You can't apply for ED in a BRU. |
 |
|
|
spices100
New Member
67 Posts |
Posted - 02 September 2009 : 18:01:12
|
Ok but does that mean i wouldnt be eligible for a full debit card until after the BRU has finished or after the discharge?
Also if i get a 3 year BRU, would the 3 year start from after discharge?
And lastly can i start to build my credit rating whilst in after discharge but still in BRU ?
quote:
Originally posted by gettingoutofdebt
A BRU increases the time that the BR restrictions (i.e. can't be a company director, etc.) apply and is only implemented by the OR if you haven't co-operated with the OR during your bankruptcy or have been reckless with your finances prior to BR i.e. taking credit when you knew you couldn't pay it off, gambling, etc.
You can't apply for ED in a BRU.
|
|
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 02 September 2009 : 18:29:11
|
quote:
Originally posted by spices100
Ok but does that mean i wouldnt be eligible for a full debit card until after the BRU has finished or after the discharge?
If you had a BRU you would still be discharged from BR after 12 months but wouldn't receive an ED. I think it is normally about 3-6 months after discharge until banks will let you have an account that has a full debit card.
quote:
Originally posted by spices100
Also if i get a 3 year BRU, would the 3 year start from after discharge?
Yes, so you would be BR for 12 months and then have a BRU for 3 years after that.
quote:
Originally posted by spices100
And lastly can i start to build my credit rating whilst in after discharge but still in BRU ?
Yes, you should be able to get a pre-paid credit card or even the 35% Capital One card and both these would help to rebuild your credit file. |
|
|
|
spices100
New Member
67 Posts |
Posted - 02 September 2009 : 18:37:58
|
Am due to hand in my forms next week so just trying to kinda expect the worst so that anything less is a bonus.
Am expecting a BRU 3-4years, No IPA as am on jobseekers allowance.
Am trying to plan for the future as am 32. So do you think after 12 months discharge and 3years BRU so in total 4years i would have a good credit rating assuming ive been good with finances ?
quote:
Originally posted by gettingoutofdebt
quote:
Originally posted by spices100
Ok but does that mean i wouldnt be eligible for a full debit card until after the BRU has finished or after the discharge?
If you had a BRU you would still be discharged from BR after 12 months but wouldn't receive an ED. I think it is normally about 3-6 months after discharge until banks will let you have an account that has a full debit card.
quote:
Originally posted by spices100
Also if i get a 3 year BRU, would the 3 year start from after discharge?
Yes, so you would be BR for 12 months and then have a BRU for 3 years after that.
quote:
Originally posted by spices100
And lastly can i start to build my credit rating whilst in after discharge but still in BRU ?
Yes, you should be able to get a pre-paid credit card or even the 35% Capital One card and both these would help to rebuild your credit file.
|
|
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 02 September 2009 : 18:43:14
|
Your credit rating won't be good until 6 years after you have declared BR. When you declare BR any debts you have are classed as 'defaulted' (i.e. unpaid) on your credit file and remain there for 6 years so getting a mortgage or loan will be difficult during this period.
If you make sure you clean your credit file up once you are discharged and then get a credit card and pay it off each month there is no reason why you wouldn't have a very good credit rating 6 years after declaring BR. |
|
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 02 September 2009 : 19:08:15
|
| Forgot to mention that in a BRU you have to tell any creditors that you are BR if you apply for credit greater than £500 as this is one of the BR restrictions that will continue into a BRU. |
|
|
| |
Topic |
|
BRU Clarification
