BRU / BRO

[Skippy]

I am paying into an IPA for 3 years, and my plan is that after the 3 years are up I will save the extra money for a couple of years to enable me to replace my car.

My question is, if I am given a BRU / BRO, will I still be able to do this, or will the OR restrict the amount to say £2500, or even worse, will they say I have to keep the car I've got until the end of the restriction order?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[mish1953]

Skippy

Have a wee look at ...
http://www.insolvency.gov.uk/freedomofi ... brobru.htm

Slainge
Mish

[catullus]

Skippy

First of all, I've read your blog and I can't imagine for one minute that you would be subject to a BRO/BRA.

Secondly, IP's won't know too much about BRO's at the moment because they haven't been around for very long and so not much technical information has been circulated about then so this answer is straight out of the textbook.

The only effect of a BRO/BRA is to extend the restrictions on bankruptcy, directorships, abilty to get credit etc and is not intended to extend liabilty to make income payments (i think).

There may be (rare) occasions where a Trustee would apply for a BRO and the Court may order a continued obligation to pay but that is the only way that I can see that your liabilty could be extended and it would be very rare.

So, I think that the answer to your question is that after the IPA has been completed your money is your money!

[Skippy]

Thanks Catallus. It's amazing what I'm finding to worry about now I don't have money worries!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[lily]

Hi Skip

You been through so many months of worry already its not suprising you cant stop just yet.

Dont beat yourself up, you will be fine, youre motto onwards and upwards is reality now, enjoy it.

lily

[Skippy]

Thanks Mish and Lily x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[zoe]

Skip
The official reciver told me that the IPA is for 3 years only, and is not extended even if you get a BRU/BRO
Hope this helps
z

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[jue]

Hi

Can i just ask,does your name go in the local paper again if you get a BRU/BRO?

jue.x

[catullus]

No

But I think that you should know that you have to be a very naughty boy or girl, indeed, to be subject to a BRO/BRU

[jue]

Ive read that you can get one if you have obtained credit knowing at the time you would have no way of paying it back.Is that correct?


jue,x

[catullus]

Yes, but in my opinion there would have to be widespread evidence of this probably supported by false applications for credit,profligate and undocumented spending and multiple CCJ's.
The most likely grounds for BRO's will be multiple bankrupties, preferences (paying off certain creditors at the expense of others ie family), serious gambling or lying to the OR.
Presumably you're in the clear?!

[jue]

Thankfully yes i am!


jue.x