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I have been reading the Insolvency website and looking at the circumstances that people get a Restriction Undertaking and I am now convinced that I am going to get one! There are people on there who got one because they cannot account for what the majority of the money was spent on, and I can't! Its just all gone on consolidating over the years, we did get a new kitchen, fireplace and windows for our house, (we thought it would increase its value, but it was all a waste of money as its in negative equity!) The rest of the money was spent on paying other loans off!I just cannot say what we spent it on! We have not run up any more credit tho, since we knew we were insolvent! but now I am so worried!

I am going to make an appointment at CAB tomorrow to get the forms sorted out and then will ring the Court!

Jane

Please stop worrying about this - it is very unlikely that you will get a restriction order, and even if you do what does it really mean??? OK so your bankruptcy will last a little longer - the benefit of getting rid of the debts and pressure from creditors has to be greater.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Jane, please don't worry about a BRU. I cannot account for where the money went either, and I'm sure that's the case for most people. If everyone got a BRU for that reason I think everyone would have one. If the worst happens and you do get one it's not the end of the world, it just means that your BR restrictions last for the length of the BRU - can't get credit over £500 (do you really want it?!?), can't do certain jobs etc.

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/

yeah, thanks for that, I just seem to be worrying over every little detail at the moment, Just wish it were all over!

Hi Jane as Melanie has said it would be very unlikely, i could not prove to my OR what i has spent the money on but told her the best I could. If you read alot of the BRU's on the insolvency website most are for people taking loans out knowing they were going BR or transfering goods passing money over to relative cars etc prior to BR. Some are for people who have taken out loans dishonestly knowing they would never be able to pay it back.

view my blog http://coco.blogs.iva.co.uk

I think you are in a very similar situation to a lot of people who are applying for bankruptcy and I wouldn't over worry about this.

Best Regards
Oliver

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