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Bankruptcy Restriction Order (BRO) Reasons Online

Reasons for restrictions on peoples bankruptcy has now been made available online at the Insolvency Service website.

Bankruptcy Restriction Orders (BRO) are usually applied when the Official Receiver considers that a person applying for bankruptcy may have been dishonest or reckless in their spending. BRO’s can extend the period of bankrutpcy from 2 to 15 years.

Performing a random search on a common name such as “Smith” will give you an example of the information now available.

Related Links

Bankruptcy
The Enterprise Act 2002

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Result of the UK’s Debt Problem

2005 saw bankruptcies and repossessions rise again. Bankruptcies rose by 24.5% in the last year with repossessions showing a 70% leap. Both suggest that UK residents are struggling with too much debt.

Who is to blame?

Can the blame for the high number of bankruptcies be placed on the irresponsible lenders, individual debtors or the changes in the bankruptcy laws?

Lenders have recently been criticised for lending to those who can’t afford it. Many lenders fail to request income and expenditure details and have no idea of the financial position of the indiviudal. Could this be the cause or could it be us?

It can be argued that just because the banks are lending irresponsibly doesn’t mean we should borrow irresponsibly. Many believe if the creditor gives us money (either by us asking for it or them offering it to us) then they obviously believe we can afford to repay it. But should we be taking responsibility ourselves and resist the temptation?

The changes in the Enterprice Act 2002 could be a contributing factor. The new law means Bankruptcy only lasts for 12 months instead of the previous 2-3 years. It is now considered easier to declare yourself bankrupt if you can’t afford to repay the debt. However bankruptcy still has its disadvantages and shouldn’t be entered into without considering the alternatives.

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House repossessions reached a shocking 10,260 in 2005, 5,630 were in the first 6 months. Although this is very high it is much lower than the record high of 38,930 in the last 6 months of 1991. Interest rates are set to remain at 4.5% for the 7th month, so why are people finding it hard to pay their mortgage.

Could if be related to the high levels of unsecured debt? House repossessions are the result of falling into arrears, could it be caused by people naively prioritising their unsecured debts over their mortgage? Or is it the mortgage lenders who are again lending irresponsibly or are there other reasons for the increase in house repossessions?

The truth is the increase in bankruptcy and repossessions can be a result of all of the above reasons. The question we should all be asking is how can the UK residents get out of their struggling debt levels?

Bankruptcy alternatives – IVA and Free Debt Management Plans.

To prevent mortgage arrears view Money Saving Tips.

Source: Guardian

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Gambling Addiction and Debt

I recently read about a man who has gambled since he was 12 years old. He believed he needed to gamble in order to survive. He is now older and married with 2 children, yet he still gambles. His wife does not know that he gambles and if he loses a bet, he gets moody with her. However, he is not sure if he has a problem. Does this sound familiar?

The guy gambles with money he hides from his wife, so whether he wins or loses he cannot talk about it because he has hidden the addiction from his family Along with hiding the addiction, he also has to hide his frustration or his excitement if he wins. He says life is boring if he doesn’t gamble.

Initially when people start to gamble they do not expect it to turn into an addiction, however, it does happen. Before you know it, you are kidding yourself with excuses that you have it all under control, yet the truth is, you have lost control to the addiction.

Gambling Addiction and Debt People gamble for a number of reasons:

I’m sure there are more reasons that can be added to the list, but for whatever reason people turn to gambling, this can cause problems in real life.

People with a gambling addiction generally find themselves in a heap of debt and have no idea what to do about it. Gambling debt reveals two problems, firstly there is the addiction, and secondly there is the problem of getting out of the debt hole. Thankfully, there is a solution for both.

Free help is available for both gambling debt and gambling addiction. If you can accept that you have a problem then you already half way to finding the solution. The next step is to talk about it.

Online websites such as Gamcare offer advice on gambling addiction and include an online forum for people who are looking to find ways to deal with their issues. You can chat anonymously to others who have experienced, or experiencing similar problems to yourself without embarrassment.

Debt Questions also has an online forum where you can talk to other members who have also experienced debt issues due to gambling. You can talk to them and find out how they dealt with their debt and addiction.

Payplan offer free help and advice on gambling debt. No matter what your problem, there is always a solution, you just have to be ready and willing to allow people to help you. You have heard the saying “You can lead a horse to water, but you can’t make it drink”? Well, anyone can tell you what you need to do, but it’s up to you to do it.

Sometimes it is the hardest thing in the world to admit you have a problem and ask for help, but if you can bring yourself to do that, then you are on your way to not only resolving your financial situation, but regaining control of your life.

So if this is you, take action by taking control!

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