Looking into a DRO
gellerbing
Posts: 350 Forumite
in IVA & DRO
After considering a dmp it turned out i wouldn't be able to afford the monthly payments for that. The next step it was suggested i do is apply for a debt relief order. Obviously this is something i haven't taken lightly, i have researched it and read reviews etc. But i do have a couple of concerning questions if anyone can help.
1) how long does the application take once paid? I would have to forgo paying 2 monthly payments (seperate debts) in order to pay for the DRO, not something i want to do but i have no other option as literally no left over money after paying debts
2) what are the chances of a DRO application being rejected? Has it happened to you and if so how did you cope?
3) i read that creditors can still send bailiffs around whilst on the DRO. Is this true? We live with the inlaws, they know nothing about my debt and my husbands mum suffers from depression and is bipolar, she would go up the wall and throw me out if bailiffs turned up asking for me. So this is something i can not risk.
4) if accepted can i still pay a select few credit cards if i wish? If i can id like to at least still keep paying the minimum payment on my halifax card, because apparently they can just take money from my account if i don't.
1) how long does the application take once paid? I would have to forgo paying 2 monthly payments (seperate debts) in order to pay for the DRO, not something i want to do but i have no other option as literally no left over money after paying debts
2) what are the chances of a DRO application being rejected? Has it happened to you and if so how did you cope?
3) i read that creditors can still send bailiffs around whilst on the DRO. Is this true? We live with the inlaws, they know nothing about my debt and my husbands mum suffers from depression and is bipolar, she would go up the wall and throw me out if bailiffs turned up asking for me. So this is something i can not risk.
4) if accepted can i still pay a select few credit cards if i wish? If i can id like to at least still keep paying the minimum payment on my halifax card, because apparently they can just take money from my account if i don't.
Wins: Cushelle Koala, Mama tea bundle, coconut ice cream recipe book
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Comments
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Hi,
(1) Depends, can be a couple of months, as these are becoming more popular, but does not make any difference in the long run.
You should not pay your creditors at all if your going for a DRO.
(2) The intermediary will not submit your application if they think it will be rejected, once submitted its virtually guaranteed to be accepted.
(3) incorrect, creditors have no remedy whatsoever once a DRO has been granted, you have full legal protection until your DRO completes.
(4) No, all your debts must be included, bank accounts with OD as well, (must not exceed the 20k limit), you must open a new basic account with a bank with whom you have no debt.
Id do a little more research if I were you, from your post, you seem to be struggling a bit with the technicalities, this is a good place to start :
https://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspxI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I've read that already but thanks anywayWins: Cushelle Koala, Mama tea bundle, coconut ice cream recipe book0
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Gellerbing wrote: »I've read that already but thanks anyway
Ok, try here instead then :
https://debtcamel.co.uk/debt-options/guide-to-debt-relief-orders/I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Ah that's great thank you, that's a more in depth article and hadn't come across it before. Will give a read this afternoonWins: Cushelle Koala, Mama tea bundle, coconut ice cream recipe book0
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If you like reading try this
https://www.gov.uk/government/publications/intermediary-guidance-notes-v15-dro2-guidance-for-approved-intermediaries
You will then probably know more than your Intermediary!0 -
Thanks I've read through everything amd my partner has offered to pay the £90 so ive asked for the forms. How long should i expect to wait before recieving the forms? They'll be from step change.Wins: Cushelle Koala, Mama tea bundle, coconut ice cream recipe book0
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You'll need to ask stepchange. There seems to be a lot of delay with them at the moment but I couldn't put a figure on it.0
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