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  • FIRST POST
    • Megandots
    • By Megandots 11th May 17, 1:45 PM
    • 4Posts
    • 0Thanks
    Megandots
    DRO question
    • #1
    • 11th May 17, 1:45 PM
    DRO question 11th May 17 at 1:45 PM
    Hi, I'm new here. I have struggled with debt for many years. I successfully completed an IVA in Jan '16 but since then have just slipped back into debt again. I realised I needed help and asked my creditors (credit cards and catalogue) if they would accept reduced payments but none replied and now I can no longer pay the minimum monthly amount. I researched my options and spoke to Step change who discussed my options and we came to the opinion that a DRO would be the best bet so I went with that. Today I received my barcode to pay the £90 fee but before I go ahead I have a couple of questions as I want to get this right and not risk getting declined.

    Q1: Would my recent completion of my IVA (although now not even on the Insolvency register) have an effect on my DRO being accepted by the Insolvency service?
    Q2: My most recent spend on a credit card was the middle of April so would I be better waiting to pay the £90 fee?

    I am getting letters already from my creditors as I am not keeping up the minimum payments but my bigger worry would be that my DRO would be rejected then I wouldn't know where to go next.

    I hope someone can advise me as I cant get this wrong.
    Thanks in advance.
Page 1
    • sourcrates
    • By sourcrates 11th May 17, 1:55 PM
    • 12,171 Posts
    • 11,631 Thanks
    sourcrates
    • #2
    • 11th May 17, 1:55 PM
    • #2
    • 11th May 17, 1:55 PM
    Hi,

    If there's a chance of the DRO been rejected your intermediary would not submit it.
    It's there job to make the case as watertight as possible.

    As long as you have a reasonable explanation of why you got back into debt, it won't be an issue.

    Trust your intermediary !!!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there, and delete spam.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
  • National Debtline
    • #3
    • 11th May 17, 4:56 PM
    • #3
    • 11th May 17, 4:56 PM
    Hi Megandots

    Welcome to MSE. I would reiterate what Sourcates said, your intermediary is there to guide you and should have explained any risks they felt there were with submitting your application to the Insolvency Service.

    What I would add, to really make the DRO count make sure you now have a monthly budget you can stick to so you don’t slide back into debt again. You can complete a SOA here http://www.stoozing.com/calculator/soa.php. Remember you won’t be able to have another DRO for 6 years.

    Susie
    @Natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • Megandots
    • By Megandots 16th May 17, 6:38 PM
    • 4 Posts
    • 0 Thanks
    Megandots
    • #4
    • 16th May 17, 6:38 PM
    • #4
    • 16th May 17, 6:38 PM
    Many thanks for your replies it has put my mind at rest.
    • Megandots
    • By Megandots 6th Jun 17, 4:20 PM
    • 4 Posts
    • 0 Thanks
    Megandots
    • #5
    • 6th Jun 17, 4:20 PM
    • #5
    • 6th Jun 17, 4:20 PM
    My application was submitted to the Insolvency Service last Thursday but nothing has appeared on the IIR list yet. How long does it usually take if succesful please? Nail biting has begun this end. My intermediary said the Insolvency service would be in touch with ten days.
    • fatbelly
    • By fatbelly 7th Jun 17, 6:03 AM
    • 11,335 Posts
    • 8,508 Thanks
    fatbelly
    • #6
    • 7th Jun 17, 6:03 AM
    • #6
    • 7th Jun 17, 6:03 AM
    Should have been accepted yesterday.

    Check the register today
    • Dullville
    • By Dullville 8th Jun 17, 6:26 AM
    • 125 Posts
    • 118 Thanks
    Dullville
    • #7
    • 8th Jun 17, 6:26 AM
    • #7
    • 8th Jun 17, 6:26 AM
    Mine my submitted last Wednesday and was on the register 2 days later..
    • Megandots
    • By Megandots 8th Jun 17, 12:16 PM
    • 4 Posts
    • 0 Thanks
    Megandots
    • #8
    • 8th Jun 17, 12:16 PM
    • #8
    • 8th Jun 17, 12:16 PM
    Thanks again for your help I'm on there. Not celebrating as I'm disappointed in myself for getting in this mess so hopefully none of the creditors will put a spanner in the works and I can work on getting back on track again and getting well.
    • sourcrates
    • By sourcrates 9th Jun 17, 4:58 PM
    • 12,171 Posts
    • 11,631 Thanks
    sourcrates
    • #9
    • 9th Jun 17, 4:58 PM
    • #9
    • 9th Jun 17, 4:58 PM
    hopefully none of the creditors will put a spanner in the works and I can work on getting back on track again and getting well.
    Originally posted by Megandots
    Thats it now for 12 months, you wont hear from your creditors, nor the insolvency service again.

    After the moratorium period, your debts will be legally wiped, and that will be that.

    There is no official (or unofficial) acknowledgement that it has ended either, just keep an eye on the calendar.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there, and delete spam.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • ToxtethO'Grady
    • By ToxtethO'Grady 10th Jun 17, 11:17 AM
    • 70 Posts
    • 37 Thanks
    ToxtethO'Grady
    Remember also to keep a record of your DRO number and what debts have been included as your debts may have been passed to a debt collection agency.

    They may sell the debt on after your DRO has completed,usually a bulk sell by them, so you may get contact chasing it and before they'll stop they'll ask for those details.
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