Self Employed DRO

1235»

Comments

  • Twubble
    Twubble Posts: 80 Forumite
    At least if you do have to wait the 10 weeks, you know now that it goes really quickly once the Intermediary is assigned your application. They did a great job for me, so they were well worth the wait. Really hope that it's faster for you, but yep, well worth a trip to the CAB.
  • ToxtethO'Grady
    ToxtethO'Grady Posts: 342
    First Anniversary Name Dropper First Post
    Forumite
    edited 7 April 2018 at 10:44PM
    Glad to hear it has gone through Twubble and best of luck for the year ahead
  • Twubble
    Twubble Posts: 80 Forumite
    Well, a year has past and I am a free woman! Actually, the year went so fast I cannot believe it. It seems like just a couple of months ago that my DRO was accepted. I did have one wobble when I received a substantial (to me) tax rebate and Working Tax Credit catch-up payment, which totalled £1049.00, but the OR was brilliant and told me to not worry as it was just over the £1000. Phew. That was a huge relief, especially as the money was eaten up on things that I badly needed replacing. Other than that, it was wobble free and no stress at all. I really cannot understand why I made such a fuss over it!

    I even have a credit building credit card on the way. I didn't ask for it, but did take up the offer. I need to rebuild my credit (very carefully!) in case I'm in a position to get a mortgage in the future. I wouldn't bother if it wasn't for that. I will NOT be getting into debt again! The DRO has taught me a lot. It's an amazing opportunity to reset your financial life and start it again. Obviously, if you can pay your debts, brilliant. I was servicing mine for years and years until I just could not go on. I ended up living on credit in order to pay the debts each month, which is insane. I'm glad I did it, but I won't be doing it again!

    Good luck everyone. If you need it, go for it! It's a life-changer.
  • snowwhyte
    snowwhyte Posts: 63
    First Anniversary Combo Breaker
    Forumite
    I'm glad to hear you made it through the year without too much trouble. Maybe it's because I am practically counting the days of my DRO but the year seems to be going quite slowly for me. I have exactly two months left to go so i'm hoping the last leg goes a bit quicker.

    Enjoy your fresh start.
  • Twubble
    Twubble Posts: 80 Forumite
    Thank you. You're almost there. I was counting too, but time's still flown at an insane speed. Bit worried actually, as I don't want my life to go this fast!

    You'll soon be celebrating your freedom as well. Best of luck with the home straight.
  • stef81
    stef81 Posts: 1
    First Post
    Newbie
    Hi Twubble, 
    I was wondering if I can get in insight of the steps in applying for a DRO . I am also self employed . I kind of got the gist of the steps , however I am worried about the assets part . For instance my partner bought from his account , but I am driving it mostly and in fact the V5 is in my name because of insurance being cheaper . Do I need to tell them this or just leave it out ? Will they ask my partner to show the transaction from his account to prove he is the owner ? Also he bought it from a private individual . I don’t want my partner to know about me applying for a DRO . Is anyone coming at your home address to go through your assets ? How would they know if you own a vehicle or not if you don’t tell them . Let’s say you bought it privately in cash and therefore there is no proof of transaction . 
    We have a tv that we paid almost £2000 . Do I need to tell them about that ? 
    You previously mentioned about your private reg. I bought many years back two private plates but I only paid about £500 each . But they are not in use . I just have them in my shed , and I intend to use them in the future in better times . Would they find out about them if the are not in use , on any vehicle ? 
    Please can you also advise how do you prove your income if I’d not regular and most of the times is in cash and sometimes bank transfer . 
    I would really appreciate if you could reply with some helpful tips . 
    Regards , 
  • mwarby
    mwarby Posts: 2,048
    First Anniversary Name Dropper First Post
    Forumite
    I'd say if it's yiur name on the V5 they'll view it as your vehicle until can prove otherwise. The insolvency service are a government department of sorts and also I believe work with Experian, trying to pull the wool over their eyes isn't a great idea, and will likely end in tears

    nobody will visit your home in normal course of events

    generally they aren't interested in TVs but given the usually high cost/value I'd mention this to the debt advisor you need to go though to get a DRO

    the private numberplates they can find out about through DVLA, but they're unlikey to look. you should mention these to debt advisor though or sell and out proceeds towards debt

    AFAIK you'd prove your income via your accounts, as you would to do your tax return

    I'd really try to be as open and honest as you can be, insolvency isn't really the time to be trying to hide things, if/when it unravels your DRO will be cancelled(could be years later) and you could find yourself in cort. Much better to bare all and know that its over and done with
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.2K Banking & Borrowing
  • 249.8K Reduce Debt & Boost Income
  • 449.3K Spending & Discounts
  • 234.4K Work, Benefits & Business
  • 606.7K Mortgages, Homes & Bills
  • 172.7K Life & Family
  • 247.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards