Self Employed DRO

245

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  • fatbelly
    fatbelly Posts: 20,343
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    If the debts are not business debts there is no reason for you to be treated differently from someone unemployed/employed
  • ToxtethO'Grady
    ToxtethO'Grady Posts: 342
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    edited 21 October 2017 at 9:56AM
    Hi Twubble

    Hope it all goes well for you and as others have said just take your time with it.

    Business Debtline will be able to 'smooth out' your variable income so your budgets, both business and personal, are in the format the DRO team prefer. They should also be able to give you hints and tips and around costs you can claim back as expenses or from your tax; you work from home so you may be able to put your heating/lighting costs against your income. From what you've said you probably earn below the tax threshold so it's more about putting it as an expense that reduces your income.

    They're the best at giving advice around these self-employment areas so that's why the other free debt advice agencies refer to them.

    Thanks for offering to keep us updated, it helps us who give advice, as well as other people in the same situation.
  • Twubble
    Twubble Posts: 80 Forumite
    Okay ... so I went back to burying my head again since I came on with my questions, and it took until this morning, to finally build the courage to ring Business Debtline. After hanging up once through sheer terror, I rang again, waited to be answered, and then spoke to a really lovely and helpful lady. I had already sorted out my budget, so we ran through it together. She's happy with it, and happy with my situation, and so is sending out my application pack. I have an Experian credit report from around 6 weeks ago, but I've ordered another today, so it's fully up to date. I should more or less be able to send the pack straight back when it arrives, and then it will take some time at their end as they have a backlog. She did tell me it was probably quicker to go through someone else, but as I was turned away by Stepchange for being a sole trader, I told her that a couple of months is fine. She thinks it will be around the end of January, but she doesn't foresee any problems with it going through, so I'm happy with those timings, now that this forum has eased my mind about the length of time it takes for banks, etc, to deal with debts.

    So now I feel massively relieved, and I'm wondering why the heck it took me so much time to make the call. I knew my fears were totally irrational, but ...

    I only have one question at this time, and that is about my bank account. The bank account I am using now (Nationwide Flex Direct) doesn't have an overdraft attached, and I have never had any debts with them. I am wondering whether I would be okay sticking with the Flex Direct or whether I should pay them a visit and get it changed down to the Flex Basic. As there is no overdraft, there's no difference really, as far as I can see. I do want to stick with the Nationwide, if possible, but I'm not sure if things will be safe as they stand. I obviously need to get this sorted out asap. My debts are with Barclaycard, Santander, Argos and Very. I don't think any are connected to Nationwide, or I hope they're not. Any advice on this would be greatly appreciated. :o)

    And I just want to add, if anyone is in the same boat as me (sole trader, but only just!), and they're worried about contacting Business Debtline, then don't worry. It's really nowhere near as scary as you think it's going to be! The lady I spoke to couldn't have been nicer and more helpful, and they're totally non judgemental.
  • fatbelly
    fatbelly Posts: 20,343
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    Business Debtline are good.

    So are Nationwide. They are still a building society and as independent as you can get.

    Stick with the account you have. I don't think you'll have any problem
  • Twubble
    Twubble Posts: 80 Forumite
    That's great news. Thanks for that, Fatbelly. I finally feel like everything will be okay after all. :o)
  • Twubble
    Twubble Posts: 80 Forumite
    Hi again. I have finally just received my credit report, but they have sent a key to download it online as opposed to sending out the copy to me. I have printed this off, and it has all it should have on it. Will this be acceptable to send in to Business Debtline, or will they need the 'official' printed version? It takes so long, and it will take even longer with Christmas and New Year if I need the hard copy.

    Thank you! :o)
  • sourcrates
    sourcrates Posts: 28,647
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    Twubble wrote: »
    Hi again. I have finally just received my credit report, but they have sent a key to download it online as opposed to sending out the copy to me. I have printed this off, and it has all it should have on it. Will this be acceptable to send in to Business Debtline, or will they need the 'official' printed version? It takes so long, and it will take even longer with Christmas and New Year if I need the hard copy.

    Thank you! :o)

    A Credit report is a credit report, as long as its legible, and covers all your debts, it will be fine.
    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 [email protected]. 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-letter
  • Twubble
    Twubble Posts: 80 Forumite
    It's totally clear and shows everything, so I'll get it in the post asap.

    Thanks, Sourcrates. :o)
  • Twubble
    Twubble Posts: 80 Forumite
    Business Debtline have my application (delivered today), so it's just a case of waiting now. I doubt it will even be looked at before they finish for Christmas, as I know they have a backlog, but at least it's there. Phew.
  • Twubble
    Twubble Posts: 80 Forumite
    Just for reference for anyone else in the same boat, I have received written confirmation that Business Debtline has received my application for a DRO, and it states that there is a backlog, which means it could be up to 8 weeks before my application is allocated to an advisor. That's about 3 weeks more than I was told on the phone on the 4th December. It did take 2 weeks to get the key for my Experian report, so if you are thinking of starting this process, order your report so it's ready to get off straight away.

    I'm not sure whether any of the others are faster at the moment, but not a lot is going to happen in those extra weeks, so I will just have to be patient for a little longer. At least they have every single bit of information I could send them (and more!), so the application itself should be simple and quick for them to do.

    Merry Christmas everybody. Here's to a better 2018!
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