Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • chickenman33
    • By chickenman33 13th Mar 17, 10:25 PM
    • 1Posts
    • 0Thanks
    chickenman33
    DRO Advice
    • #1
    • 13th Mar 17, 10:25 PM
    DRO Advice 13th Mar 17 at 10:25 PM
    Hi,

    I'm currently in debt for £19,500. I have been researching DRO's and have a few questions I was hoping I could find the answers to here. I have never missed a payment on any of my debts however I feel that I am at a stage now where I am having to use available credit to meet my minimum payments.

    1. Will I be granted a DRO if I've never missed any payments but meet all the criteria? My disposable income after household bills in massively in the negative.

    2. I have a car that has my name on the log book however my parents bought this car for me and my partner and my partner has a written contract with my father (in her name only) that she will pay my father in monthly installments. The car is worth around £4500-£5000. Where would this stand as obviously although my name is on the log book there is an outstanding finance to my father owed by my partner for £4200. My partner is the only one who uses the car and she uses it to travel to work and do the shopping etc. This is the only car in our household.

    3. What can I expect after my application is submitted? Will anybody come to my house to check my assets etc?


    Thanks for your help.
Page 1
    • fatbelly
    • By fatbelly 14th Mar 17, 6:49 PM
    • 10,959 Posts
    • 8,161 Thanks
    fatbelly
    • #2
    • 14th Mar 17, 6:49 PM
    • #2
    • 14th Mar 17, 6:49 PM
    1. Yes

    2. The registered keeper is not necessarily the owner. If your wife owns it, it's not your asset.

    3. No-one will come to your house. Many different forms of checks could be done but the only routine ones are an Experian check and a check of the insolvency records.
    • sourcrates
    • By sourcrates 14th Mar 17, 9:23 PM
    • 11,211 Posts
    • 10,876 Thanks
    sourcrates
    • #3
    • 14th Mar 17, 9:23 PM
    • #3
    • 14th Mar 17, 9:23 PM
    Double check your debts are below the 20k limit.

    The whole DRO process relies on the information you give the insolvency service.

    It would be an impossible task to perform those checks you mention for every application, they simply do not have the staff to perform such checks, one reason debt relief orders were introduced was to take the pressure off the bankruptcy courts for lesser debt amounts.
    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.
    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/
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

188Posts Today

1,486Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin