Debt Relief Orders (DRO) - Information & help thread

michellew_2

Hi
Wondering if someone can help, we're on a DMP but things have changed and "disposable" income has dropped so we are looking into DROs. Are household electricals counted as assets - TVs , computers etc? I have been quite lucky and won a couple of things and our son gets quite expensive gifts being the only grandchild - would these things be counted ? Thanks

Also for the asset total are things "lumped" together?

Smart_Mart

Sent off my CCCS paperwork on Tuesday and had a receipt from them today with a leter stating I'd be waiting about eight weeks. I had thought originally about switching intermediaries to Baines & Ernst but they don't even answer their DRO helpline....

Happy to stick to CCCS now and at least the process is underway now. Will start making token payments from next week now...

mumof1and1ontheway

I'm confused with those who say you will be waiting weeks? CAB have told me I will wait up to 2 weeks for the experian report... but once I apply for the DRO it will take 48hrs to go through... is it just CAB that are mega fast? Or have I got the wrong end of the stick?

Also they said my laptop will be taken away which is from BrightHouse. He said I can stop paying now as any charges I incur will also be wiped. But I am worrying of any consequences if it takes a while to go through so.. should I carry on paying or stop?

Also I need a laptop to do college work as have signed up to open uni, so am I allowed to have a laptop over £300 if it was bought as a present? Or if I borrowed someone elses like a family member? (obv itl be in their name as they will have bought it now me).

And where do I stand with the open uni grant? I have no just been told they pay you £289 towards books, travelling to lectures etc. But a friend has said they actually pay you more than you need for the items required. Would I be able to state I need to use some towards a computer maybe? I want to do this right and dont want to mess it all up over something stupid. Sorry for all the questions.

sparkswillfly_2

I was wondering if anyone has had any luck with CCCS recently? I was quoted 8 weeks originally but now Im in week 10 and Im mega mega stressed with all the phone calls and letters and no one accepting my offers. I darent ring just in case they tell me another 4-6 weeks, ill cry if they do.

fatbelly

mumof1and1ontheway wrote: »

CAB have told me I will wait up to 2 weeks for the experian report... but once I apply for the DRO it will take 48hrs to go through...

Experian are taking around 4 weeks at present and the Insolvency Service are approving Orders in around 24 hours!

fatbelly

michellew wrote: »

Hi
Wondering if someone can help, we're on a DMP but things have changed and "disposable" income has dropped so we are looking into DROs. Are household electricals counted as assets - TVs , computers etc? I have been quite lucky and won a couple of things and our son gets quite expensive gifts being the only grandchild - would these things be counted ? Thanks

Also for the asset total are things "lumped" together?

Here's the official guidance on household assets:

Please indicate whether the debtor owns any other assets that have a realisable value by selecting ‘Yes’ or ‘No’ as appropriate. These assets would include items that have a resale value (the total proceeds that the debtor would receive if they sold the goods) that would impact on the overall asset limit, but do not include basic household items such as cutlery, crockery, cookers, televisions, beds or furniture. Therefore assets with a realisable value may include for example shares, stocks, premium bonds, antiquities, or collections etc.

Intermediaries should exercise discretion when advising what household items should be classified as basic and therefore not requiring declaration as assets with realisable worth. Items of luxury should be included on the application form.

If the debtor does own other assets with realisable value, please select ‘Yes’. The form will then generate further mandatory questions.

5.7.1 Description
Please provide a description of the realisable asset, i.e. sufficient information for the asset to be identified and valued.


5.7.2 Value
Please provide what the debtor considers to be the value of the realisable asset in pounds. However, whilst this value will be taken as true and correct on application, the Official Receiver may make further enquiries into the value given. If it is found that the debtor did not provide accurate information in answer to this question, the DRO may be revoked and the debtor may face criminal and civil sanctions.

Please note: Assets purchased recently may well have not lost any value and could well impact on the asset limit of £300.

5.7.3 Any more?
If the debtor wishes to add further assets of realisable value, please select ‘Yes’. The realisable asset previously declared will then appear on the page, and the debtor will be able to complete the description and value fields for the second realisable asset. Please repeat this process until all the realisable assets are provided for.

Once all the debtor’s realisable assets have been included in the application, please select ‘No’. You may edit or delete any realisable assets added.

There is also a commentary box at the end of the Assets page. In this box, the debtor may wish to include any further comments as to their assets that they feel would be relevant to their application for a DRO. A debtor may for example wish to declare those assets that they believe to be of no realisable value. A debtor should also in this situation provide a reason as to why they believe this to be the case.

michellew_2

Thank you - I guess the "boy toys" are technically our sons so they wouldn't count either - just have to wait and see what hubbys old pension is worth - he wasnt there long but was a while back so maybe on the limit with that

fatbelly

michellew wrote: »

just have to wait and see what hubbys old pension is worth - he wasnt there long but was a while back so maybe on the limit with that

That's only going to affect his application - and the rules may change soon on the £300 pension value.

michellew_2

A large amount of the debt is joint - overdrafts on joint account so will need to ring his pension co in the morn for an estimate of value - any idea how the limits will change and when? tbh £300 isnt a lot to allow for something the gov pushed us all into doing

debrag

what happens to your credit report once you reach your end date? Does everything get 'settled'? what needs cleaning up?

I have defaults/accounts closed were dated after my DRO started, actually most of mine were placed in September 2009 one Jan 2010