Debt Relief Orders (DRO) - Information & help thread

michellew_2

Haven't been on this thread for a while and was just wondering if the change on the pensions rule had changed yet? thanks

wba31

PandaPaws wrote: »

Hello everyone,

I received a letter in the post this morning confirming that my DRO has been approved. I'm not sure how to feel about it yet, I've been so stressed for such a long time, it might take a while for the relief to set in and for me to finally get my head round not having to live, breathe, work, sleep 'debt' any more.

Somehow, a simple 'thank you' does not convey just how grateful I am to every person on these boards who takes the time out of their own lives to respond to all the oh-so-many questions posed by people in debt crisis. The kindness of people on this board has been a lifeline to me, and the knowledge gained from those in the know and from people sharing their own personal experiences has helped me to get where I needed to be today.

To anyone who is in debt crisis who might just happen to come across this post - please ask for help. The hardest step can be to pick up the phone (in my case I chose to call the Citizens Advice Bureau) and tell the person on the other end that you need help. No-one wants to feel like a financial failure, but hey, stuff happens and things get out of your control, and the wonderful people at the CAB were incredibly professional and supportive. At no point did I feel like I was being judged. Don't bury your head in the sand, just take the first step and get some advice as to what is the best route of action for you. It's scary, but hiding from your problems is scarier, believe me.

No doubt I will have even more questions when the time comes to start cleaning up my credit file!

Thank you.
Much love to all. :beer:

As a side note on your notification, I've heard of cases where creditors who claim to have not had the insolvency service notification have asked for photocopies of the approval letter, and on receipt of that have stopped all contact... just in case Santander continue to call for a few days...

wba31

michellew wrote: »

Haven't been on this thread for a while and was just wondering if the change on the pensions rule had changed yet? thanks

Seems to have gone quiet, not sure if the change of government has put the process back a few steps..?

michellew_2

Always something lol - oh well just have to wait and see I guess thanks for the quick reply

Orville

PandaPaws wrote: »

Hello everyone,

I received a letter in the post this morning confirming that my DRO has been approved. I'm not sure how to feel about it yet, I've been so stressed for such a long time, it might take a while for the relief to set in and for me to finally get my head round not having to live, breathe, work, sleep 'debt' any more.

Somehow, a simple 'thank you' does not convey just how grateful I am to every person on these boards who takes the time out of their own lives to respond to all the oh-so-many questions posed by people in debt crisis. The kindness of people on this board has been a lifeline to me, and the knowledge gained from those in the know and from people sharing their own personal experiences has helped me to get where I needed to be today.

To anyone who is in debt crisis who might just happen to come across this post - please ask for help. The hardest step can be to pick up the phone (in my case I chose to call the Citizens Advice Bureau) and tell the person on the other end that you need help. No-one wants to feel like a financial failure, but hey, stuff happens and things get out of your control, and the wonderful people at the CAB were incredibly professional and supportive. At no point did I feel like I was being judged. Don't bury your head in the sand, just take the first step and get some advice as to what is the best route of action for you. It's scary, but hiding from your problems is scarier, believe me.

No doubt I will have even more questions when the time comes to start cleaning up my credit file!

Thank you.
Much love to all. :beer:

Hey glad it's sorted... Mine was approved last Friday. I have already have a letter from one of my credators Orange saying they will be closing my account down due to them being notified of my insolvency. They did however give me an option to keep my mobile phone account open. Needless to say i will decline that one, but it does go to show how quick things happen.:D

immoral_angeluk

wba31 wrote: »

Seems to have gone quiet, not sure if the change of government has put the process back a few steps..?

As far as I'm aware they are going to allow a small pension... but it was supposed to be coming in in Oct 10 or Apr 11.... but haven't heard anything since so I wouldn't place your bets on it being sorted any time soon.

michellew_2

Thanks angel - just so annoying hubby has a small pension from years ago that he cant even access for over 10 years and thats the only thing stopping us from going for a DRO

fermi

Last I saw was this, which I think is much the same as IA has seen?

http://www.i-m-a.org.uk/news/summer-2010.pdf

Pensions as an asset in DROs

As many of you will know clients with a pension value of above £300 are excluded from a Debt Relief Order. The government consultation for making changes to the current position closed on 24th June.

The Insolvency Service reported that they have received a good number of responses with a consensus for change. They are now in the process of collating the responses and will push forward a Statutory Instrument submission to the new minister, Edward Davey, (under Vince Cable minister for Business, Innovation and Skills) before summer recess. If this is accepted and all goes according to plan the submission will be included in changes for autumn 2010 or spring 2011.

immoral_angeluk

michellew wrote: »

Thanks angel - just so annoying hubby has a small pension from years ago that he cant even access for over 10 years and thats the only thing stopping us from going for a DRO

How small are we talking?

immoral_angeluk

fermi wrote: »

Last I saw was this, which I think is much the same as IA has seen?

http://www.i-m-a.org.uk/news/summer-2010.pdf

Pretty much