Debt Relief Orders (DRO) - Information & help thread

Orville

Dolly_Dimples wrote: »

Hi fatbelly, thanks for your prompt response - any help or advice is most welcome!

Yes, my accomodation is privately rented.

That's good about the car... I should be ok, as my OH has a car which I can use for work.

A lot of people would laugh at my £11,500 debt... but any debt is scary when you can't pay anyone back (let alone afford to live) & you are receiving 10's of phone calls/text messages a day..

Somedays I feel like I can't breathe...

I turn 30 next month & don't feel as though I have a lot to look forward to.. but no good feeling sorry for myself, just got to get through it & move on!

Sorry for the whinge!

Thanks again

Emma

Nobody will laugh at your debt on this thread emma as most of us have been there. Nothing to be ashamed of. As for not having alot to look forward to view it this way (i did). It's a whole new start, don't look back look forward and think how much better life will be without this noose around your neck. The day i got my DRO it felt like the burden had been lifted from me and life has only gotten better since. It will be the same for you too.:D

3Dogs

Sandella wrote: »

any news on the pension rules (as talked about before) as I have a very small opt out pension which is stopping me going for DRO and am considering bankruptcy instead, my debts are under £15,000

wba31 wrote: »

Will hopefully know something toward the end of next week as there is a meeting taking place on Tuesday where my boss will be chasing it up

Penelope_Penguin wrote: »

Pensions are due to be excluded from being classed as an asset from the end of this month :T

Have you an intermediary who's agreed to submit your DRO? I'd suggest contacting them directly.

Really really hoping that this is going ahead so that my DH can apply for a DRO too - my life has changed since mine went through in January - gosh, it's 2 months into it already, that's gone so fast :j :j If and when the rules change, he can apply as it is only the pension rule that is stopping him at present, so looking forward to confirmation of this

astra_man

So, I have been thinking, and have been asked the question,
When I go for my DRO, what will happen with the income that will be free'd up if you like? The income with which I was paying the debts off (that I could?)

manicboy

I Have a question does it mean when its says Moratorium Period ended on 09 March 2011 for exmaple.? Second question if the moratorium peroid has ended how long before a person can get they life back . Do you still have a limit of £300 pounds for the next 3 months and when or if will you be allowed to start saviung for a rainy day so that you can rebuild your life. Thanks all hope you dont mind me asking could do with some advice as you have all bee wornderful the past year.

danstephens

Will I be able to get a mortgage with bad credit if my Nana pays a £50,000 deposit?

I've just got past the moratoruim period on a debt relief order (1 year) which will be on my credit file for another 5 years so I am now ok to earn higher wages.

My nan has offered to pay £50,000 on a deposit on a flat costing £100,000.

Will I be accepted for a mortgage if I am working?

If not, would my nan have to buy the house in her name? How long would it take of me working steadily before I can have it transfered over into my name? (if my credit file allows it) And, would this bump up costs with solicitors fee's?

Or may it be ok to have it my name, soon as my nan is paying £50,000 upfront?
:j

wba31

hoxtonbabe wrote: »

Hello,

I originally posted this in the wrong thread so please forgive me if already read elsewhere :-)

I have just been advised to have/do a DRO, however before I actually get in contact with the relevant people I need to know where I stand with my kids savings, I have 2 kids and the eldest one has best part of 3k saved (towards his uni fees) it is a nationwide smart account and I opened if for him on his behalf some years ago, he is now 13 and can have his account in his own name so planning on taking my name off the account, but his father will still be sending him quite a deceent sum each month (part towards his uni savings and general child maintainence) naturally I would not want this effected so am I on the right track by taking my name off the account?

With regards to my little one, I had an old basic account that I didnt not use and couldnt be bothered with faffing around to open him a new one at the time so just put his money in that account, however as I said it is totally under my name, so would the best thing to do is either put it all in my other sons account or open a seperate account for the little one who is 3 but I will be linked to that account so not sure if the powers that be will take into account that the bank account is for my son.

Hope I made sense

With the first account, If it was opened for your son and the documents suggest that, it should be fine. However you may find that you need to declare the child support part as part of your income if it helps with day to day costs.

With the second account, if it just a savings account in your name i think this could cause a problem. Transferring the money into anybody else's name will be seen as giving away an asset, and this has to be declared if it has occured within the last 2 years. How much money is in this account? if it is less than £300 it should not be issue, if it is more i think this could cause a problem

wba31

astra_man wrote: »

So, I have been thinking, and have been asked the question,
When I go for my DRO, what will happen with the income that will be free'd up if you like? The income with which I was paying the debts off (that I could?)

Any income you have will be to calculate the budget, if you have more than £50 spare each month you are not eligible for a DRO

wba31

manicboy wrote: »

I Have a question does it mean when its says Moratorium Period ended on 09 March 2011 for exmaple.? Second question if the moratorium peroid has ended how long before a person can get they life back . Do you still have a limit of £300 pounds for the next 3 months and when or if will you be allowed to start saviung for a rainy day so that you can rebuild your life. Thanks all hope you dont mind me asking could do with some advice as you have all bee wornderful the past year.

If your moratorium ended on 9 March thats if for you! the extra 3 months is only how much longer your details will be on the IS register for, you are ok to save more than £300 now

wba31

danstephens wrote: »

Will I be able to get a mortgage with bad credit if my Nana pays a £50,000 deposit?

I've just got past the moratoruim period on a debt relief order (1 year) which will be on my credit file for another 5 years so I am now ok to earn higher wages.

My nan has offered to pay £50,000 on a deposit on a flat costing £100,000.

Will I be accepted for a mortgage if I am working?

If not, would my nan have to buy the house in her name? How long would it take of me working steadily before I can have it transfered over into my name? (if my credit file allows it) And, would this bump up costs with solicitors fee's?

Or may it be ok to have it my name, soon as my nan is paying £50,000 upfront?
:j

If you go through a mortgage broker you should be able to find a decent deal, who was your DRO with? they may be able to refer a decent broker for you

astra_man

wba31 wrote: »

Any income you have will be to calculate the budget, if you have more than £50 spare each month you are not eligible for a DRO

is that income before or after my debts are paid?
So say I earn £80 0a month, and I have £789 worth of outgoings, when the debts are cancelled then my outgoings go down??