Debt Relief Orders (DRO) - Information & help thread

Orville

astra_man wrote: »

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??

Work out all your outgoings without including your debts. If you have over £50 a month left after that then you do not qualify.

If you work it out including your debts and you still have money left over then it would be pointless applying for a DRO as you can afford your debts and still have money left over.

joandkaz1

Hi we paid for our dros yesterday at 11am...how long does it normally take to go through. Our advisor is leaving to go on hol today at 2.30 so wont be able to let us know x

joandkaz1

feel sick waiting!! will it come up on the register as soon as it is approved?

hoxtonbabe

wba31 wrote: »

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

Its just shy of £250, not much, its the older one with alot of money, but as I mentioned, that was open from 12 years ago and as of last week solely transfered to his name, I have no acess nothing, so hopefully (fingers crossed) it will be ok.

thanks

wba31

joandkaz1 wrote: »

Hi we paid for our dros yesterday at 11am...how long does it normally take to go through. Our advisor is leaving to go on hol today at 2.30 so wont be able to let us know x

Has your advisor submitted the application? i would give it 2-3 working days, it rarely takes much longer than that, if it takes that long at all

craig5201

i got to to wait 7weeks from debt line on how long they look at the forms it that ture

thanks

wba31

craig5201 wrote: »

i got to to wait 7weeks from debt line on how long they look at the forms it that ture

thanks

if they are that busy then that's how long it takes. Stay aware of your balances and make sure you have your £90 ready for the end of that time limit, and then once they're ready you'll be all ready to finish off

joandkaz1

wba31 wrote: »

Has your advisor submitted the application? i would give it 2-3 working days, it rarely takes much longer than that, if it takes that long at all

yes all submitted. Im just worried for nothing I think. x

immoral_angeluk

craig5201 wrote: »

i got to to wait 7weeks from debt line on how long they look at the forms it that ture

thanks

It's the info gathering that's the longest part, waiting for responses from creditors, getting credit reports. The actual application takes no more than an hour if you have all the info ready but you need to bear in mind that you need to be advised on all the options and be given time to ensure it's what you want to do. There's no hard and fast rules really. As already mentioned, it also depends on how busy your intermediary is.

merrie_2

My DRO finished today. What happens now? I know my debts are discharged but do I get a letter confirming this? I've heard absolutely nothing over the course of the year and all the information I've found is about how to qualify for a DRO, not what happens after.