Debt Relief Orders (DRO) - Information & help thread

fatbelly

Widelats wrote: »

Anyone know about this small rule i found? It says if i have sold anything in the last 2 years for less than its value i could have my order refused - does this mean a private sale like on eBay and such? Coz if it does i will have to withhold any sale info from them i bet most people would have to as well.

It refers to a 'transaction at undervalue' - same as in bankruptcy. I had a client who bought a car on a loan, gave it to his son as a birthday present and then went bankrupt. The OR approached the son for the value of the car as they viewed it as a sale at £0, whereas it should have been £x,000

If you are honest (and I would regard a sale on eBay as being by definition a sale at market price) then I would not expect the order to be revoked.

If you are less than honest in this regard you should note the following:

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.

debrag

been thinking about averaging out the income over the year so weekly x 52 / 12 is that okay?

Widelats

fatbelly wrote: »

It refers to a 'transaction at undervalue' - same as in bankruptcy. I had a client who bought a car on a loan, gave it to his son as a birthday present and then went bankrupt. The OR approached the son for the value of the car as they viewed it as a sale at £0, whereas it should have been £x,000

If you are honest (and I would regard a sale on eBay as being by definition a sale at market price) then I would not expect the order to be revoked.

If you are less than honest in this regard you should note the following:

Cheers fatbelly i should be ok then, i have sold things but at a decent price, not given away.

lovemuffin

Hi all,

I have read through the thead and still have a question. I have personnal debt which i am working through nicely and i am more than happy to carry on paying them as i am.
My husband however has got about £8500 of debt in his name, he meets all the criteria, but would he have to include my income etc?
If he could do it on his own then this would be wonderful.
Does he have to put household income/outcome down or just his?

ccvictim

fatbelly wrote: »

Assets are declared on the form - I picked the following paragraph out of the notes. For £90 fee you're unlikely to get a visit from anyone.

'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. '

i have a car with value in it what should i do with it? just sell it?
live off the money until i'm at rock bottom then go for DRO?

ccvictim

Debrag i would suggest that when working your expences increase with travel expenses and work clothing etc etc so you should find it easy to remain under £50.
Can someone answer Debt Tired Q's about opting out years ago but having not paid into the/any pension fund for 6 - 10 yrs. ?
Thx
CC

JCS1

ccvictim wrote: »

i have a car with value in it what should i do with it? just sell it?
live off the money until i'm at rock bottom then go for DRO?

How much is car worth? up to £1000 and it will be exempt under DRO

peatin

Hi there, does anyone know if you get a DMP do your creditors register this with credit agencies? I would like to follow one, but scared that I'll end up blacklisted by the credit referencing agencies and things will never improve?

fatbelly

ccvictim wrote: »

Can someone answer Debt Tired Q's about opting out years ago but having not paid into the/any pension fund for 6 - 10 yrs. ?
Thx
CC

debt_doctor wrote: »

Hi all, just to confirm that anyone with a pension fund over £300 ( including opting out of serps) CANNOT enter in to a DRO.:eek:

Debt Tired needs to get a valuation done. If the pension fund is valued at over £300 then he/she should be looking at full bankruptcy (as things stand)

Godiva500

Hi
Are we talking about pensions for the future. I am a pensioner in receipt of state and normal works pensions. I am still on low income with less than £50 surplus etc.Would they be included, or do you mean extra pensions other than works pensions?