Debt Relief Orders (DRO) - Information & help thread

yeslek

any help please guys?

''My concern is that it says you pay £90 to apply but then it could still get refused. I dont really want to pay that much money to be told no. If I was to be unlucky and refused, would this, or most of it, get refunded or is that a risk I have to take? If not, then can anyone advise as to why it might be refused?''

mandyl

if its refused you loose the £90

wardie2437

I suppose the best thing to do is get yourself a full report from Experian or something?

yeslek

but what should I be looking for in my credit report?

wardie2437

I would think you would be checking to see your debts didn't total more than £15K, otherwise this isn't an option. My only bugbear is the £300 worth of combined assets - its a bit vague - for example who's to check up you dont declare whats in your own home - OR who estimates the cost of the assets??

yeslek

I was wondering about the asset's thing too as like I have laptop and TV so do they count?
also, somehow CCCS worked out I have £800 in assest's which seem's a bit high as I dont even own a car anymore.

I already have a log of what, who and how much I owe (see sig), as well as any late payments incurred in the last year which if I recall correctly is all you get on the free credit reports anyway. I dont see what other information they can give me that would help. So, what should I be looking for (in terms of my acceptance probability)

broken_spirit

yeslek wrote: »

I was wondering about the asset's thing too as like I have laptop and TV so do they count?
also, somehow CCCS worked out I have £800 in assest's which seem's a bit high as I dont even own a car anymore.

I already have a log of what, who and how much I owe (see sig), as well as any late payments incurred in the last year which if I recall correctly is all you get on the free credit reports anyway. I dont see what other information they can give me that would help. So, what should I be looking for (in terms of my acceptance probability)

Hi, I'll admit I'm no expert on this yet, as I'm currently waiting to hear if my DRO will be accepted with NDL. I've sent them my SOA, proof of income, bank accounts, pension etc. I'm just wondering what information you gave cccs for them to work out your assets as £800. Like you, I don't own a car, I just possess general household goods. No huge plasma tvs etc. I do know that until NDLs AI has looked at my submitted papers & informed me were there to be any issues regarding it, I don't pay anything. Once I've been informed that everything is ok, then I get my barcode & have to go & make my £90 payment. I would imagine that the same process applies with cccs, but if they are saying you have assets of £800, then they wouldn't submit your form, I would imagine as the £300 asset threshold is one of the criteria. Perhaps it's worth talking to them again

broken_spirit

wardie2437 wrote: »

I would think you would be checking to see your debts didn't total more than £15K, otherwise this isn't an option. My only bugbear is the £300 worth of combined assets - its a bit vague - for example who's to check up you dont declare whats in your own home - OR who estimates the cost of the assets??

Hi, nobody comes to check your home, but it's in your own interest to be honest, as should anything come to light after you'd been approved for a DRO, they can revoke them. As is the case should you not declare all your debts to keep yourself under the £15,000 cap. I would advise anyone who is getting close to the 15K to apply asap, as I'm doing mine with NDL & it's going 2 take approx 9wks.

fatbelly

yeslek wrote: »

then can anyone advise as to why it might be refused?''

In most cases applications are declined because

you have more than 15k debt or
you have more than £300 assets or
you own your home or
you have more than £50 per month surplus income or
your car is worth more than £1000

In other words, you failed to meet the basic criteria and so shouldn't have applied anyway.

For 'conduct' issues, the DRO tends to get accepted, then revoked after investigation.

I think it's still around 1% that get declined/revoked. As long as you're careful you should be fine - most are OK.

scarlet55

yeslek wrote: »

I was wondering about the asset's thing too as like I have laptop and TV so do they count?
also, somehow CCCS worked out I have £800 in assest's which seem's a bit high as I dont even own a car anymore.

I already have a log of what, who and how much I owe (see sig), as well as any late payments incurred in the last year which if I recall correctly is all you get on the free credit reports anyway. I dont see what other information they can give me that would help. So, what should I be looking for (in terms of my acceptance probability)

firstly, they wont count things like tvs or laptops...unless they were really expensive and would now fetch £300 at resale value...what assets are they talking about ? you MUST make sure that ur debts dont total over £15000 wen ur dro is submitted..