Debt Relief Orders (DRO) - Information & help thread

fatbelly

joshtwo wrote: »

Hi everyone, could anyone tell me how long it take to process a dro once you've pd your £90?
many thanks

Depends how busy your intermediary is and what stage they are at with putting your application together.

Most of my clients struggle to get to £90 so by they time they tell me they've completed their payments, I'm usually ready to go and submit it that day or within a day or two.

joshtwo

Im posting all the paperwork on thurs and i have the £90 to pay. how long would you think it would take roughly. Im scared more charges will go on my cc and put me over the 15k.
thanks for your help fatbelly

elcave

Ive been speaking to the national debt helpline about getting a dro for phone contracts and a payday loan I had when I was self employed. They say that phones are included as assets and therefore the dro would be declined but others say phones arent included or dont mention them at all.
The phone contracts are in my name but were for other people. Can you clear this up for me please.

caz2003uk

i did mine with the cab n my intermediary submitted it posted me the paperwork and barcode i paid this at the post office, sent the paperwork guaranteed first class next day by 1pm, this was on the thursday and by saturday my name appeared on the insolvency register on the saturday morning, so it really depends what stage your at

fatbelly

joshtwo wrote: »

Im posting all the paperwork on Thurs and i have the £90 to pay. how long would you think it would take roughly. I'm scared more charges will go on my cc and put me over the 15k.
thanks for your help fatbelly

If you're near the 15k limit your Intermediary should know this and know that you both need to act quickly.

Can you pay the £90 at a Post Office tomorrow? If so, phone the Intermediary and tell them what you're doing.

The balances that count are the ones on the 'day of determination', which is a bit iffy because you only know the day of submission. It's normally determined on the day after submission but two emails I got today relate to Monday's submissions so it may be more like 2 days at the moment.

joshtwo

fatbelly wrote: »

If you're near the 15k limit your Intermediary should know this and know that you both need to act quickly.

Can you pay the £90 at a Post Office tomorrow? If so, phone the Intermediary and tell them what you're doing.

The balances that count are the ones on the 'day of determination', which is a bit iffy because you only know the day of submission. It's normally determined on the day after submission but two emails I got today relate to Monday's submissions so it may be more like 2 days at the moment.

Hi Fatbelly, i'm £300 below £15k. im posting all my paperwork off to change step tomorrow in the quickest post. I read through paperwork they sent me and it says they will send me back a draft and how to pay the £90 and once I pay the £90 they will submit the application. I cant pay the £90 until tues. Do you think I'll be ok and won't go over th 15k. hopeful I will hear by next Fri if my nerves hold out!
Thanks again for all your help.

fatbelly

joshtwo wrote: »

Hi Fatbelly, i'm £300 below £15k. im posting all my paperwork off to change step tomorrow in the quickest post. I read through paperwork they sent me and it says they will send me back a draft and how to pay the £90 and once I pay the £90 they will submit the application. I cant pay the £90 until tues. Do you think I'll be ok and won't go over th 15k. hopeful I will hear by next Fri if my nerves hold out!
Thanks again for all your help.

It sounds like you're going as fast as the Step Change process works.

So you haven't had the barcode yet. I get that to the client (at the CAB) as soon as we've identified a DRO as the way forward.

£300 is 2% of your debt, which is probably more than a month's interest - depends on the make-up of your debts. If you have undefaulted loans with a contractual payment of £200+, and that is due in the next few days, then you could be sailing very close to the limit.

Even if the Intermediary submits the application with the figures totalling less than £15k, the creditors could still state that their debt balance should be higher (if that's true). In the past we have had problems with water authorities 'discovering' old arrears from previous properties, and debt collection agencies scouring their records for older 'forgotten' debts.

If your debts are over 15k then it is fine to pay them down below the limit, but this must be done on a pro-rata basis, so that they are treated equally. This works best when they are old and stable - we had to do it once for someone with debts around £15030. Brought it down to £14999 and submitted!

elcave

I've been speaking to the national debt helpline about getting a DRO for phone contracts and a pay day loan I had when I was self employed. They say that phones are included as assets and therefore the DRO would be declined but others say phones aren't included or don't mention them at all.
The phone contracts are in my name but were for other people. Can you clear this up for me please.

laurendo_2

Hi there,

Could anyone give me some advice about DROs please. Going to call CAB tomorrow but thought someone might know some answers here.

I am a student with about 8200 debt (not including student loan or overdraft), mostly on the form of credit cards, store cards and a payday loan. My incomings are low, and due to the debt payments, my outgoings are high. I used the budgeting tool in the money advice website, which left me with 12 a month left WITHOUT factoring in my credit card repayments. Basically at the moment I am paying the minimum payment, then using that freed balance to buy food etc.

I'm pretty sure I would qualify for a DRO. My concern however is that my circumstances are likely to change, in that I am likely to get a job swiftly after I graduate this summer (I'm studying social work). If this happens and I declare it, will my DRO be revoked, in which case will the debts have accrued interest in that period?
Probably a stupid question but I don't know much about money except I'm in a mess.

onaed81

Hello,

Just a questions regards a DRO.
I went thru debt advice with Step Change and they advisea DRO is the best form of action for me, i trust their advice but have a few worries.

I have various debts some range from this year to 3-4 years ago, some of them i have not heard off in over 6 months so have no letters etc i assume i would have to list all creditors on a DRO, my worry is i cannot find all the information and then when the DRO has gone thru i get a letter from a creditor asking for payment, if this happens can i then add this debt onto a DRO ? Or is there a way to find out all my debts, credit report or something

Any help would be great

Thanks