Debt Relief Orders (DRO) - Information & help thread

Jonj1611

Hi,

I am seriously considering a DRO, but what exactly is classed as an asset. I have searched the thread for asset but that has bought up numerous things from houses to cars but nothing really answering the question.

Is a TV, PC, Laptop, Games Console etc all assets? I have a car but I know according to Parkers its well under the £1000 limit for a vehicle but was wondering about everything else. I have looked at 2 debt charity sites listed here but one says yes a TV etc is an asset and the other says it's not, confusing.

Thank you.

fatbelly

TVs are not assets. Which site says they are?

From the official guidance:

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.

You can see from the quote what that section is looking for. Ordinary household items (and for me that includes a PC and some games kit) isn't what it's about..

Jonj1611

Many thanks for advising me on that and I will find the site, I have a PC and so does my son, plus a games console etc so was just worried if I did this and they classed that as an asset I would lose the £90 and be refused it anyway.

Jonj1611

Hi,

I found the page I was talking about, as you can see, in the example a TV is stated as an asset, which is what got me worried about the PC, TV etc.

http://www.stepchange.org/Debtrelieforderguide/Debtrelieforderassets.aspx

Jonj1611

Hi,

I have one very last question, in regards to having less than £50 monthly disposable income. According to what I have read that is what is required to "apply" for a DRO. Thats fine for me as I am below that.

However if the DRO is granted and the repayments stop to the companies that were being paid then surely for a lot of people not having to pay back £150+ to loan companies etc will give people more than £50 left after paying bills etc or I would have thought so, so what happens then is the DRO revoked?

Thank you.

ChocolateTree

After taking away tax, national insurance contributions and normal household expenses, your disposable income must be no more than £50 a month.

I believe it is £50 excess not including what you are paying for your debts.
I'm sure someone will be along shortly to help you.

Jonj1611

It's Ok, I found the information I needed in that respect, yes it's £50 or less after normal household bills etc are paid.

fatbelly

Jonj1611 wrote: »

Hi,

I found the page I was talking about, as you can see, in the example a TV is stated as an asset, which is what got me worried about the PC, TV etc.

http://www.stepchange.org/Debtrelieforderguide/Debtrelieforderassets.aspx

Quite a lot of the info there is incomplete, out of date, misleading or wrong.

I could spend time trawling through it but don't see why I should as they are supposed to be a 'Competent Authority' employing trained Intermediaries.

Jonj1611

Indeed that is what I thought, hence why I asked as a couple of places seemed to give different or conflicting information.

Thanks for all your help
Jon

notoriousx

hi, new to board although i have been reading through posts for a few days and need a bit of advice please.
I am thinking a debt relief order is appropiate for me but im very unsure about a few things.
I have debts from years ago and a overdraft debt from 2 years ago although i have had catologues for 3 years and havent missed any payments although couldnt afford other debts. But alot of my catologue debt is due to other people ordering things out of this who keep falling behind on payments making this very hard for me to keep up and survive.
I am a single mother 3 kids and wanted to know if applying a a DRO would work for me as i have been paying 2 creditors and not the rest?
Although i am falling in debt with catologues?
And because other people have ordered luxury items such as laptops and games consoles, mobile phones would they be investigated as assets even though i cannot retrieve these as they are not mine? And i dont have proof they dont belong to me like no signed agreement.
Also as i ordered other items on the catologues such as my sofa, mattress and kids toys would these be redeemed from me is theres still an outstanding balance?
And last of all if i have jewellery in pawnbrokers for a family member who hasnt got i.d and pays through myself would this be traced up as assets?
Sorry i am very confused and hoping i can qualify as a debt management plan is going to leave me struggling for the next 10 years.
My debt is around £8000 and i currently owe no assets over £300, my children do have game consoles and i do have a tv? Does this count?
I do not own my own home or have a car and i have less than £50 after monthly outgoings.
Please help me, i am going to get a credit report ordered and go from there as i want to be in control from past foolish mistakes.
Thankyou