Debt Relief Orders (DRO) - Information & help thread

fatbelly

dd0910 wrote: »

I was just wondering, what are included in assets? I have 2 tv's, one of which was given to me by my mum, we also have a computer and 2 laptops as well as games consoles. I'm assuming these would be counted.

Also does someone come round to your house to check?

No-one attends to check. The whole point of DROs is that they are cheap to administer, and most of the donkey work is done by the (unpaid) Intermediary. If any of those items were bought on credit (catalogue, payment plan) that might get listed in the application then it might be worth citing them as assets. TVs are exempt:

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.

Intermediaries should exercise discretion when advising what household items should be classified as basic and therefore not requiring declaration as assets with realisable worth. Items of luxury should be included on the application form.

dd0910

Sorry if this has been asked before but just how big an impact does taking out DRO have on your life. Like, what would I not be able to do? This may sound a dumb question but I'm 27 years old and have been with people who always took over money and I've never learned anything so feeling so lost and desperate.

Also my partner thinks it must be dodgy as you have to pay money before they'll do it.

fatbelly

Does your partner think full bankruptcy is 'more dodgy' - that costs £525 or £700.

There's a section on 'what effect does it have?' in this factsheet

Factsheet Debt relief orders

For most people the answer is 'nothing' as long as your bank account is in credit and not linked to any of your debts.

You need to find an Intermediary and run your questions past him/her.

Nicky2607

Hi,
I got my DRO approved 2 months ago through the help of national debt line. I am currently coming up to the end of my mobile contract which was fine to keep as its the only source of communication I have and the monthly amount met the criterea on my budget form. Next month im due an upgrade, will this be ok to do while im in my DRO or shall I cancel the contract and go on to pay as you go? The only issue with pay as you go is that I couldnt afford to buy a phone out right and the one I have now is nearly on death doors. With an upgrade I know im guaranteed to get a phone out of it but I wont do that if it will effect my DRO?

Nicky2607

Hi,
I got my DRO approved 2 months ago through the help of national debt line. I am currently coming up to the end of my mobile contract which was fine to keep as its the only source of communication I have and the monthly amount met the criterea on my budget form. Next month im due an upgrade, will this be ok to do while im in my DRO or shall I cancel the contract and go on to pay as you go? The only issue with pay as you go is that I couldnt afford to buy a phone out right and the one I have now is nearly on death doors. With an upgrade I know im guaranteed to get a phone out of it but I wont do that if it will effect my DRO?

fatbelly

Nicky2607 wrote: »

Hi,
I got my DRO approved 2 months ago through the help of national debt line. I am currently coming up to the end of my mobile contract which was fine to keep as its the only source of communication I have and the monthly amount met the criterea on my budget form. Next month im due an upgrade, will this be ok to do while im in my DRO or shall I cancel the contract and go on to pay as you go? The only issue with pay as you go is that I couldnt afford to buy a phone out right and the one I have now is nearly on death doors. With an upgrade I know im guaranteed to get a phone out of it but I wont do that if it will effect my DRO?

Nicky - it shouldn't cause a problem.

TML1617

Hi All,

I'm sure this question has probably been asked a 100 times already but with a 195 pages to go through I hope the quicker option is to just ask again!

My DRO completed it's 12 months in August (2013) and I just wanted to know what I should do next with regards to my credit?

I've applied for a credit report today and would like some tips on what I should be looking for / seeing and if it's not right how I fix it please?

I've been to the CAB to ask the same question and they said no one writes to you to confirm it's completed or the debts are written off and I don't need to do anything as my Creditors will know that it's finished and they have to wipe the debt off and notify Experian ect. Is this true?

I'd like to get my life / finances back on track as quickly as poss so any help gratefully received xx

mystery_girl

My friend has done a debt relief order with the cab.
She has asked me for advice but not done any welfare rights work in DRO for some years.

Her and her husband seperated and the divorced. The water rates were in his name though she dealt with it and paid it through her bank.
Now the water people have stated that she is not responsible for the bill even though they knew he was no longer there and she had been paying it.

What should she do?

Thanks for the help.

Experian_company_representative

TML1617 wrote: »

My DRO completed it's 12 months in August (2013) and I just wanted to know what I should do next with regards to my credit?

I've applied for a credit report today and would like some tips on what I should be looking for / seeing and if it's not right how I fix it please?

The DRO on your report should be updated as DISCHARGED but check and let us know if not. Also check the other entries to make sure the individual lenders have updated them as no longer outstanding. Again, if any haven't been updated let us know. Then your job is building some new positive credit history to help rehabilitate your credit report. The adverse entries will hang around for six years but the impact is likely to lesson as time passes and if you can collect some more recent positive information this should help you.

James

TML1617

Hi James

Thank you so much for coming back to me, I've googled and googled trying to find info but there is nothing that tells you what to do after the DRO has finished.

I'll let you know in a few days once I've received my report.

Kind Regards, TML