Debt Relief Orders (DRO) - Information & help thread

fatbelly

If you pay off all your creditors on a pro-rata basis you would not show a preference.

If your father paid some off on whatever basis it would not be a preference (because a third party can do what it likes with its money).

You said 'I don't want bankruptcy as I work in a bank'

So the first thing to establish is exactly what effect (the 3 different forms of) insolvency would have on this career path.

You have maybe 5 options. You don't have to rush into one without understanding the implications.

I don't really want to get into the detail of a DRO but is all the £18632 debt consumer credit debt? (loans, credit cards, overdrafts, catalogues)

If not could you say what the 'other' is?

longtermplanner

fatbelly's point about the effect on job is very important. If you think that bankruptcy would have an adverse effect, then you need to check that the same would not apply to a DRO. IVAs are pretty much always OK, they were designed for people who cannot go bankrupt because of their job.

Good though Stepchange usually are, it sounds to me as though either you haven't been given clear advice or you yourself weren't very clear when asking the question.

As this is such an important decision for you, I suggest that you should do 2 things:

1) phone National Debtline and ask them about a DRO if you get this money from your dad and divide it equally between your creditors. How long will it be before you can apply for a DRO after doing this is the question you want a definite answer to.

2) talk to an Insolvency Practitioner or two about a single payment IVA. I can't recommend one, but the link I gave before has links to a couple of IVA specialist forums so pick up a couple of names from there.

Helpappreciated_2

As I said I am goin to find out the implications on my job Monday but I'm not too worried over that I as am training for a career in education which I know won't be affected! Hopefully I will be qualified in the next 6 months. I have been in debt management since last year and I really am struggling still, it is all credit cards overdrafts and loans, I rent my house and drive my mums car so I do fit all the criteria except the amount!
Thankyou so much for your advice I will be ringing around to get more advice before I choose the best course of action!

chl77

I am waiting to see if my DRO is accepted and wondered if anglian water will pursue my partner for the water debts. He has no idea as he struggled to pay the rent/other bills which is his contribution to the bills

fatbelly

chl77 wrote: »

I am waiting to see if my DRO is accepted and wondered if anglian water will pursue my partner for the water debts. He has no idea as he struggled to pay the rent/other bills which is his contribution to the bills

This is a bit of a non-answer. Normally if it's a joint debt then the liability just moves over to the person who doesn't have a DRO.

However, I am aware of one authority that just writes off the whole account and creates a new one.

If anyone knows what Anglian do, then please let us know.

chl77

The water debts are in my sole name

chl77

Can anyone please tell me how long a DRO takes to be approved. I paid my £90 on Wednesday morning of 5/2/14. I was due to pay the bailiff this day and the cab office said to use the money for the DRO. I am now petrified they will come out and try and take my goods as I haven't heard anything about the DRO application. Does anybody know how quick the bailiffs will come out, marstons are the firm

fatbelly

DROs usually approved the working day after submission - sometimes two days

username200

debt_doctor wrote: »

Those applying must be certain about what they owe and who to. (biggest practical problem I think)

MAKE SURE that you apply for your credit report from Experian before you apply for a DRO. If your report says you are over 15k or your personal details are incorrect then your DRO may fail.

Best

DD

How can you be certain about what you owe and who to? My debts have been long sold on and I have no idea?

Is it possible to find out everything from your credit report?

Alloneword

My 12 month period was up in Nov and I'm now looking a getting some home contents insurance (live near River Thames) am I right in thinking that when insurance companies ask if i have been a bankrupt I should reply NO, Just don't want to lie to them but i'm not a bankrupt but i know what some insurance companies can be like.

All1