Debt Relief Orders (DRO) - Information & help thread

National_Debtline

merlin68 wrote: »

I haven't paid of the car loan with the money used it to fund the deposit on motability car as needed car big enough to fit wheelchair in boot etc and the balance it to be prorated when I see debt specialist and get him to work that out for me what ive been paying is the monthly payments.

OK, I understand.

All the same, maintaining the contractual instalments on this loan since April while not paying anything on other unsecured debts in that time would still be classed as a "preference".

I suggest that you stop the regular payments to this loan now and treat it in exactly the same way as your other creditors. The money you have been paying them needs to either be put towards essential needs and/or paid between all of your creditors on a fair pro-rata basis.

Regards

Dennis
@natdebtline

merlin68

Would that be the same for bankruptcy as well. or would it mean a restriction order.

TedButlerstheman

Who are the best I know step change is one option what/who are the other options please?

fatbelly

TedButlerstheman wrote: »

Who are the best I know step change is one option what/who are the other options please?

All these are competent authorities for DROs:

The National Association of Citizens’ Advice Bureaux (CAB)

Baines & Ernst Ltd

Institute of Money Advisers (IMA)

National Debtline

Payplan

Insolvency Practitioners Association

AdviceUK

Shelter

Christians Against Poverty

All About Money

Debt Release Direct

StepChange

HenrySmith

Hi, I was looking at DRO as an option as I seemingly meet the criteria. I have debts of about 8k, no house or any valuable assets. But I work for council so have been paying into a pension for 10 year or so. Does the fact I have some money in a pension scheme that I cant touch for 20 odd year rule me out?

Thanks

fatbelly

HenrySmith wrote: »

Hi, I was looking at DRO as an option as I seemingly meet the criteria. I have debts of about 8k, no house or any valuable assets. But I work for council so have been paying into a pension for 10 year or so. Does the fact I have some money in a pension scheme that I cant touch for 20 odd year rule me out?

Thanks

Not any more, no

Under the changes to the DRO rules from 6th April 2011, pensions which are ‘approved’ are excluded from the calculation of assets in the DRO application.

It has to be listed on the application but wouldn't cause a problem unless you are 54 or over, and therefore could soon be accessing it.

HenrySmith

cheers for that

Student_Mrs

Hello, having a quick dip in as we've just been told by StepChange that we could be eligible for a DRO and it just seems to good to be true. We've been on a token payment plan for last 12 months as we were in a deficit but now that I've started a full time job, we apparently have £3 spare a month...!

My first question is that hubby has just started as self-employed - a sole trader. We have no idea how much he is going to earn, but any money he does earn will go back on stock. Can you still get a DRO if you are a sole trader? I am too for some teaching work, and we have combined debts of around 8K, have been advised to get one DRO each but obv £180 is a lot of money so my second question is gov.uk says that debt is USUALLY cancelled after 12 months - what would stop this happening? I'm supposed to be returning to an MA in Oct 2015 which would decrease my income and increase travel costs temporarily, would this be frowned upon?

Thank you.

moneysolvesnothing

Hi all

I'm sorry if this has been answered already, I've been reading the forum for over an hour and can't seem to find the answer to my question!

I was granted a DRO in April 2010 with it ending in 2011. I am aware the DRO is removed from my credit file in 2016 (6 years from the start), but what about the defaults? Are lenders allowed to show defaults between the start and end of the DRO? Some have marked as satisfied from April 2010, some not until April 2011, with defaults showing up until then.

Ive completed the credit clean up (thank you MSE forum for your help!), I have a phone contract and a credit card, I'm squeaky clean now and hoping for a mortgage some time in the future.

Any advice would be welcome,

B

PMallinson

Hi,

All the links to www dot insolvency dot gov dot uk on this website now lead to dead pages - I get "page not found".

I sent "fermi" a PM about this, but it hasn't appeared in my sent folder, so I don't know whether it was actually sent or not.

Regards,

Paul M.

PS. Specifically:

Further information
I am interested in obtaining a Debt Relief Order
I am owed money by someone with a Debt Relief Order
Frequently Asked Questions
Principal restrictions imposed by Debt Relief Restrictions Orders or Debt Relief Restrictions Undertakings

I'm presuming there will be a lot more on this site. Might need updating/addressing