Debt Relief Orders (DRO) - Information & help thread

debrag

been adding things up and it's getting close to £15k!!! But thats with over estimates.

Crisp_£_note

Silas_greenback wrote: »

I'm in the same boat Crisp. We're not able to go into a DMP as we're both out of work and unlikely to be able to get back on our feet until our baby is born and I get another job. Its either this or bankruptcy and I don't think we'll be able to afford that step.

I'm going to the CAB soon to speak to someone.

Bankruptsy really is the last resort for me and even though I have thought about it its just too harsh. Its a good thing they've invented DRO's for people like us as its a lot more friendlier and as I said before to be honest I think most of us considering a DRO have 'learnt our lesson the hard way' so will appreciate money a lot more.

Good luck with the new addition and getting back to work.

Crisp_£_note

I know a DRO wont affect my husbands self employment etc as its my debt so my problem so to speak.

However we have 3 joint loans and I am aware that if I include them on the DRO (which I should do) hubby could become responsible for the total outstanding ballances. He wouldnt be able to afford one of them I know that as I am currently responsible for paying the monthly repayment so what happens then?

Thanks

fatbelly

Crisp_£_note wrote: »

However we have 3 joint loans and I am aware that if I include them on the DRO (which I should do) hubby could become responsible for the total outstanding ballances. He wouldnt be able to afford one of them I know that as I am currently responsible for paying the monthly repayment so what happens then?

Let's be clear on this - you must include joint loans because they form part of your overall debt liability. Then hubby will become solely liable for them.

Then he has the same options as you had if he cannot meet the contractual payments - dmp, dro, bankruptcy etc etc

But there's nothing to stop you contributing - even in a dro you may have up to £50 per month surplus income - and more if you can budget carefully/spend wisely to stay inside your declared figures. You just will have no legal liability for those debts.

strawberryfields

well ovendales, jd williams and candid colletions (all the same company gggrrrrrrrrr) are now showing as defaults and my credit file

Crisp_£_note

fatbelly wrote: »

Let's be clear on this - you must include joint loans because they form part of your overall debt liability. Then hubby will become solely liable for them.

Then he has the same options as you had if he cannot meet the contractual payments - dmp, dro, bankruptcy etc etc

But there's nothing to stop you contributing - even in a dro you may have up to £50 per month surplus income - and more if you can budget carefully/spend wisely to stay inside your declared figures. You just will have no legal liability for those debts.

Thanks for the useful info and making it clear. The next worry I have is hubby is 'self employed' and owns his own business (basically he is a 1 man company). Therefore a DRO or any other option would surely affect his business if he chose to apply for one? So as you suggested my only option would be to try and find the income to pay the loans on his behalf. Would this mean that any 'joint loans' would become halved in amount outstanding if in theory my half is wioed out or would the total outstanding amount still be unchanged?

Sorry for so many questions but I am slowly understanding this.

Thank you

fatbelly

Crisp_£_note wrote: »

Would this mean that any 'joint loans' would become halved in amount outstanding if in theory my half is wioed out or would the total outstanding amount still be unchanged?

The total amount would be unchanged. This is known as 'joint and several liability'

debrag

So I've phoned B&E just waiting for my letter so I can pay, hope I have the money.

single_mom_desperate

Hi i am looking into a DRO , as i am struggling terrible at the moment , i have a 5 year old and another on the way my cicumstances arnt going to impove in the near future as far as i can see , i think DRO Iis my best option but i own a car but worth £2500 so at the moment for that reason i cant qualify for a DRO, my debts are £14000 and my surplus income a month is £12, if i sell my car and buy a car for less than £1000 and use the excess money to pay my creditors , will i then qualify for A DRO? I Have offered my creditors £1 a month token payments and i am waiting for replys , i have had one no so far ! :-( , Advice greatfully taken

elfieb

debrag wrote: »

So I've phoned B&E just waiting for my letter so I can pay, hope I have the money.

They can email the barcode over if you prefer not to wait. Thats what they did to me.