Debt Relief Orders (DRO) - Information & help thread

sourcrates

Woody667 wrote: »

Ok, so I understand that if I dont tell them about my move, they will cancel it or revoke it(DRO)straight away...? Even if I'll get my post redirected?, or they will give a notice for me to explain this situation?
Thanks

No that's not correct, please calm down and listen, if you are moving, you simply call or write to the Insolvency Service and inform them of your new address.

Moving house is not a valid reason to revoke a DRO, why would you think it was ?

Usually once a DRO is granted, thats the last contact you will have from the IS, they dont contact you again normally.

Sam090884

My DRO ends April 2018. Just wondering what happens next? Do all my debts then come off my credit file so will it all be blank or will they still be there??

Also what’s the best way then of rebuilding my credit?? Do I have to wait to apply for a credit card that rebuilds credit?

Thanks in advance for Any help and advice

fatbelly

Nothing happens except your debts are unenforceable and your DRO is completed.

The insolvency register continues to show your DRO (as completed) for a further 3 months.

The debts on your credit file show until 6 years after the default date. The DRO shows until April 2023.

A credit card is not a bad idea. Just make sure you pay it off in full each month.

Sam090884

I had a look at my report and a couple say reported until 2019 so will they be removed or will they stay? Managed to get a bit confused after reading various websites lol

Yeah I’d only use the card for like petrol once a month or a food shop, which are the best ones to use?

National_Debtline

Hi Sam

Sam090884 wrote: »

I had a look at my report and a couple say reported until 2019 so will they be removed or will they stay? Managed to get a bit confused after reading various websites lol

Yeah I’d only use the card for like petrol once a month or a food shop, which are the best ones to use?

The debts that went into your DRO will still show on your credit file until six years after their various default dates, whenever those happen to be, but they'll show as "closed" or similar. They're not in any danger of becoming recoverable again once your DRO's over.


I can't recommend any particular "credit rebuilding"-type cards but I'm sure others will be happy to offer an opinion. There are also guides to such cards elsewhere on this site.


Dennis
@natdebtline

Sam090884

Ok so the date they have on them for reported until will change to when ever my DRO comes off so April 2023?

National_Debtline

They cannot outlast the DRO on your credit file as they would have defaulted (at the very, very latest) when that DRO began.


Dennis
@natdebtline

Sam090884

Ok I think I get it now, so everything will show on my Credit file until April 2023 after that it should be clean so nothing on there other than my clean accounts

fatbelly

lowey133 wrote: »

So my budget on DRO is £1700, I'm currently taking home £1400 but this may increase soon to £1650.


How easy is it to inform IS. Will an email be ok? Will I have to resubmit payslips etc.

Are you saying that you have a DRO and are still in the 12-month moratorium period?

Are you saying that your income is increasing but is still less than the expenditure that you declared on your application?

There is only a problem if your surplus income is greater than £50 per month. Maybe run this past your intermediary but if I've understood you correctly there is nothing to report.

National_Debtline

lowey133 wrote: »

Yes 2 months into moratorium. Pay increase would still be less than the expenditure.

So am right Im thinking nothing to report until I go over £1749.99 income. (Expenditure is £1700)

Your thinking is correct - you should report any changes that mean you no longer meet the original DRO criteria. Same would apply if, for example, you inherited assets worth in excess of £1,000.


Dennis
@natdebtline