Debt Relief Orders (DRO) - Information & help thread

fatbelly

Yes, you need a bank account not connected to your debts - one not even in the same 'family'

You don't need to tell them what you're doing.

I would avoid Nat West as they can be a bit funny about DROs

WinMeSomeStuff

fatbelly said:

Yes, you need a bank account not connected to your debts - one not even in the same 'family'

You don't need to tell them what you're doing.

I would avoid Nat West as they can be a bit funny about DROs

Cheers, i will get on it right away. Thanks

WinMeSomeStuff

Hi hope you are all well. Just a quick one. My dro was approved about a week ago now. I have this afternoon received a letter from argos card who are in my dro, serving a default notice due to insolvency order. It mentions further action may be taken listing may demand payment in full or instruct a debt collection agency to recover. Am I right in thinking this is one of the letters I need to store away and ignore for now? Thanks for any advice.

sourcrates

WinMeSomeStuff said:

Hi hope you are all well. Just a quick one. My dro was approved about a week ago now. I have this afternoon received a letter from argos card who are in my dro, serving a default notice due to insolvency order. It mentions further action may be taken listing may demand payment in full or instruct a debt collection agency to recover. Am I right in thinking this is one of the letters I need to store away and ignore for now? Thanks for any advice.

Yes all is well, its a standard default notice, with standard wording, they have to send this to you under the terms of the consumer credit act.
You don`t really need to keep it either, but that`s up to you.
Expect more to follow, and remember, you are protected from further action by your DRO, so stop fretting.

WinMeSomeStuff

Thanks sourcrates! I shall do just that

fatbelly

Highly likely the criteria for DROs will change on 4 May:

max 30k debt
surplus income 100 per month
asset limit 2k

Not set in stone yet though

JonVarnas

With regards to proposed surplus income change if, it is brought in would it just apply to new DRO applications or would it apply to people currently in a DRO as well? For example, by May I will be 7 months into a DRO so would I only need to notify them of surplus income of £100+ or would it still be £50?

fatbelly

JonVarnas said:

With regards to proposed surplus income change if, it is brought in would it just apply to new DRO applications or would it apply to people currently in a DRO as well? For example, by May I will be 7 months into a DRO so would I only need to notify them of surplus income of £100+ or would it still be £50?

I would expect the existing rules to be amended and some of those things would apply to those currently in a DRO. For example, at the moment your assets must be under £1000 to enter but, once in, there is flexibility up to £1990 of assets. It would be fair to introduce more flexibility, but it's all conjecture at the moment.

fatbelly

fatbelly said:

Highly likely the criteria for DROs will change on 4 May:

max 30k debt
surplus income 100 per month
asset limit 2k

Not set in stone yet though

Designed to come in with the Breathing Space regs. Now hearing that the infrastructure for that may not be ready in time. Will keep posting here.

They have separate legal tracks so no reason why the DRO changes cannot come in on the planned day.

bobtheha

Hi, 
looking for some advice re a DRO.
A relation has been in hospital close to 5 months now due to a brain injury and has no prospect of returning to work.
We’ve been advised that they could apply for bankruptcy or a DRO but as they are currently in no position to sort things out themselves, re said brain injury, we are having trouble arranging a DRO.
Has anyone got any advice on the right way to go about this?

TIA!