Debt Relief Orders (DRO) - Information & help thread

Jonnybravo55

I just received a default notice from one of my creditors. Is this normal after my DRO was accepted?

fatbelly

Jonnybravo55 said:

I just received a default notice from one of my creditors. Is this normal after my DRO was accepted?

Yes that's correct

Greenred37

hello. firstly, thank you to this thread and all those who contribute, it's an extremely useful source of information for people.

I have a couple of questions:

 How long it is taking lately for a DRO to be approved by the official receiver once submitted? and how are people informed first? is it by post, email? 

About the insolvency register - is it updated daily, and how exactly would a DRO look next to someone's name? I do not see any instances of 'DRO' when I randomly search other names.

Thank you 

fatbelly

The insolvency register is marked on the day after the DRO is granted - it seems to change early in the morning - maybe 6 am. The reason why you don't see many is the huge number of (mis-sold) IVAs. Try searching Smith or Brown or something.

As far as I know, because I haven't been submitting applications recently, they are approved in 1-2 days and confirmed by post to the debtor, but the intermediary gets an email.

Ruby2268

Hi,
About to pay my £90 fee and application for DRO will be sent. One of my creditors is Halifax clarity card and halifax account overdraft.  My main accounts are with Lloyds (no overdraft) my wages and UC go in there and separate account for all direct debits and standing orders to go out. Have banked with Lloyds over 40 years and would like to keep using. If DRO approved can they use my money to pay Halifax??

sourcrates

Ruby2268 said:

Hi,
About to pay my £90 fee and application for DRO will be sent. One of my creditors is Halifax clarity card and halifax account overdraft.  My main accounts are with Lloyds (no overdraft) my wages and UC go in there and separate account for all direct debits and standing orders to go out. Have banked with Lloyds over 40 years and would like to keep using. If DRO approved can they use my money to pay Halifax??

They are in the same banking group, yes.

A DRO provides you with protection against further action, yet having said that, you should never bank where you have debts, and a basic first step is to open a new account not linked to any of your creditors.

Your 40 years with Lloyds will mean absolutely nothing when it comes to the right of set off.

Ruby2268

Thank you for that, its as I suspected, but I read something many moons ago on this thread that debts were nulled or something, so they couldn't use your other accounts to pay it off, when DRO in place. Best start looking for another bank account then!!!
Thanks again
Lorraine 

sourcrates

Ruby2268 said:

Thank you for that, its as I suspected, but I read something many moons ago on this thread that debts were nulled or something, so they couldn't use your other accounts to pay it off, when DRO in place. Best start looking for another bank account then!!!
Thanks again
Lorraine 

They are not supposed to take money from other accounts whilst a DRO is in force, but why take the risk of having to sort it out, when new account opening is quite a simple task.

Peony77

I have around £18K debt I have done a budget on step change and they have suggested a debt relief order and referred me to money wellness. 

I have filled in information on money wellness but they are saying I am ineligible because according to them my car is worth just over £2000, around £2200. I only paid £3000 for it 4 years ago so I highly doubt this is true. 

I am going to get a valuation from a couple of local dealers this week but does anyone know if say my car sold for £2100 if I could keep some of the money in a savings account or would I need to split it evenly between all my debts?

I am due to go on maternity leave next month and my income will therefore be greatly reducing over the coming months. I have zero savings and I do have access to another car not in my name so I can get rid of my car if needed but I can’t afford my current outgoings as it is and I know I need to find some kind of solution in the next couple of months before it all becomes completely unmanageable. I am just about treading water as it is.

I don’t want a couple of hundred quid extra value on a car to stand in the way but equally if I could either keep the car or keep back some money from the sale of the car that would help me immensely. Any advice? 

sourcrates

Parkers guide is what is normally used, condition and age/mileage adds or detracts from value.

A £200 difference in value is impossible to confirm on the phone, what idiots.