Debt Relief Orders (DRO) - Information & help thread

coachandy

Thats going to put paid to that option then.

gizmochic

Help! I qualify for a DRO but I am scared, will this affect me getting jobs or renting houses over the next 6 years? as I am single and young with no financial stability or family to help???

G8311374

Hi,

I am still weighing up whether to go for a DRO or bankruptcy when I start university later this month. As I understand it with a DRO you cannot have surplus income of more than £50 a month. My query is, by student loan and NHS bursary get paid quarterly so for the month they are paid I would have a surplus income eevn though it is three months worth of income. Would this affect my £50 a month surplus for a DRO?

debrag

I'm about to start a job so need to re-do my SOA

debrag

just updated my credit reports and see that my 2 banks have defaulted me, one cc has gone from '£' to '6' another hasn't changed at all.

thecableguy12

once accpeted for a DRO do they check your bank staments and paylips on a regular basis ie monthly or quarterly?

fatbelly

thecableguy12 wrote: »

once accpeted for a DRO do they check your bank staments and paylips on a regular basis ie monthly or quarterly?

AFAIK there is no routine checking

hayley11

I finally submitted my DRO application today, should hear in the next couple of days whether it's been accepted or not. Really hope it is!

misteradam2005

Hi all - this is my first post!

Was hoping some of you would PLEASE be able to answer some questions I have with regards to DRO:-

1. How can I get an Experian check? I looked on the website but it says you can only make payment with a debit or credit card in your name only! Well these were the cause of my debt so I only have a cash card now sp how can I pay to get my credit file?

2. Ten years down the line, which would be the best route now?
Do a DRO and then I will have 1 year moratorium period and then 6 years while it is on my credit file - in which case, 10 years down the line I will be clean. Or...
Continue struggling really badly with my DMP which is scheduled to last another 7 years and then have another 6 years while that is on my credit file.
So basically, would doing a DRO put me in a better position 10 years down the line than continuing with my DMP?

3. For people who have had DROs accepted - what evidence did you have to provide to the IS and OF with regards to your outgoings and expenditures? Did you have to show your rent receipt, copies of your water, electricity, council tax etc bills, household bills etc? How much evidence do they require? And if so, was it the last months bills or a few months going back? Just confused as what documents you would have to provide to the IS and OF.

4. As I have struggled on my DMP, I have borrowed money off my partner and my mother. They are feeling the pinch as well so I want to pay them back as and when. Would this be considered as an outgoing? Obvioulsy I dont want to put the debts I owe them on the DRO but would my payments to them for what I owe be considered as an outgoing expense?

I would really appreciate any help with this as I know how informed and helpful a lot of you guys are! And I want to get my debt sorted out one way or another as soon as possible as it is bringing me down.

Godiva500

Hi Misteradam
I have a DRO, and it was the easiest thing to do......

You need to ensure you meet the criteria for one -
Under £15K debts,
Under £300 single asset
Car under £1000
Surplus under £50
These are the general points but there are a few others such as pensions, so you must take professional advice.

I had to fill in a Statement of affairs - you should put one on here and we could help you even more.
http://www.makesenseofcards.com/soacalc.html

Talk with a recognised advisor ( The OR will ask you if you have done this). They will advise you on what you can or can't include.They will want a signed copy of this SOA.
Once accepted by advisor, you will be sent a barcode to make a £90 payment at PO.
Then the advisor will send off your paperwork for your DRO. You hear within a few days usually.
That's it.

Experian - not sure about this - I would phone them and ask - they are very friendly.

I personally wouldn't struggle any more - that's why i went down this route. I would ask your advisor about all of this - they are free and unbiased, so would give you the best advice in your circunstances. The phone numbers are at the top of this thread - it might take a while to get through because they are so busy, but stick at it.

I didn't have to provide any evidence to get the DRO. The signed SOA was enough. The only time you would have to is if the OR wanted to query something. I am not sure if some advisors ask for things, but I didn't.

All debts need to be included in your SOA.

Hope this helps