Worried over taking DRO, is it best for me, what could happen?

So_Sad_Angel

Merlinexcalibur wrote: »

Quote- though I do have the odd tinkle in Chappels, London whenever I am there - but you never know.

:D:D:rotfl::rotfl:...that made me chuckle!!!!

Anyway....I would not put an item of furniture/item sentimental value as an asset....made me wonder about stuff I`ve got that I don`t even consider as valuable!!!! I guess no-one calls & the same would go for a cooker. washing machine, leather sofa etc, etc

Angex

PS - Would be interested in clarification of `assets`...are you reading this debt doctor???

So_Sad_Angel

PlasticPennies wrote: »

Just to clarify, only debts listed on the application at the time of the DRO will be discharged. If you forget a debt, you CAN NOT add it later for a DRO, only with BR.

Why would that be so ?? ....if you were to miss a large debt then back to square one !!!! ...its looking more & more likely that BR ( provided you can afford the fee) is sadly so much more comprehensive & all encompasssing option.

Potentially by that logic a DRO may potentially be followed by BR at later time anyway...thats assuming the omitted debt is unmanageable.

Right....off to Ebay.....sooooo much simpler to understand!!!!!

Bye for now!!! x

Merlinexcalibur

Yes, the asset's clarification. Initially, I was going to post in that thread but then worried I'd clutter it up so chose to make a thread instead. I am going to be honest now, why I have been avoiding posting what my debts are here since I joined. It's because I was frightened of seeing it all. And the mess I got into. A relative had a go at me years ago for getting a credit card. And still does, even now. My explanation was that I knew my money would run out soon if I did not do something to make it last longer. I was living artifically, of course, but my reasoning was just that. To make it last longer, knowing no matter what I did I could never keep it with outgoings and no income. For a short while, everything was okay, but I knew in the end this day was coming. It was going to come what may. So I put the brakes on everything for a time but the gears kept slipping remorselessly onwards/forwards. So I have tended to avoid talking about them until now. Obviously, they are down on paper somewhere, but when you post it becomes 'real' if that makes sense. So, decided this afternoon, to try and be more specific about my troubles.

There is one thing that did put the nail in the coffin, or I'd be happily paying all my creditors off or even had paid them all now. But, it's something I can't talk about much openly because of what it did to me. But, again, hindsight's wonderful. In the time between I have viewed so many shows on TV eg Panorama which featured the exact same thing happened to me. Someone gained my trust essentially when I was vulnerable, I couldn't see the wood for the trees despite my friends, people I knew could see the dangers. Did know where it was headed but I was trapped by circumstance. So I blinded myself to it all. I did have some happiness for a short time, too, living away from my immediate problems, so far away from where I am now. But it took all my remaining capital away in one foul swoop. And how I allowed myself to get into that situation that I could so easily have seen for myself.

That's why I find it hard to learn to trust people I meet in life. Because it messed up my head so badly at the time with all the things that went on, I got away from it; more the shock someone could do this to another human being. Not so much the money.

Merlinexcalibur

Now, the other angle about the omitted debt would be what if someone has run that debt up in your name eg my credit report query? How would that be viewed if I hadn't lived at the property for years yet was showing up now? How could I even begin to prove it wasn't my debt?

PlasticPennies

Merlinexcalibur wrote: »

Now, the other angle about the omitted debt would be what if someone has run that debt up in your name eg my credit report query? How would that be viewed if I hadn't lived at the property for years yet was showing up now? How could I even begin to prove it wasn't my debt?

Tricky one. The best advice is to do a credit reference check before applying for a DRO, so you can see whether there are going to be any problems like that, and so you can see what debts you actually have.

Merlinexcalibur

Will have to bite the bullet, get hold of it. Need to anyway. Need to clarify some other things with each of my creditors as well, so will be writing a lot of letters very soon. Or, in my case, creating my own template letter for all of them, but remembering to put the addresses on each letter, of course.:cool:

So_Sad_Angel

Hi Merlin....sounds like in the past you have trusted people too easily. This is not a critcism!! I shared the financially `good times` with those who too readily `took`, when life & times were good . What a fool I was !!!

You need to look after YOU.....start & look ahead....get yourself sorted & then put the past very,very firmly behind you!!

Angex

Ps ....sorry if that sounded like a lecture...it was kindly meant!!:D
...don`t know about the contested debt liability & relation to DRO guidelines. I would think that a CRA report before DRO assessment would assist in clarification in your attributed debt liability.

Lensman_2

Good post Merlin.

Thank you.

I wish you all the very best for getting to a better position with all of this.

Keep us posted.

Jim.

fatbelly

Merlinexcalibur wrote: »

But this 'temptation' if you like is being dangled in front of me, and no one has actually done yet but I was told by my adviser that I apparently have only six months to make an application in from the date of their inception.

Just to clarify this ... when you start the process with your 'Approved Intermediary', they generate a letter with a barcode. You use this to make payments towards the £90 fee at a Payzone or Post Office.

You can pay in as many instalments as you like but the final payment must be made within six months of the first instalment and, if the form is submitted before full payment is made, then you have only ten days to complete payment

fatbelly

So_Sad_Angel wrote: »

PS - Would be interested in clarification of `assets`...are you reading this debt doctor???

From the guidance notes:

5.7 Any assets with realisable value*?
Please indicate whether the debtor owns any other assets that have a realisable value by selecting ‘Yes’ or ‘No’ as appropriate. These assets would include items that have a resale value (the total proceeds that the debtor would receive if they sold the goods) that would impact on the overall asset limit, but do not include basic household items such as cutlery, crockery, cookers, televisions, beds or furniture. Therefore assets with a realisable value may include for example shares, stocks, premium bonds, antiquities, or collections etc.

Intermediaries should exercise discretion when advising what household items should be classified as basic and therefore not requiring declaration as assets with realisable worth. Items of luxury should be included on the application form.

If the debtor does own other assets with realisable value, please select ‘Yes’. The form will then generate further mandatory questions.

5.7.1 Description
Please provide a description of the realisable asset, i.e. sufficient information for the asset to be identified and valued.

5.7.2 Value
Please provide what the debtor considers to be the value of the realisable asset in pounds. However, whilst this value will be taken as true and correct on application, the Official Receiver may make further enquiries into the value given. If it is found that the debtor did not provide accurate information in answer to this question, the DRO may be revoked and the debtor may face criminal and civil sanctions.

Please note: Assets purchased recently may well have not lost any value and could well impact on the asset limit of £300.

5.7.3 Any more?
If the debtor wishes to add further assets of realisable value, please select ‘Yes’. The realisable asset previously declared will then appear on the page, and the debtor will be able to complete the description and value fields for the second realisable asset. Please repeat this process until all the realisable assets are provided for.

Once all the debtor’s realisable assets have been included in the application, please select ‘No’. You may edit or delete any realisable assets added.

There is also a commentary box at the end of the Assets page. In this box, the debtor may wish to include any further comments as to their assets that they feel would be relevant to their application for a DRO. A debtor may for example wish to declare those assets that they believe to be of no realisable value. A debtor should also in this situation provide a reason as to why they believe this to be the case.