Really Need some advice on DRO and Moratorium Period

manicboy

Hi everyone, First thank you to everyone who helped me, its been a long while since I posted mainly due to my on going fight with my bipolar condition.
I have some questions about the DRO and the Moratorium Period and discharge.

As I currently have a DRO and its about to be discharged very soon, i do not know what to do next . Or even what happens next I have read so many posts saying that your not discharged . And it takes another 3 months before you get a discharge .

And as im trying to slowly get better i would like to start to rebuild my life but really dont know were to start.
As in the future I would like to try and save for a rainy day but Im told that im not allowed more than £300 pounds is this just while I have a DRO or does this mean that im not allowed to save or try and get my life back for another 6 years someone told me. Which frankly was very upsetting.

And when the DRO is discharged im told that you do not go off the list for 3 months so does this mean that you still have to follow the rules for another 3 months or longer as I dont understand the Moratorium Period and the discharge.
Probably asking a lot of stupid questions but I dont know what Im supposed to do. and to be honest the DRO has impacted on my health with the stress.
I was told that once my 12 months was up that I would not need to do anything and that i would not receive any letter to tell me anything . So how do I know when I have been discharged even if it says on a certain date .
And what happens will I bee asked to fill in forms or anything or do I have to write to someone to know when or if im discharged. im so confused . Can someone help me please.

manicboy

Quick ? After the 12 months are you discharged or is there another 3 months ontop of that I have been reading this on some of the forum but im finding it very confusing as there is so much advice about getting a dro but I would liek to find something about after. Thank you again everyone

GeorgeUK

I don't know about DRO's, but from what i have read i believe you are discharged after 12 months (usually - it may be longer if the creditors object). The DRO will be registered on the Insolvency Register for 3 months after the Moratorium Period.

It is understood that the DRO may be a moratorium and that the order can be revoked
in certain circumstances. If this is the case the assumption is that the account should
remain open until the 12 month period has been completed and the debt then charged
off. In the meantime interest and charges could continue to be added to the account.
If the DRO is revoked during the 12 month period normal collections activity could
continue. Some creditors had proposed basing processes on those used in
bankruptcy cases and so this position required clarification as soon as possible? As
above creditors are free to enact any procedures that they so wish as long as they do not
pursue the debtor for scheduled debts. However, in relation to the above it should be noted
that the moratorium period can be extended to 15 months and moreover that the Official
Receiver has the powers to revoke a DRO even after the conclusion of the moratorium.

http://www.lacef.org.uk/documents/dros_faq.pdf

I think if in doubt you should contact the OR to query this. As i understand it after 12 months this should be to end of the Moratorium Period unless informed otherwise. I also believe that this is automatic and you will not receive any certificate to state the end of the period.

manicboy

Thank you George for your kind reply and your help, hope its ok if ask you and the others who have been through this another question, when the 12 months comes to an end how do you then check to see if you have been discharged or if there is an objection thanks

fatbelly

Yes, search for yourself here

http://www.insolvency.gov.uk/bankruptcy/bankruptcysearch.htm

and print a copy (when the DRO is completed) to show to anyone that contacts you about your debts in the future.

You will be free to get on with your life

Stardust

manicboy wrote: »

As I currently have a DRO and its about to be discharged very soon, i do not know what to do next . Or even what happens next I have read so many posts saying that your not discharged . And it takes another 3 months before you get a discharge .

Where are these posts? Once your 12 month is up, you're discharged. You would know about it if a creditor had objected to the DRO in the first place.

manicboy wrote: »

As in the future I would like to try and save for a rainy day but Im told that im not allowed more than £300 pounds is this just while I have a DRO or does this mean that im not allowed to save or try and get my life back for another 6 years someone told me. Which frankly was very upsetting.

Please dont listen to this person as they have no idea what they are talking about. Once you're discharged you can save for that rainy day
It stays on the credit record for 6 years like any normal bankruptcy.

manicboy wrote: »

And when the DRO is discharged im told that you do not go off the list for 3 months so does this mean that you still have to follow the rules for another 3 months or longer as I dont understand the Moratorium Period and the discharge.


Probably asking a lot of stupid questions but I dont know what Im supposed to do. and to be honest the DRO has impacted on my health with the stress.
I was told that once my 12 months was up that I would not need to do anything and that i would not receive any letter to tell me anything . So how do I know when I have been discharged even if it says on a certain date .

Print off a copy of your entry on the Insolvency website as thats your "proof". Please stop stressing, you've made it this far, only a little longer :j

dojoman

Try posting in the DRO thread, you should get a lot more advice there


https://forums.moneysavingexpert.com/discussion/1385275