Debt relief order

shelle01xxx

Hi

I had trouble repaying my debts last year and my local CAB advised the best soloution was to get a debt relief order, I am unaware as to how i find out when this is up? Do they write to you to tell you? I also was informed I could rebuild my credit rating by getting prepay credit cards and such like? Is this true? Any tips on how to rebuild my credit score will be greatly appreiciated.

Thanks in advance for all your help

Michelle :T

xxx

bottleofred

Hi Michelle and welcome to the forum,

Is the debt relief order self managed or managed by a company? Apologies as I don't know that much about them really. To improve your credit rating, you should apply for some of the credit building credit cards, but only if you use it for small amounts and settle the balance every month, as the interest is frightening.

Good luck

Red

Tixy

Hi michelle - probably worth looking at this thread Debt Relief Orders - Information & help the first few posts are some general info on DROs or you could ask a question at teh end of that thread as they people reading that will probably advise you best.

A DRO should last exactly a year but I would have guessed you would receive notification once its complete. Don't apply for any credit until you are sure your DRO is completed.

JCS1

You do not receive notification when your DRO is over, you can check the on-line insolvency register here:

http://www.insolvency.gov.uk/eiir/

If you find your name, and the click the link it should tell you if you are discharged or not.

if you pop over to the Bankruptcy Board, there is a credit file clean up that is worth doing (though may be worth waiting a month or two before getting your files) and also a DRO help thread that you can post questions on:

http://forums.moneysavingexpert.com/forumdisplay.php?f=136

JCS1

bottleofred wrote: »

Hi Michelle and welcome to the forum,

Is the debt relief order self managed or managed by a company? Apologies as I don't know that much about them really. To improve your credit rating, you should apply for some of the credit building credit cards, but only if you use it for small amounts and settle the balance every month, as the interest is frightening.

Good luck

Red

Hi Red,

A DRO is a form of insolvency, similar to bankruptcy but there are more qualifying conditions (debts less than £15k, surplus income less than £50 a month, etc). The fees involved are also lot less than going BR.

HTH

shelle01xxx

Thanks so much my DRO isnt up till the middle of June, was looking everywhere for a website to find out the info. Didn'yt wanna bother my local CAB as know how busy they are. Will have a look through all the links given thanks again

xx

thinktanc

hi all im new to the whole forum thingy but here goes...

I'm discharged from a debt relief order as of today, i know i have to do a post credit file clean up and i am confident i will stick to my goal of managing my finances better inorder to maintain a good credit score/report ( even exellent after a further five years untill the DRO drops off my CF's) ...anyway my question is.. ' after my DRO falls off my CR files, will i have to declare my DRO on a mortgage appliction? I know you have to declare bankruptcy forever. just wondering beacause on a m app they ask have you ever been made bankrupt or have been in an IVA? now a DRO is not BR so can i with a clear consience say NO?