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DRO Worry and Concern
Comments
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Okey dokey, let's have a looksie.
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1059.69
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1059.69 Is this regular or an average?
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 60
Gas..................................... 0 No gas?
Oil..................................... 0
Water rates............................. 20 This seems low?
Telephone (land line)................... 22 Does this include internet or anything?
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 This is low compared to average. Is this an average?
Clothing................................ 15
Petrol/diesel........................... 80
Road tax................................ 8.5
Car Insurance........................... 115 ouch :eek:
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0 You could do with having this if you don't already. Your landlord will have buildings insurance but nothing you own would be covered in the event of a break in/fire/flood. You could get it for a few quid.
Life assurance ......................... 0
Other insurance......................... 7 What is this?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5 Who is your hairdresser? I want their number!! How is this so low?
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 0 I would be putting the £10 holiday fund in the emergency fund tbh..
Total monthly expenses.................. 1042.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800 Have you checked the value on Parkers online? How old is the car?
Other assets............................ 0
Total Assets............................ 800
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One Credit Ca..........1300......67........0
Close Motor Finance............1900......30.85.....0
Halifax........................1330......35........0
Severn Trent Water.............500.......20........0
British Gas....................600.......30........0
Santander......................1330......35........0
Total unsecured debts..........6960......217.85....-
Monthly Budget Summary
Total monthly income.................... 1,059.69
Expenses (including HP & secured debts). 1,042.5
Available for debt repayments........... 17.19
Halifax £35 is just the monthly fee for having the overdraft.. You would be likely to have your account closed once your overdraft is included in your DRO. I'd recommend setting up an account elsewhere away from anyone you have debt with ASAP.
I haven't made any agreement with severn trent or british gas yet (problems with meters in flat... )
What's the problem with the meters? You need to have this sorted prior to any DRO as any arrears accuring after a DRO is made you will be liable for.
Would like to own a house by the time I'm 30, so I'm thinking 6 years of this on my credit record actually won't drastically effect me.
Mortgage lenders will do an insolvency/bankruptcy search when you are buying a property. This *could* show up (as credit report show DROs as bankruptcy, so I'm not sure if it would appear on solicitor's insolvency searches) even after the 6yrs but I'm not 100% sure. I'd recommend posting over on the home buying board to see if anyone knows.
All in all your expenditure is fine, but your phone costs are currently just over allowed guidelines, but that isn't neccesarily a problem it depends on how it's broken down for example if it's part phone part tv you could put the internet costs as 'other' expenditure which would be allowable.Total 'Failed Business' Debt £29,043
Que sera, sera.
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immoral_angeluk wrote: »Okey dokey, let's have a looksie.
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1059.69
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1059.69 Is this regular or an average? **Regular**
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 60
Gas..................................... 0 No gas? **Nope, electric only flat**
Oil..................................... 0
Water rates............................. 20 This seems low? **I haven't even started paying this yet..! Basically, I live on a canal side flat, and I was getting charged for the entire building. I've now had a £2100 bill come through which is wrong, had a new meter fitted, and I'm waiting for the next one. Deep joy. Until this is sorted I actually technically don't know exactly how much I will be paying**
Telephone (land line)................... 22 Does this include internet or anything? **Includes the internet also**
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 This is low compared to average. Is this an average? **Really? In truth, i'm currently spending around £80 a month on food, but I'm not really eating. I can always up this if it would "help things along"*
Clothing................................ 15
Petrol/diesel........................... 80
Road tax................................ 8.5
Car Insurance........................... 115 ouch :eek: **Yep.... OUCH. 1.2 fiat punto with 2 yr no claims bonus. but as i'm under 25, thats the damage!!**
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0 You could do with having this if you don't already. Your landlord will have buildings insurance but nothing you own would be covered in the event of a break in/fire/flood. You could get it for a few quid. **I totally agree, but with finances as they currently are I've refrained. Most of what I own is rubbish anyway, so if it all went up in a fire and I had to start again.. well.. I wouldn't.. I'd just go into a hostel in truth. I'd love to be able to do this. Do you think I should take it out? Would it help the "proceedings" of a DRO?**
Life assurance ......................... 0
Other insurance......................... 7 What is this? **Iphone insurance. Its the only thing i have thats worth ANYTHING!**
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5 Who is your hairdresser? I want their number!! How is this so low? **1 hair cut every 3 months equates to £30...
I'm currently trimming myself!****
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 0 I would be putting the £10 holiday fund in the emergency fund tbh.. **It doesn't matter where I put it, it's not their at the end of the month anyway :eek:**
Total monthly expenses.................. 1042.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800 Have you checked the value on Parkers online? How old is the car? **Its a fiat punto hatchback 2002 with 67000 miles on the clock. Private poor at 90,000 would be £695 so I'm assuming I'm right in thinking it would be a value now of about £700 - £900**
Other assets............................ 0
Total Assets............................ 800
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Capital One Credit Ca..........1300......67........0
Close Motor Finance............1900......30.85.....0
Halifax........................1330......35........0
Severn Trent Water.............500.......20........0
British Gas....................600.......30........0
Santander......................1330......35........0
Total unsecured debts..........6960......217.85....-
Monthly Budget Summary
Total monthly income.................... 1,059.69
Expenses (including HP & secured debts). 1,042.5
Available for debt repayments........... 17.19
Halifax £35 is just the monthly fee for having the overdraft.. You would be likely to have your account closed once your overdraft is included in your DRO. I'd recommend setting up an account elsewhere away from anyone you have debt with ASAP.
(Thats no problem. I currently have 4 bank accounts Yes I know, what the hell was I doing!! I assume if I just open a cashcard account this would keep all my money / direct debits safe from bank robbers. Should I do this before my DRO?)
I haven't made any agreement with severn trent or british gas yet (problems with meters in flat... )
What's the problem with the meters? You need to have this sorted prior to any DRO as any arrears accuring after a DRO is made you will be liable for. (Its currently being sorted. Issues with estimates, water bills etc. I'm getting a final bill of the 'debt' from both before I go into the DRO so I can include them
)
Would like to own a house by the time I'm 30, so I'm thinking 6 years of this on my credit record actually won't drastically effect me.
Mortgage lenders will do an insolvency/bankruptcy search when you are buying a property. This *could* show up (as credit report show DROs as bankruptcy, so I'm not sure if it would appear on solicitor's insolvency searches) even after the 6yrs but I'm not 100% sure. I'd recommend posting over on the home buying board to see if anyone knows.
All in all your expenditure is fine, but your phone costs are currently just over allowed guidelines, but that isn't neccesarily a problem it depends on how it's broken down for example if it's part phone part tv you could put the internet costs as 'other' expenditure which would be allowable.
So it looks like a DRO has a high possibility of being accepted? :T
Thank you SO much for you advice. It means everything!0 -
The food I would definitely increase, from a sheer health point of view. Of the people I see the norm to spend on food for a single person is usually around £50-£70pw. You have to think about what it would cost you to have a healthy diet really. Yes you can eat for less, but are you doing that because you have to out of neccessity and having no money? Are you going without things like fresh fruit/veg etc etc?coinxoperated wrote: »So it looks like a DRO has a high possibility of being accepted? :T
Thank you SO much for you advice. It means everything!
Contents insurance doesn't make much difference for the DRO as you're under £50pm anyway, but it's something I consider essential as it's not just cost of replacements, it's often legal fees, cost of temporary accommodation etc...
I rent and I've never claimed on mine, but at £4 a month it's worth it, and it's worth it's weight in gold if it's ever needed.
The car valuation is fine, go by Parker's private poor.
You sound like you tick most of the boxes for a DRO IMHO, so I'd suggest finding an approved intermediary in your area, and go armed with your proof of income, latest debt letters and your experian credit report to speed up the process.Total 'Failed Business' Debt £29,043
Que sera, sera.
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Your so right. I mean, I have an awful diet, all Iceland micro meals or super noodles. I was wondering how people manage to eat so healthy on a 'budget' but it's easier said than done when ever penny you spend seems to be too much.
Contents insurance is something I will look into. Thank you!!
In January I shall be shooting out to get it all started! I'll keep my eye out for scam artists too. I was called by a gentleman earlier that wanted to charge me £12.50 for a discussion, £25 for an appointment, £90 for the process and a £259 fee at the end of the 12 months!!! I told him where to stick that one! :T0 -
You can only get DROs through approved intermediaries who are qualified and skilled advisers authorised by 'competant authorities'. Those authorities and intermediaries are not allowed to charge a fee for providing a DRO, so all you should be paying is the £90 fee which is the court fee payable to the insolvency service.coinxoperated wrote: »Your so right. I mean, I have an awful diet, all Iceland micro meals or super noodles. I was wondering how people manage to eat so healthy on a 'budget' but it's easier said than done when ever penny you spend seems to be too much.
Contents insurance is something I will look into. Thank you!!
In January I shall be shooting out to get it all started! I'll keep my eye out for scam artists too. I was called by a gentleman earlier that wanted to charge me £12.50 for a discussion, £25 for an appointment, £90 for the process and a £259 fee at the end of the 12 months!!! I told him where to stick that one! :T
Best ones to go through are the free debt advice charities, CAB, National Debtline, or CCCS but as part of the process they'll advise and discuss all of your debt options and do a full financial statement with you. So keep a copy of the one you've done on here, and print out your parkers car valuation also.Total 'Failed Business' Debt £29,043
Que sera, sera.
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When I did my DRO I went through my local CAB, but it took 9 months from my initial appointment to getting the application in! I had everything to hand all up to date, but because the Debt Specialist Team were only at my CAB once a week, and twice the intermediary left, the next one didn't start from the last but wanted to start again. I dont really know why it took so long but got there in the end!
I've heard that CCCS are good and were doing DRO's in 3 weeks, but i think lately this has increased to 4-6 weeks!
CCCS seems like a good bet, its all done by phone and post with them where as with CAB you have to arrange appointments and go and see them face to face (to me this is what i preferred) i just wasn't thrilled with the time it took!
Since the DRO being approved life has been easier...well i say easier ill change that to less stressful as i no longer have phone calls or letters constantly! I've had the odd letter but now i just phone them straight away and they actually talk to me like im a human being and not something they have just stepped in!!
Regarding food...I totally agree its no exactly possible to eat a "healthy diet" on a budget as with this i struggle too unfortunately! Im hoping when my DRO finishes that I can get myself back on track fully and get things sorted!:jEngaged 25/12/11 :j
:smileyheaMarried the man of her dreams and became Mrs M on 26th April 2013 :smileyhea0 -
I still can't believe you waited that long. I've done DROs same day for some people, just goes to show how different places vary!When I did my DRO I went through my local CAB, but it took 9 months from my initial appointment to getting the application in! I had everything to hand all up to date, but because the Debt Specialist Team were only at my CAB once a week, and twice the intermediary left, the next one didn't start from the last but wanted to start again. I dont really know why it took so long but got there in the end!
I've heard that CCCS are good and were doing DRO's in 3 weeks, but i think lately this has increased to 4-6 weeks!
CCCS seems like a good bet, its all done by phone and post with them where as with CAB you have to arrange appointments and go and see them face to face (to me this is what i preferred) i just wasn't thrilled with the time it took!
Since the DRO being approved life has been easier...well i say easier ill change that to less stressful as i no longer have phone calls or letters constantly! I've had the odd letter but now i just phone them straight away and they actually talk to me like im a human being and not something they have just stepped in!!
Regarding food...I totally agree its no exactly possible to eat a "healthy diet" on a budget as with this i struggle too unfortunately! Im hoping when my DRO finishes that I can get myself back on track fully and get things sorted!Total 'Failed Business' Debt £29,043
Que sera, sera.
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immoral_angeluk wrote: »I still can't believe you waited that long. I've done DROs same day for some people, just goes to show how different places vary!
I hear most CAB's, on average, are taking 12 weeks. my insider at CCCS says they are on 5 weeks at the mo...0 -
immoral_angeluk wrote: »The food I would definitely increase, from a sheer health point of view. Of the people I see the norm to spend on food for a single person is usually around £50-£70pw. You have to think about what it would cost you to have a healthy diet really. Yes you can eat for less, but are you doing that because you have to out of neccessity and having no money? Are you going without things like fresh fruit/veg etc etc?
I spend £40-50pw for myself and my wife and we eat very well! most of what we eat is fruit and veg! last time I looked down (and struggled to see my toes) i didnt think i was undereating... 0 -
I spend £40-50pw for myself and my wife and we eat very well! most of what we eat is fruit and veg! last time I looked down (and struggled to see my toes) i didnt think i was undereating...
We I'm not exactly 'skinny', but I must admit I struggle. Currently I'm spending around £20 every two weeks on food. Sometimes less.
Try buying fresh fruit and veg on that
Bit of an odd question, but should I still be continuing to pay off debts this month if I'm going to go into a DRO in January? A part of me is thinking to just keep going for one more month, and then if worst case scenario their is a problem with me completing a DRO i'm no worse off than I am now... or do I just stop paying altogether now as it should all technicaly be "wiped" with the DRO??0
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