about to apply for DRO

hopeful123_2

hi im looking for some DRO advice,

ive been to the cab who have asked for last months bank statements, and my credit card account numbers (not their statements), the last 6 years addresses.

we have also drawn up total income, total expenses, total debts, total debt payments..... however, i dont feel entirely at ease with speaking to the lady, i cant put a finger on it, but somehow i 'felt' she was resentful of my very existence and the work that would entail for her, which is why im asking for advice here, becos matters of survival are too important to let things go by someone's attitude.

my question is firstly,

my debts on my 2 bank accounts 2 CCs now are over £10k, incurring charges of approx £300 / month. the accounts over drafts with interest and min payments are still running up higher and higher as expected.

so when i tell the cab the following information:


Natwest Current Account -£2000
Interest £28 per calendar month


Natwest Credit Card -£400
minimum payment approx £8, of which approx £7 is interest / month

Halifax Current Account -£2195.40
above agreed overdraft limit incurring £5 / day charge and account fee of £15 total £166.67 per month



Halifax Credit Card -£6150.00
minimum payment approx £95, of which approx £91 is interest / month



Total Monthly Payments

£297.67




.... its all only true until the next charges, which occur monthly thruout the month. lets say my application hangs around the cab office if they are not competent (i saw one poster here say it took 9 months for the cab to apply) and by the time of their applying, my debts have become higher than the stated amounts in the DRO application, is that alright, i mean will these accounts be wiped in full, or only wipe the specified amount?

also was this cab lag time a one off for that person or whats a typical experience? presuming the application is done quick enough not to become close to hitting £15k, is this top amount for the point of application or what if the account charges and interest, after the 12 months, bring the total to over £15k, when at the point of applying it was £11k? i mean presumably these charges keep racking up until the 12months at which time the debt is hopefully wiped?

caz2003uk

hopeful123 wrote: »

.... its all only true until the next charges, which occur monthly thruout the month. lets say my application hangs around the cab office if they are not competent (i saw one poster here say it took 9 months for the cab to apply) and by the time of their applying, my debts have become higher than the stated amounts in the DRO application, is that alright, i mean will these accounts be wiped in full, or only wipe the specified amount?

also was this cab lag time a one off for that person or whats a typical experience? presuming the application is done quick enough not to become close to hitting £15k, is this top amount for the point of application or what if the account charges and interest, after the 12 months, bring the total to over £15k, when at the point of applying it was £11k? i mean presumably these charges keep racking up until the 12months at which time the debt is hopefully wiped?

It was me it took 9 months with the CAB! The debt specialist team in regards to my DRO were only there once a week, and the member of the team in my case was changed 3 times through people leaving etc. It was rediculous!

I know someone at the moment going through the process with CCCS and so far is 3 months in, and they have EVERYTHING now and he is awaiting the barcode to make the £90 payment and has been told it could take upto 6 months!!! :eek:

Interest will still be incurred during the 12 months, this is because your if your DRO was to be revoked, you would be liable for the debts again including the figures through out the moratorium period.

If at the time of applying the amount of debt totals more than £15k then you will no longer be eligible for a DRO, so might be worth asking the CAB that you visited what their timescales are roughly... Also, did the CAB not tell you they would write to your creditors and ask them to hold the interest as your seeking advice etc?

Good luck!

wba31

I'd get your friend to ring CCCS to find out what's happening, I know someone who works there and their waiting time is 3-4 weeks (between receiving paperwork and sending out the barcode...)