DRO complete, what now?

MadMcardle

Hello, my DRO moratorium period ended June 2011, is there anyway to start rebuilding my credit rating? Or is it too soon?

Many Thanks

caz2003uk

MadMcardle wrote: »

Hello, my DRO moratorium period ended June 2011, is there anyway to start rebuilding my credit rating? Or is it too soon?

Many Thanks

You need to get your credit reports from the reference agencies!

Experian, Equifax and Call credit to see that all your files are upto date and showing settled/part settled and default dates are no later than your DRO date

If any are in dispute you need to contact the companies involved and ask them to update them for you!

It may be difficult to get credit still (im still in a DRO so can't say for sure) but it may be worth getting a pre-pay 'credit' card, they charge about £4.95 a month for it, which as long as your payments are made across the year totalling £60 this will show on your credit file as credit being paid, but dont miss a payment or make a late payment!

Im sure someone who has been there and done that can either agree or give further advice!

Good luck!

p.s...as no one else has answered this question, did you get contacted at all throughout the morotorium period of your DRO?

MadMcardle

caz2003uk wrote: »

You need to get your credit reports from the reference agencies!

Experian, Equifax and Call credit to see that all your files are upto date and showing settled/part settled and default dates are no later than your DRO date

If any are in dispute you need to contact the companies involved and ask them to update them for you!

It may be difficult to get credit still (im still in a DRO so can't say for sure) but it may be worth getting a pre-pay 'credit' card, they charge about £4.95 a month for it, which as long as your payments are made across the year totalling £60 this will show on your credit file as credit being paid, but dont miss a payment or make a late payment!

Im sure someone who has been there and done that can either agree or give further advice!

Good luck!

p.s...as no one else has answered this question, did you get contacted at all throughout the morotorium period of your DRO?

Thanks for the reply Caz, I will contact them asap and see what the reports say. I was contacted by some of the creditors during my DRO, but just passed them on to the agency, never heard from them again.

caz2003uk

MadMcardle wrote: »

Thanks for the reply Caz, I will contact them asap and see what the reports say. I was contacted by some of the creditors during my DRO, but just passed them on to the agency, never heard from them again.

Your welcome!

You can get your reports online as far as im aware! a statutory report's are £2

I only had a couple of letters within the first month, rung them told them my dro number not heard anything from them. Had a statement from one the other day but they did tell me I would get statements still until the DRO is over.

So you heard nothing at all from the insolvency service? I was told they contact asking for SOA's and pay slips throught out the moratorium period but i've heard nothing!

MadMcardle

caz2003uk wrote: »

Your welcome!

You can get your reports online as far as im aware! a statutory report's are £2

I only had a couple of letters within the first month, rung them told them my dro number not heard anything from them. Had a statement from one the other day but they did tell me I would get statements still until the DRO is over.

So you heard nothing at all from the insolvency service? I was told they contact asking for SOA's and pay slips throught out the moratorium period but i've heard nothing!

No I didn't hear from them again, I contacted them after my year and they said it was all closed etc. Not heard anything else about it.

MadMcardle

Ok, I have the prepaid credit card ordered, will contact the agencies about my credit file. Anything else I can do? Any other advice anyone?

Thanks

caz2003uk

MadMcardle wrote: »

No I didn't hear from them again, I contacted them after my year and they said it was all closed etc. Not heard anything else about it.

Thanks for that, Ive been waiting for something to come through the door asking for SOA's pay slips and stuff, and it was an ordeal going through all that as i had a 9 month slog with the CAB over my DRO so didn't fancy dragging it all out again, but it would seem that shouldn't be the case! Nothing has changed in my situation, apart from my mind set, which is a good thing as now I see money in a totally different light! I dont want credit again, not unless its for something totally unavoidable, but this wont be anytime soon, until im in a much better place!

My fiance was talking about when we get married last night and how we could use his credit card if needs be....i kinda shouted at him about how we are not using credit for our wedding, we will save and save and save and will do it all paid for, nothing on credit im not marrying with debt!!!! We dont have anything saved as of yet, dont have the spare cash to save but one day we will do it! lol

I wouldn't apply for anything else until you have seen your credit files as searches on your credit files can be a bad thing in the eyes of a credit search!

fermi

If you are not actively be chased for any of the debts, then may be worth waiting a month or 2 before checking your credit files.

That would give creditors a while to update their status to settled etc themselves, perhaps saving you a bit of effort and money in postage/reports etc?

Up to you really. Your credit worthiness will be shot in the short/medium term whether you wait or not.

caz2003uk

fermi wrote: »

If you are not actively be chased for any of the debts, then may be worth waiting a month or 2 before checking your credit files.

That would give creditors a while to update their status to settled etc themselves, perhaps saving you a bit of effort and money in postage/reports etc?

Up to you really. Your credit worthiness will be shot in the short/medium term whether you wait or not.

Its been 10 months since the DRO ended....surely this is enough time to give them to update the files?

fermi

caz2003uk wrote: »

Its been 10 months since the DRO ended....surely this is enough time to give them to update the files?

It is. I misread and thought it had only just ended.

caz2003uk

fermi wrote: »

It is. I misread and thought it had only just ended.

I thought that was the case!