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DRO and Business Insurance
Hi Peeps, I'm in a bit of a quandry. I am in the process of setting up a DRO, just need to pay the £90.
The only reason its come to this is that £80 out of the £95 a month I was paying for a DMP is now being paid on council tax (after recent benefit changes).
Anyway that aside I have business insurance as a sole trader Holistic/Beauty Therapist and noticed on my recent renewal in May that there is a question about BR/Insolvency. So I called them and they said that potentially being subject to a DRO could invalidate my insurance but they could not say a definite yes or no at present. They would have to wait until I have gone full ahead and then check with the underwriters. No use to me at all as if they say no then I cannot work. The weird thing is I always pay my insurance in full as its only about £85 pa, so I am not a risk in terms of non payment and also not a risk as they don't cover any losses from being going BR/insolvent anyway.
Pheww...anyway I no longer have enough money to continue with my DMP I am thinking the only way out of this tight corner is to potentially find an insurer that does not include BR/Insolvency risk profile so am doing a few quotes.
Has anyone else been in this situation before or indeed had any issues with a DRO that they didn't foresee wishing that they had never gone down that road in the 1st place...that is my fear
Any input much appreciated.
The only reason its come to this is that £80 out of the £95 a month I was paying for a DMP is now being paid on council tax (after recent benefit changes).
Anyway that aside I have business insurance as a sole trader Holistic/Beauty Therapist and noticed on my recent renewal in May that there is a question about BR/Insolvency. So I called them and they said that potentially being subject to a DRO could invalidate my insurance but they could not say a definite yes or no at present. They would have to wait until I have gone full ahead and then check with the underwriters. No use to me at all as if they say no then I cannot work. The weird thing is I always pay my insurance in full as its only about £85 pa, so I am not a risk in terms of non payment and also not a risk as they don't cover any losses from being going BR/insolvent anyway.
Pheww...anyway I no longer have enough money to continue with my DMP I am thinking the only way out of this tight corner is to potentially find an insurer that does not include BR/Insolvency risk profile so am doing a few quotes.
Has anyone else been in this situation before or indeed had any issues with a DRO that they didn't foresee wishing that they had never gone down that road in the 1st place...that is my fear
Any input much appreciated.
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Comments
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Has anyone else been in this situation before or indeed had any issues with a DRO that they didn't foresee wishing that they had never gone down that road in the 1st place...that is my fear
Afraid you do have to get used to people being 'reserved' not giving a clear answer, I don't know whether there are still a lot of people who don't understand debt relief orders? I've no regrets though I have experienced difficulty obtaining employed work where I am currently public knowledge, feels like I've paid the ultimate price some day! :undecided
Worst case maybe you could have a guarantor?
I ended up with a DRO because I didn't want to pay my remainder of debts with benefits (so just goes to show it would have happened eventually) when my income dropped thanks to unpredictable home-work and just couldn't comprehend CCJ's (actually paid more debt of then what was on raised on the order) pretty gutted at time but it gets easier, it's hard to understand I am now in a better place then ever before but it's true
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