Advice about Debt Relief Order please

Delara

Pee wrote: »

Noone can advise you on your individual case without seeing all of the documentation about your daughter's account. It isn't a good idea to put that on here. The charity that suggested the DRO? CAB? An insolvency practitioner?

It may be a matter of contacting the insolvency service to check.

I have found out enough to suspect that it will be safer to transfer all funds from child savings account to her CTF account now. Then wait at least a year before going for a DRO. This will give me time to get my debts under £15K.

From the CAB website.............

"Things you must not do before you apply for a debt relief order or during the debt relief order

There are certain things you must not do before you apply for a debt relief order or during the debt relief order. These include:

hiding, destroying or faking any books or documents up to one year before you apply for a debt relief order and during the debt relief order period"

So is it best to wait a year after transferring my daughters funds to her CTF account that she cant access until she is 18?

Pee

If it would be part of the DRO, then you must wait a year after transferring it. I am very surprised that it would be and think you should speak to an expert about this.

Delara

Pee wrote: »

If it would be part of the DRO, then you must wait a year after transferring it. I am very surprised that it would be and think you should speak to an expert about this.

I have to wait a year for my car to be worth less than £1000 any way.

Its just keeping the creditors at bay for another year.:(

sugarplum10

Hi there,
If your debts amount to over £15,000 then you do not qualify for a DRO.
You cant leave debts out of the DRO so you can qualify as they will see when they search your credit file/ bank accounts that you owe more, and this is a process through the courts, any omitted information is classed as fraud.
please be careful going ahead with this if you owe more as if they find this out it WILL invalidate the DRO and you will still owe all the money!
hope this helps