A Couple of Q's Re. DRO

darley

Hello, everyone! I ordered a DRO application pack through StepChange yesterday but still have a few questions.

Firstly, I have had my bank account with HSBC since 1998 with an overdraft of £250 since approx 2010 (which I permanently live in ). I also have a credit card with HSBC which I got when I was 18 (I'm now 25) with almost £3,000 worth of debt on it. Does this mean that they will take away my bank account if my DRO gets accepted?

If they do let me keep my account, can I keep my overdraft (not declare it as part of the DRO)?

Today, I opened a Barclays Cash Card account. Am I right in thinking that this won't be affected if the DRO goes through? If so, I will start transferring everything into my new account.

I'm still trying to find the up to date amounts for each credit card and loan I hold (there are quite a few). Will these amounts show up on my Experian credit report? I'm still waiting for my father to visit with my mail as I accidentally put in my parents address (where I used to live up until recently) as I was running on auto pilot so I haven't got my Experian PIN yet

Edit: Sorry, one more question. I have pet insurance, this isn't considered a luxury, is it? There is no way I could afford vet treatment if I was made to cancel it.

Edit No. 2: I have just realised that I have asked more than a couple of questions, ha. Sorry!

Thank you

wba31

darley wrote: »

Hello, everyone! I ordered a DRO application pack through StepChange yesterday but still have a few questions.

Firstly, I have had my bank account with HSBC since 1998 with an overdraft of £250 since approx 2010 (which I permanently live in ). I also have a credit card with HSBC which I got when I was 18 (I'm now 25) with almost £3,000 worth of debt on it. Does this mean that they will take away my bank account if my DRO gets accepted?

If they do let me keep my account, can I keep my overdraft (not declare it as part of the DRO)?

You must include all debts in the DRO, none can be left out. I dont know why you would want to leave it out, it will have to be repaid someday? you have a new Barclays account now, start afresh, debt free! If you're wanting to hold onto debts then it's pointless going through the DRO...

Today, I opened a Barclays Cash Card account. Am I right in thinking that this won't be affected if the DRO goes through? If so, I will start transferring everything into my new account.

Providing you have no other debts with Barclays your new account will be fine in the DRO

I'm still trying to find the up to date amounts for each credit card and loan I hold (there are quite a few). Will these amounts show up on my Experian credit report? I'm still waiting for my father to visit with my mail as I accidentally put in my parents address (where I used to live up until recently) as I was running on auto pilot so I haven't got my Experian PIN yet

If you're missing info from statements, just call them and get the balances over the phone. Your intermediary will only need the name of creditor, account number and balance to proceed. Account number isnt a necessity though, but it's useful if you have it

Edit: Sorry, one more question. I have pet insurance, this isn't considered a luxury, is it? There is no way I could afford vet treatment if I was made to cancel it.

It depends on your intermediary, i dont think pet insurance is a luxury (saved me so much £££ in my dog's final years recently), but as long as you fit into the guidelines you'll be fine. If you've had your debt advice session with Step Change already they will have assessed this and deemed it ok.

Edit No. 2: I have just realised that I have asked more than a couple of questions, ha. Sorry!

Thank you

Please find all my answers to your few questions in red above...

darley

Thank you, wba31!

Re. my new Barclays Cash Card account - I've never had a Barclays credit card but I've recently found out that my old Egg credit card has been bought by Barclaycard. Does this mean it's quite likely that they will take it away from me?

wba31

darley wrote: »

Thank you, wba31!

Re. my new Barclays Cash Card account - I've never had a Barclays credit card but I've recently found out that my old Egg credit card has been bought by Barclaycard. Does this mean it's quite likely that they will take it away from me?

I've never known of Egg having access to Barclay's accounts, so you'd be the first I ever saw...

darley

Apparently Barclaycard bought Egg, or something like that:

Your new Barclaycard is currently being sent out in the post to replace Egg credit cards. A new PIN will also be sent to you shortly.
Once you receive these, you should keep them separate and in a safe place until 7th November 2011 when they can be used.
Until then, please continue to use your Egg credit card as normal.

Maybe I should open a Co-Op account, too, just incase...