DRO Assets

dd0910

I'm having trouble figuring out what would be considered as assets and whether or not they'd be worth anything. Also, my partner pays all the bills including my debt but is running himself into the ground to do it. Do I include him in the claim?

Below is a list of all things I own

2 32in TVs (one given to me by my mum)

9 game consoles including Wii U, Wii, XBOX 360 and Nintendo 3ds. The other consoles belong to my partner as does the 360. I brought the 3ds and Wii U for him as gifts but they were on finance. Are they considered as mine or his?

2 laptops and 1 desktop

Printer

A surround sound system that was brought for us

Microphones and editing software, these were brought using my card but belong to my partner.

We also have a washing machine, hoover, microwave (this once again was brought for us) and fridge. As well as various video games for the consoles.

I don't want to be judged for buying things when I had no money, I'd just like advice please.

sacha28

Asset
Something you possess that has some monetary value or can produce a cash flow and
so benefits you. An asset can therefore be used to repay debts.

That is a quote from the insolvency service's guide to debt relief order's. I would suggest that all of your console's would be classed as an asset and considering the wii u is, at cheapest, £260 you are near you limit for assets with just that wii alone.

With regards to the editing equipment etc.....you paid for it by card so is provable to be yours, therefore that will also be classed as one of your assets. Washing machines and everyday appliances aren't classed as assets as they are essential to everyday living.

Out of interest....what purpose will it serve as putting your oh down as a creditor on the DRO? Or did you mean do a joint DRO? If it's the latter, you are only able to make individual applications for a DRO.

Finally......don't beat yourself up for making stupid purchases when you are skint, 95% of the population will have done it at some point so are in no position to judge (anyone who says they have NEVER made a stupid financial decision, however small, are liars!!)

dd0910

I was just checking if I need to include my partner or is it a solo thing.

UpToMyNeckInIt

Sacha,

Whilst I am not entirely sure how a DRO works, I see your point. But are you really suggesting that the OP may have to surrender every single thing of value, right the way down to small electrical items? Seems extremely harsh. (Accepted, that if it looks like someone has maxed-out their credit to buy gadgets, immediately prior to going insolvent, then this will understandably arouse suspicion).

Does any sort of official visit your home and start to inventory everything as part of this process?

Let's be honest though, electrical items depreciate heavily, so I'm guessing this has to be reflected in how you 'value' something.

dd0910: Personally, I would keep quiet about the laptops, games consoles etc. If possible 'hide' them at another premises (eg: trustworthy friend/relative). Might be difficult to explain where recent purchases have gone, so don't do anything too silly.

Hope it all works out for you.

fatbelly

UpToMyNeckInIt wrote: »

Does any sort of official visit your home and start to inventory everything as part of this process?

No

UpToMyNeckInIt wrote: »

Personally, I would keep quiet about the laptops, games consoles etc. If possible 'hide' them at another premises (eg: trustworthy friend/relative). Might be difficult to explain where recent purchases have gone, so don't do anything too silly.

So no need to do this.

I've responded to the OP in their other thread.

wba31

UpToMyNeckInIt wrote: »

dd0910: Personally, I would keep quiet about the laptops, games consoles etc. If possible 'hide' them at another premises (eg: trustworthy friend/relative). Might be difficult to explain where recent purchases have gone, so don't do anything too silly.

As said, no need to do this. But I personally cannot condone anybody hiding anything just to force a DRO through. It is a legal form of insolvency and anyone found to be untruthful in their application is actually liable to prosecution.
Intermediaries have a tough job already with people arguing the toss over car values or choosing not to disclose assets they know will cause a problem, this should not be encouraged. The DRO is black and white, you are either eligible or not.

sacha28

uptomyneckinit, no there is no official visit but there is always the possibility that you could be called to the OR office to prove what you are saying is true. The whole point of asking about assets is to ascertain whether there are ways you could sell items of worth to pay towards the debts, therefore not completely obliterating your credit with a DRO. When filling out the forms I wasn't asked to list my assets, I was just asked to say 'yes, I have assets more than £300' or 'No I don't have assets worth more than £300'. I was then told by the man that I could be called in for a 'spot check' to make sure I was being truthful (although this is, apparently, rare).

I appreciate that electrical items depreciate but even if each console alone depreciated to only £50 that would still take her over the £300 asset threshold. I also find your suggestion to 'hide' things a little bit weird. The whole point of a DRO is to try and help you out of a financial hole, surely if you are desperate enough to go down the DRO route then you would do anything to help your situation? I sold my car, I sold my laptop, I cancelled my tv, bb, landline, and mobile contracts in order to help my plight. If you are willing to be fictitious in your application then perhaps this is being seen as a 'quick fix' rather than a last resort?

dd0910

I would happily sell most of the consoles and several other things but my partner is having non of it as is only enjoyment is stuff like that...

Thank you for the advice guys.

sacha28

dd0910 wrote: »

I would happily sell most of the consoles and several other things but my partner is having non of it as is only enjoyment is stuff like that...

Thank you for the advice guys.

But does he need 9 of them? Really? And why do you need 2 laptops? Seems that sorting your finances aren't really that much of a priority otherwise sacrifices would be made, like selling 8 consoles and 'making do' with just the one. Your way of thinking needs to change, otherwise you will get the DRO, be discharged then find yourself in the same boat in a couple of years as your mindset will still be the same.

dd0910

Please don't tell me where my priorities lie. I have just said I would like to sell everything but it's not my decision to make, most of the consoles are childhood ones that he is attached to.

dd0910

There is a lot behind our debt that I don't wish to share on here to be judged. I accept that I made a big mistake getting credit cards when I had never had a job and it has ruined my life. I suffer from anxiety a nd depression and worry everyday, I don't need to be judged.