DRO Advice

edited 30 November -1 at 1:00AM in IVA & DRO
4 replies 911 views
kezloukezlou Forumite
3.3K Posts
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edited 30 November -1 at 1:00AM in IVA & DRO
Hello

Sorry to bother you all, I'm thinking of going down the dro path. I'm on a very low income so I think I can qualify.

I have some questions though if anyone can help with,

My partner is self employed, were not married but we are living together and have two children.

If I got a dro would this affect my partner

Thanks :)

Replies

  • fatbellyfatbelly Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
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    Not particularly.

    If you have a joint loan or overdraft your credit files are already linked and any defaults will already be affecting his 'credit rating' (not that that actually exists as such). These would become his sole debts after the DRO - likewise with council tax or water arrears.
  • edited 2 December 2013 at 6:11PM
    National_DebtlineNational_Debtline Organisation Representatives - Private Messages may not be monitored
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    edited 2 December 2013 at 6:11PM
    Hello there,

    The Debt Relief Order intermediary may wish for you to complete a joint financial statement. This doesn't mean that your partner would be implicated. The intermediary will then calculate your share of any surplus income based upon how much income you bring in to the household.

    One of the rules for a DRO is that your share of the surplus income needs to be below £50.

    More about the DRO rules can be found via our fact sheet, just click here.

    Best wishes,

    David @ NDL.
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • kezloukezlou Forumite
    3.3K Posts
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    thank you for your help fatbelly and david.

    I'll look through the fact sheet.

    I did the calculation test on the stepchange website and on advice from the calculator was to only make token payments as it said i had more outgoings than incomings. Not sure if thats relevant.

    We have a joint account together, a cardholder to the business account (but not an account holder ) and TPM on his single account. so if i was going to do a DRO i would disassociate myself from the single and business. But remove his name from the joint account so just be in name.
  • Looking for help please

    I was approved my DRO before Xmas, but waiting for it to be finalised from OR, hopefully next week.
    Am about to relocate to AUSTRALIA with my girlfriend (which has been funded by her parents) and just realised I have forgotten about my 2 mobile phone contracts!
    What is the best thing to do? they were not included on the DRO but both have apps 1 year remaining on contract term and I can't do monthly payments from australia - recommendations please?
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