Considering a DRO need advice

FIGHTER

Hi guys.

I've read a few threads on here about DRO's but I'm on my mobile so I'm finding navigating around the site difficult. So thought I would just post.
As you can see it's 3am in the morning. Anotjer night of not being able to sleep. Things were going ok up till last July. Left an abusive relationship after 14 years. Then got made redundant two months after.
Started a downward spiral of depression and started suffering with anxiety and panic attacks. Still not 100%. Have three children to support and don't feel able to go back into work yet (low self esteem confidence issues, medical reasons and childcare costs all adding to my woes) but I do realise absolutely that I am the only one who can change thngs around.
Lack of sleep is not good when you have three kids running about.
So I need to be proactive and try and sort my life out.

Having researched dro I have done an income expenditure form and noted all my debts.
Total debts stand at £5284
Total left over each month from income is £10.40 although I never seem to have anything.

So a couple of questions

1) is a dro right for me
2) how long is the process
3) what banking facilities can I have / who will give me a bank account
I understand the impact on my credit file. And I don't really care about that I just want my health and happiness back. I want to sleep at night. I want to enjoy time with my kids instead of stressing out.

Thanks for reading

FIGHTER

Also isvtheir a set amount they accept for certain things such as food for a family of 4 or clothing and footwear etc. Do they consider school trips?

sortingdebts

Hi,

Im sure someone far more knowledgeable will come along soon, but I am almost at the end of my Dro and it was the best thing I ever did.

Looking at what you have wrote, it sounds like it could be the right thing for you, but maybe if you spoke to National Debtline or Cab or one of these places that can advise more might help (especially as you will end up going through one of these to sort out the dro).

The process for going through everything can vary. They require (as you may have seen/read) various things included with the application and this can take a little time to collect. (things like recent months bank statement, credit report etc etc).

Once your intermediary has made sure everything is in order (they won't submit it unless are 100% sure everything is in order and will go through), it gets submitted once you pay the £90 fee. A couple of days is all it should take (depending if the IS are busy), and then it should be complete.

The whole process could be weeks to months. I guess it just depends? Mine took until early March from starting the late previous November - but I had some problems with items I had to retrieve and taking longer than it should have to get them! (ie, I had an error on my credit report needed fixing, and i needed a letter from Dwp stating what benefits i received but they kept sending the wrong letter! adding weeks to my waiting!)

Before you go through all this - you set up a basic bank account. I did this long before my application was submitted. Most banks do a basic account - but you may want to make sure the bank you choose, doesn't have any ties to any banks/accounts from your creditors.

Anyhow, I'm sure someone else will add more to that, but that's the basics of it.

Good luck!

The-Inkman

@FIGHTER please carry out the StepChange remedy here:

Its totally anonymous and it will ask a few questions here and there and then at the end it will tell you what is the best option for you. Now going by what you have said, the right thing for you in my eyes is a Debt Relief Order.

Now i was the same as you just over one month ago believe it or not worried about how bills and debts were going to be paid ect and how payment plans i had setup were coming to an end and the worry of them asking for more money was going to start again making me and my family even more worse off.

We sat sometimes and thought how amazing it would be with all the debts paid off but yes we could think about how good it was going to be and that was it the worry was still there.

Then at the end of January 2015 i told my wife about a Debt Relief Order which i could try and get, now i sent an email to StepChange and they sent me the link which i have provided above to fill in anonymously.

I carried out the anonymous form and at the end it informed me that a Debt Relief Order was best for me, it also asked if i wanted to be sent the forms to apply.

The forms arrived and i sent them back to StepChange with all the details they required and i waited 10 days and they then sent me a letter with a barcode on it to pay the £90 fee which goes directly to The Insolvency Service. They also provided me with a copy of your application to look through.

Right away i paid the £90 fee and you then had to phone StepChange to give them updated amounts of each debt you have and i then told them i had also paid the fee which right away they submitted my application.

I waited 3 days and i received a letter to inform me i had been approved. And that is that the end of all my debt problems and look at the date today its the 22nd so i done all of that within say 25 days.

As soon as i personally decided to do this at the end of January i stopped on the spot paying my debtors and emails each of the CEOs and informed them to freeze my debts for 30 days because i was having money problems and was seeking advice from StepChange and all of them did apart from Argos.

I then used £90 of the money i would have used on them debts to pay the £90 fee. And look i am here now totally clear of stress and worry from debts.

But please use StepChange they are fast and professional and really friendly on the phone.

Any other questions just ask...
*SORRY HAD TO REMOVE THE LINK BECAUSE OF THE SILLY RULES ON HERE, I DID TRY AND HELP. MAYBE I COULD PM THE LINK TO YOU.*

FIGHTER

I have a rbs account I get a cheque book so I guess that will go.
I also have a halifax easy cash account.

I will order my bank statements now.
I just need to be able to breathe. Its on my mind all the time
I really don't care about being able to get credit

FIGHTER

Hi the inkman.

Looks like we posted at the same time sorry I wasn't ignoring your post.

I'd be grateful if you could pm the link. I feel so ill at the moment.
Stress worry the lot. Trying to play with the kids but my minds on this.
Well done for getting sorted. I can imagine the relief must be massive.
I just remembered another bill this morning. I must try and get everything included.
I've been on noddle so I think I have them all now.

Be so grateful for the link.
I have emailed stepchange this morning

The-Inkman

FIGHTER wrote: »

Hi the inkman.

Looks like we posted at the same time sorry I wasn't ignoring your post.

I'd be grateful if you could pm the link. I feel so ill at the moment.
Stress worry the lot. Trying to play with the kids but my minds on this.
Well done for getting sorted. I can imagine the relief must be massive.
I just remembered another bill this morning. I must try and get everything included.
I've been on noddle so I think I have them all now.

Be so grateful for the link.
I have emailed stepchange this morning

Its ok no problem.
Just sent you the link via PM. I did find that Noddle doesn't show all debts so try your best to think of every one. Also if you have a water bill in your name add that to the debt relief also because its billed to you in advance isn't it normally.

[Deleted User]

If you are in debt to the bank/s, only then does the account close
I kept my halifax accounts to this date and in fact they have been upgraded since (though if you can understand I kept my bank needs low key and tried not to draw attention to myself, until 3 years later like the diva I am! )

If at first you are put off, keep trying - just be prepared that you are going to get advice that will tell you to pay a pound, be as strong as you can be if you are sure this route is right for you - I only say this cos I saw a benefits programme with a Mum who seemingly got guided this other way by a charity recent :mad: although I appreciate we didn't know the in's and out's, perhaps the car value was over

Good luck sweetie, plenty of us have come through and lived to survive, even if only a little better as it's deemed bankrupt, though I prefer hearing this to 'bad credit' and I don't know that enough emphasis happens, I can't really say anything else but yours in support and make sure you get every debt into the order x

FIGHTER

For all your lovely responses. I really do appreciate it.

sortingdebts

The-Inkman wrote: »

I waited 3 days and i received a letter to inform me i had been approved. And that is that the end of all my debt problems and look at the date today its the 22nd so i done all of that within say 25 days.

Id hoped mine took only a few weeks too - but unfortunately I had an error on my credit report that needed fixing before it could be used as part of my application - plus dwp kept sending the wrong required letter I needed also! Took me so long to get these sorted - as my application couldn't go any further until then. Glad it eventually did though!

Just to add anyhow - make sure you stick within the rules of the 1 year moratorium period. Although I was really happy when my dro went through and it made my life much easier - I'll be happier when the moratorium period has passed and I'll feel 'fully' debt free! Another 2 weeks... :j

The-Inkman

@FIGHTER i cannot reply to private message because yet more rules by this website only allows me to send 1 message in 60 minutes. Really is silly

The link shouldn't be asking for login details though