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Dro help please
emperess
Posts: 35 Forumite
Hi all
As my debts (in my name) are just over £19,000 I can apply for a DRO instead of bankruptcy thankfully.
I have an appt with CAB today and need some help. I have a £11,500 debt to my mum over two credit cards. I was second card holder on one and only her name on the other. So she is responsible for them ultimately. She got a loan to clear it off so I pay her £200 per month (agreed for 5 yrs). As it is not in my name I am assuming I leave this out of the DRO and continue paying her the amount I agreed with her. But how would the official receiver view this?
As my debts (in my name) are just over £19,000 I can apply for a DRO instead of bankruptcy thankfully.
I have an appt with CAB today and need some help. I have a £11,500 debt to my mum over two credit cards. I was second card holder on one and only her name on the other. So she is responsible for them ultimately. She got a loan to clear it off so I pay her £200 per month (agreed for 5 yrs). As it is not in my name I am assuming I leave this out of the DRO and continue paying her the amount I agreed with her. But how would the official receiver view this?
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Comments
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You will not be allowed to continue repaying your mum whilst you are in a DRO.0
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Hi emperess
Flyright is correct, I'm afraid. A DRO must include all of your debts, whether to banks, utility providers or friends & family.
There isn't an easy solution to this - in the eyes of the law, your debts are yours, and your mother's are hers. Legally binding options like a DRO reflect this.
What was the outcome of your CAB appointment today?
It may be worth getting a second opinion from another debt advice charity to assess where to go from here.
Dennis
@natdebtlineWe 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 Steps0 -
Hi all
As my debts (in my name) are just over £19,000 I can apply for a DRO instead of bankruptcy thankfully.
I have an appt with CAB today and need some help. I have a £11,500 debt to my mum over two credit cards. I was second card holder on one and only her name on the other. So she is responsible for them ultimately. She got a loan to clear it off so I pay her £200 per month (agreed for 5 yrs). As it is not in my name I am assuming I leave this out of the DRO and continue paying her the amount I agreed with her. But how would the official receiver view this?
Is the debt of £11,500 owed to your mother included in the figure of £19,000?
If it isn't you won't qualify for a DRO.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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