DRO Questions

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
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JasondadJasondad Forumite
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edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
After receiving advice from various charities, I'm seriously considering a DRO. I have a few questions:

- What paper work would I need to provide as a sole trader?
I set up as a sole trader last year, but haven't really traded. I have no income as a sole trader yet. Embarrassingly my only income recently has been from my family helping me out. They have covered my bills and will continue to support me if I go down the DRO route. I pretty much receive the funds in cash and through paypal deposits to my current account.

- What further paper work will be required apart from proof of income and a credit report?

- What do the guidance notes say in regards to assets? what would be classed as an asset?
For example, would I include personal belongings such as tools (£60), dumbbell set (£40), an old xbox console, etc?

- I am the registered keeper of an old vehicle that is sorn /off the road for many years due to MOT failure. It will be sold for scrap.

In the current state, I have no idea of value. If the car was road worthy (would require over £1000 of repairs), it would be worth approx. £600-£700 according to what they have sold at online auction.

My mother paid for the vehicle when bought and is the owner. Do I declare this as an asset in my DRO as I am the registered keeper?

The car I currently own is worth around £500-£600.


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