DRO Questions
Jasondad
Posts: 12 Forumite
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.
- 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.
0
Comments
-
Hi you may be better posting on the D.R.O board0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards