DRO bricking it

System

Another early stages applicant here (Scottish MAP in my case), and I just wanted to sympathise with how nerve wracking it all gets the closer you get to actually doing it. For my part I just kept finding debt after debt I had genuinely forgotten about, mostly from payday loans I'd taken out in desperation. It got to the point I was afraid I was going to be taken over the threshold but thankfully I was well short. Just have to wait now I suppose.

Simplyme

Thankyou mum2one - It was quite nerve racking and it is not over when you get the DRO as you still have to be careful and it is very restrictive in someways like trying to improve your situation.

All the best in your application. One thing how to I record my thanks to you or other people?

All the best with your application - one step and one week at a time.

I think the most stressful thing is the preliminaries and preparation of figures etc

Simply me:cool:

B..

Hi,

I don't mean to hijack your thread but how/where did you go about applying for DRO? This is something I need to consider as I've just split from OH and have a lot of debt.

Also I have a car worth £3k. Do I need to sell it?

Simplyme

Hi!

My heart goes out to you at this difficult time. You are not hijacking my post at all and if anything ti will help me by helping others in the 12 month period.

To answer I went through Stepchange debt charity.

It does take time to get it through and to see whether you are suitable for the DRO but you can look at the criteria. I would highly recommend them .

I had been mulling over getting serious help for years about 5 in fact but decided to struggle on to see if I could get my debts down. Looking back it was a bad decision not to do things sooner - but I think back then I had more than the 15k in debt when the rules were different - this year you are allowed up to 20k at the time of the application and this is why is has made it suitable for me this time. So I went for it and so glad I have as long as things go smoothly in the 12 month period

Regards

Simplyme:cool:

National_Debtline

Hi B

B.. wrote: »

Hi,

I don't mean to hijack your thread but how/where did you go about applying for DRO? This is something I need to consider as I've just split from OH and have a lot of debt.

Also I have a car worth £3k. Do I need to sell it?

You can't do a Debt Relief Order (DRO) with a car worth > £1K, so you won't be eligible at this exact moment in time. Other criteria apply as well and it's best if you get some advice tailored to your particular situation. Why not start a separate thread and post up a Statement of Affairs from http://www.stoozing.com/calculator/soa.php .


Alternatively, contact one of the free advice charities who can advise you on other options if DRO is a no-go. In the meantime, have a read of our DRO guide:


https://www.nationaldebtline.org/EW/factsheets/Pages/debtrelieforders/droadvice.aspx


Dennis
@natdebtline

Bambam244

Im currently awaiting a letter for my dro application..
How will this affect car insurance? Would I be able to go to a new insurance company if I get a cheaper quote etc? Tia

fatbelly

I've not come across anyone having any problems with car insurance.

Simplyme

I notice in the letter from IS it recommends keeping 15 months of bank statements and good records during the DRO period. What is the reason for this?

Sometimes it is impossible to keep receipts for everything. I have an online account so do not receive paper statements so could this cause any problem and what if you are paying for some things in cash ?


Regards

Simplyme

fatbelly

Well they can ask any questions they want, during the moratorium. So they could ask questions to check your surplus income is <£50.

Just keep the records you normally would. Your bank statements (if required) would be easy to access.

I doubt you will hear anything.