DRO Advice Needed

smallandcute

Hi all,

So after a very bad experience with Stepchange (they never complete my consultation and were always asking me to call back even though I had completed my consultation apparently) I called National Debtline who were the complete opposite and very supportive and helpful. I has been suggested to me that I either file for bankruptcy or a DRO.

A DRO seems like the better option and would appear it has a lesser impact but is still a very serious matter.

I was advised that I would not be able to set up a limited company or be a director of one whilst the DRO was active for the year but after that I can be. I am wanting to start my masters part time next September then set up my business full so this gives me time to clear the debt then restart. I am though in the process of setting this business up whilst I am employed full time so that I have a bit of a security net. I would need to be earning around around an extra £200 per month before my DRO would be cancelled and I know I won't be earning that for a good while with my business being part time.

I do have a few questions though that I am hoping that someone can help me with.

I have a to and broadband package with sky, as and when I enter the DRO will they cancel my contract and not let me renew, I will be up for renewal come the new year? All bills with sky are so far up to date and no defaults on my account.

I have a phone contract which ends March 2018, again will it be cancelled whilst I am in contract and not be able to renew it? If needs be and it is cancelled can it go towards my DRO then take out a 30 rolling contract?

I have already switched bank accounts from my previous bank to Lloyds basic account. I do not owe Lloyds a penny so an I keep this account or do I need to open another account?

Is switching electric, my only fuel in my home, going to be difficult? I always look for the cheapest supplier and pay via direct debit.

And finally do you remain on the insolvency register for life or is it just the six years?

Sorry for all the questions and as time goes on I am sure I will have more, if any are stupid please say!

Thanks man in advance for all your help and advice.

National_Debtline

Hi

SortingMyLife has given you some good advice and the correct information there.
It's your credit file that will show your DRO for 6 years, but the Insolvency Register will only show it for 3 months after your DRO ends.

James
@natdebtline