Mental Health / Gambling

woodsville

So if I was to arrange a meeting with a company to help set up the DRO, they'll ask how long I've been unemployed won't they? And look at when I took the loans out? Surely it will come up.

nkkingston

Honestly, the important things for a DRO are how much, not the whens and wheres. They'll be more concerned about the fact that you're in negative disposable income, because that suggests there's a high chance the DRO will fail. As far as I'm aware, pretty much all authorised intermediaries (the people who are allowed to submit DROs) are money advisers of some kind, so they'll be able to work through your budget with you.

The more organised you are with the paperwork, including current statements (and bonus points if you've got recent credit reports) with account numbers, car valuation, proof of income, and an accurate and achievable budget, the quicker the DRO will be sorted. You'll need to either save or borrow £90 to pay the fee.

I think you're going to get a little stuck on having two cars in your name, so you'll want to talk through the ramifications of that with your intermediary - whether you need to sell one, and what to do with the proceeds, etc. Insolvency can also impact car insurance, so it's worth getting those documents out to check too.

sourcrates

nkkingston wrote: »

I think you're going to get a little stuck on having two cars in your name, so you'll want to talk through the ramifications of that with your intermediary - whether you need to sell one, and what to do with the proceeds, etc. Insolvency can also impact car insurance, so it's worth getting those documents out to check too.

Yes there is a clause regarding disposal of assets 2 years prior to a DRO application, as long as there total value is £1000 or less, there wont be a problem.

Debt advisers have heard every story under the sun believe me, they are used to dealing with matters of this nature, people lie all the time to get credit, i`ve yet to see anyone prosecuted for it, they will put your application together for you, and format it correctly, they wont judge you.

National_Debtline

Hello again,

woodsville wrote: »

I have no real assets. I have 2 cars in my name, worth less than £1,000 each.

This shouldn't be an issue with a DRO because you are allowed a car worth up to £1000 and 'other assets' worth up to £1000. As long as you don't have any other assets (such as savings, shares etc) that will contribute to the 'other assets' section, it is ok to have 2 cars worth less than £1000 each from a criteria perspective.


I think you should talk to one of the free debt charities about your concerns and they should be able to help put your mind at rest on a one to one basis.


Laura
@natdebtline

woodsville

First of all, a quick update. I am seeking help, and have not placed a single bet since the original post. This is massive for me.

I have a question now... I informed all my creditors about me looking into a DRO, and everything was put on hold for 30 days. I was owed some compensation by an airline (been owed it a long time), and emailed them to advise to hold off on payment as I had closed my bank account, and would be opening a new one. The bank account in question is completely frozen, and was around £800 over the overdraft limit. The airline has now paid the money into that account, despite me asking them not to. So that £500 has just been swallowed up. Is there anything I can do about that? The money would really help at the moment.

sourcrates

woodsville wrote: »

First of all, a quick update. I am seeking help, and have not placed a single bet since the original post. This is massive for me.

I have a question now... I informed all my creditors about me looking into a DRO, and everything was put on hold for 30 days. I was owed some compensation by an airline (been owed it a long time), and emailed them to advise to hold off on payment as I had closed my bank account, and would be opening a new one. The bank account in question is completely frozen, and was around £800 over the overdraft limit. The airline has now paid the money into that account, despite me asking them not to. So that £500 has just been swallowed up. Is there anything I can do about that? The money would really help at the moment.

You could write and explain your situation to them, that you are in financial difficulty, and the money was paid in error to that account.

Ask for it all back.

Don't know how successful you will be, but it's your only option.

DrWatson1

I assume now you're a full-time student that you receive a lump sum for loans and bursaries (usually between £2-3k) 3 times a year.

Do you receive this money directly, is it paid into a joint account, or does your partner receive it? If either of the first 2, then I'd urge you to allow your partner to control your finances, at least in the short-term.

What course are you doing by the way? I went to university as a mature student, and thoroughly enjoyed the experience. I hope it all goes well for you.

woodsville

Ask my bank you mean? The problem is that it's money I owe them, as I'm so far over my overdraft limit. I have no idea why they allowed me to get so far over the limit, but that's a separate matter.