DRO advise please

cornish_donkey

Hi my husband is due to pay and submit his DRO in the next couple of days with stepchange. Does anyone know the timeline of how long it takes to get accepted and if many people get refused a DRO?

What happens at the end of the 12 months after it is accepted?

Also he has a telephone phobia which makes things difficult, will he have to speak to the official receiver?

Tia

Alloneword

cornish_donkey wrote: »

Hi my husband is due to pay and submit his DRO in the next couple of days with stepchange. Does anyone know the timeline of how long it takes to get accepted and if many people get refused a DRO?

What happens at the end of the 12 months after it is accepted?

Also he has a telephone phobia which makes things difficult, will he have to speak to the official receiver?

Tia

Mine has just finshed in Nov last year so some time since i done mine, but NO we never had to speak to the official receiver, my Mrs has the same issue with phone calls and normally she just confirms her ID (few security questions) and asks them to talk to me about everything and it's never an issue. We never got refused as we meet the rules for it (amount owed etc) so i would say so long as you eet the rules you should be ok, and once we paid our fee it was fairly quick somehting like 10-14 days but please bear in mind i am going back 6 years so hopefully someone with more recent experience will correct me if i'm wrong and enjoy the party in 6 years time

All1

cornish_donkey

Alloneword wrote: »

Mine has just finshed in Nov last year so some time since i done mine, but NO we never had to speak to the official receiver, my Mrs has the same issue with phone calls and normally she just confirms her ID (few security questions) and asks them to talk to me about everything and it's never an issue. We never got refused as we meet the rules for it (amount owed etc) so i would say so long as you eet the rules you should be ok, and once we paid our fee it was fairly quick somehting like 10-14 days but please bear in mind i am going back 6 years so hopefully someone with more recent experience will correct me if i'm wrong and enjoy the party in 6 years time

All1

Thank you for your reply 😁

sourcrates

It’s all very informal really, your advisor won’t submit the application if it was going to fail, basically if it’s submitted it’s approved, all the insolvency service does is rubber stamp it.

You have no contact at all with the insolvency service, it’s all done by post.

Mine took 48 hours to approve, but it can take longer depending on how busy they are.

After 12 months the debts are written off, and that’s it.

cornish_donkey

Thank you I feel a lot more at ease now.

MalMonroe

I have to say that it isn't really quite as simple as that. The debts are written off after a year, yes, but the whole thing lasts for six years. My own DRO will end next month and of course it has been on my credit report for the last six years. So if and when you ever need to apply for credit, creditors can see that you have a DRO. And that will be the case for six years from now. The basic bank account you have to get as a requirement of being granted a DRO does not allow for any overdraft, official or otherwise. Mine is with Cooperative Bank and I've been able to manage it without once going in to overdraft. I found I had to keep a very close eye on it though. I have found things quite tough, financially but I feel proud that I've almost made it through. I'm sure you will too but please don't think that after a year it will all be over, it won't.