DRO multiple queries

Katy_roberts85

Looking into DRO and need some advice please

My car is showing a £850 on Parker’s as private poor condition - is this what they’d use to value the car? It is pretty poor condition scratched, leaking boot and children destroyed interior. Would they need proof?

I’m a teacher - will a DRO have an impact on my career?

It says about circumstances changing in the next 12 months - I can’t see it improving except standard annual pay rise if I’m lucky - is there anything I’m missing here? Will a salary pay rise like 3% affect the DRO and cause it to be revoked? How do they assess it at the end?

What evidence do they need, what paperwork?

maxmycardagain

Looking into DRO and need some advice please

My car is showing a £850 on Parker’s as private poor condition - is this what they’d use to value the car? It is pretty poor condition scratched, leaking boot and children destroyed interior. Would they need proof?

Tell the IS, but its only worth half that valuation at best after collection and auction fees, they may even allow you to pay them £250 to keep it or not even bother

I’m a teacher - will a DRO have an impact on my career?

Shouldnt have thought so, it doesnt go in the press now, or you could tell your boss/head teacher

It says about circumstances changing in the next 12 months - I can’t see it improving except standard annual pay rise if I’m lucky - is there anything I’m missing here? Will a salary pay rise like 3% affect the DRO and cause it to be revoked?

An IPA depends on disposable salary after living costs, etc, will 3% make a huge difference?

Katy_roberts85

What’s an IPA?

Twubble

You can have a car up to the value of £1000, as valued in Parkers. You can also have assets worth up to £1000, which includes money. If the pay rise doesn't give you more than the £50 per month surplus permitted by a DRO, then you'll be fine.

An IPA isn't anything to do with a DRO.

I'm not sure if a DRO would affect your career, but I wouldn't have thought so. I think it's mainly if you have a job in the financial sector.

They generally don't look at it at any time except the start. You need to report to them if your circumstances change in that time, so if you had a rise that would take you over the £50 per month surplus, then you'd have to report that, for instance.

If you post up a statement of affairs on here, I'm sure people can help you with it.

What evidence they need varies depending on who you obtain the DRO through, but I had to provide three months bank statements, a copy of my credit report, and that's about it, from what I remember, apart from a list of your debts, which must not exceed £20,000. It's very straightforward. Good luck.

Katy_roberts85

Thank you for your reply.

What’s a statement of affairs?

With the car value on Parker’s - which value do they go with as it varied depending on condition and private/dealer value. What evidence do I need to submit for the car value? I’m registered keeper and insure it but family bought it for me, well gave me money for it, does that affect it?

maxmycardagain

Twubble wrote: »

An IPA isn't anything to do with a DRO.

OK, whatever title the payments during a DRO are called then

maxmycardagain

Katy_roberts85 wrote: »

Thank you for your reply.

What’s a statement of affairs?

when you tell them what you have coming in/going out


http://www.stoozing.com/calculator/soa.php

maxmycardagain

Katy_roberts85 wrote: »

Thank you for your reply.

I’m registered keeper and insure it but family bought it for me, well gave me money for it, does that affect it?

The name on the invoice proves ownership... be careful

sourcrates

Ok, confusion is reigning here, people are mixing up bankruptcy with a debt relief order.

Let me clarify, OP your car will be fine, the intermediary takes all your details, checks everything is spot on, only then will your DRO be submitted, once submitted it will be granted.

You make no payment at all during the 12 month monotorium period, your tiny pay rise will not be an issue, after 12 months, the debts are written off, that’s it.

All you need are credit reports to detail all your debts, and I think 2 months pay slips, and/or bank statements.

Twubble

maxmycardagain wrote: »

OK, whatever title the payments during a DRO are called then

No payments are made with a DRO (Debt Relief Order). It's not like a bankruptcy.

luvchocolate

sourcrates wrote: »

Ok, confusion is reigning here, people are mixing up bankruptcy with a debt relief order.

Let me clarify, OP your car will be fine, the intermediary takes all your details, checks everything is spot on, only then will your DRO be submitted, once submitted it will be granted.

You make no payment at all during the 12 month monotorium period, your tiny pay rise will not be an issue, after 12 months, the debts are written off, that’s it.

All you need are credit reports to detail all your debts, and I think 2 months pay slips, and/or bank statements.

Maybe move this thread to the D.R.O section of the board?