sorry for another question

gazzabun84

Sorry for another question.
I have £800 in shares, I know your allowed £1000 in assets but what would happen if they went up in the time I was in a DRO

sourcrates

If they went over £1000 in value, then you would be obliged to inform the IS that your assets exceed the limit set for a DRO.

gazzabun84

so would you recommend taking them out so that cant happen?

fatbelly

You can enter a DRO with up to £1000 in assets.

So shares valued at £800 would need to be declared but would not affect the application (assuming your debts are greater than that)

Once you are in a DRO the rules change and up to £1990 of assets acquired is normally OK (again assuming your debts are greater than that)

You are likely to be OK but if you are concerned about your shares increasing in value to the point where you lose your DRO, it would be safer to hold the money in a normal account - not one connected to your debts.

gazzabun84

yea my debts are about £15,000.
yea I am concerned as I think the shares are probably going to be worth £5000 in the next few months.
just wasn't sure if they would be looked in to

fatbelly

The phrase 'can't have your cake and eat it' comes to mind.

The asset rules in a DRO are already quite generous. You wouldn't be able to keep the shares in bankruptcy.

On a separate topic which shares do you hold if you have shares worth £800 now  that will be worth 5k in the next few months? Can you buy some more?

gazzabun84

I was actually relying on these shares to clear my debt but have to take money out for car repairs which is going cost about £500 so doubt I will make enough now.
also I had money in shares years ago that also looked good but the Georgian government had other ideas so ended up with nothing.
my only concern is clearing my debs so I can start a fresh so don't want to have the dro revoked ( if it gets granted )