DRO ... for self employed, much difference?

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Anyone know what info the IS (or agency) require for a self employed person applying for a DRO?
Also, does a DRO mean closing all bank accounts?
cheers
Also, does a DRO mean closing all bank accounts?
cheers
Now we all know how it felt to play in the band on the Titanic...
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You are also subject to the £75 disposable income threshold, and the ban on taking more than £500 in credit.
Your income is worked out on your previous years figures, so if your income fluctuates, it can be a problem, your DRO may be revoked if you go over the limits, it may not be the best option here.
You only include debts, not every account is a debt, if the bank account is not in debt, then it will not form part of your DRO.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
Ive told the guy he should consider ceasing to trade, more trouble than its worth TBH now, although he has had all 5 SEISS grants
where can i tell the guy to look for advice on what`s allowed?
cheers
£75 is the monthly disposable income threshold, above which a DRO would not be granted.
Nothing to do with making payments, as you do not make any payments during a DRO.
I think your confusing this with Bankruptcy, where the IS may look to making an IPA (Income Payment Arrangement) if you have more than £20 monthly disposable income.
You should refer them to Business Debtline.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
where can he find details of what he can put as living costs for income/outgoings?
You must have £75 or less left after essential bills are paid, not including debt repayments, otherwise you do not qualify.
Information can be found on intermediary sites such as stepchange and CAB.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
do they use stepchange or the business debt version?
https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/debt-relief-orders/getting-a-debt-relief-order/how-to-get-a-debt-relief-order/#:~:text=You can only apply for,DRO is right for you.
In this case the outgoings (very basic) are £1000/ month with only the applicants £950 pension coming in
(allowing £350/month for food for 2 )