During and end of DRO

Seabeardiver

I am in the process of removing my head out of the sand regarding my debt. I have searched forums and internet for people's personal experiences of a DRO. Can anyone tell me what checks the IV service did during and at end of their DRO and if you were required to show bank statements or payslips after the DRO was issued. I can't mess this up and want to ensure I am ready for any such checks.

MalMonroe

Have you contacted one of the free debt help agencies?

I had a DRO which began in 2013 and I did it through StepChange who helped me so much with my application.  

Here is some information from their site -

https://www.stepchange.org/how-we-help/debt-relief-order.aspx?channel=ppc&gclsrc=aw.ds&gclid=CjwKCAiAgbiQBhAHEiwAuQ6Bkgo52xzFuFOf9unFFGWQryDYnTuh2o7e-5PHRqiVXONDmhpoTraGcRoCkLQQAvD_BwE

If you phone them you can chat about all the things you want to know. They are experts and they could not have been more helpful to me.

They will go through it all very carefully with you and you won't mess it up if you let them help you.

Seabeardiver

Yes.. and Stepchange are great and just in the process of confirming my debts etc. I am however interested in anyone's experience of the checks the IV service did during the moratorium and end of the 12 months 

sourcrates

There are no further checks on you once your DRO is approved.

Your intermediary does all the donkey work, from memory you have to supply pay slips, and I think bank statements, 3 months worth of each if memory serves, details of all your debts, amounts outstanding to each creditor, and a copy of your statutory credit report is needed.

Just before its submitted, you have to get your up to date balance you owe each creditor, to make sure your total debt remains below the 30k threshold.

They also require the value of any car you own, 2k is the limit, any assets you own, again 2k is the limit, the most important figure is the disposable income threshold of £75 per month, your budget must show your disposable income is less than that.

Once your application is submitted by the intermediary, the insolvency service check the details are all good, and more or less just rubber stamp it, there is then no further contact with the IS, that is it, as they say.

Any changes must be self reported by you.

Seabeardiver

That's a great help.