DRO - statements advice
Gx01
Forumite 2 Posts
Good morning
I have been paying a DMP, but I want to move to a DRO as it will help me pay of my debts in a reasonable time frame. I have about 20,000 in debts for various credit cards. I hate that I have myself in this mess, but have been paying off a DMP for a while with finally under 20k left.
My current problem is that my mother unfortunately lost her job to the pandemic so I am solely paying for rent, food etc. Before, I used to split this with her but now I’m taking on the responsibility (I don’t mind at all it needs to be done)
I pay her for all, rent food etc from my bank account. Meaning I transfer her the sum of money as everything else was in her name, so the bills (rent, electricity etc) come out of her account. She prefers to do the food shopping and all. So all rent, food etc goes to her account.
I have been paying a DMP, but I want to move to a DRO as it will help me pay of my debts in a reasonable time frame. I have about 20,000 in debts for various credit cards. I hate that I have myself in this mess, but have been paying off a DMP for a while with finally under 20k left.
My current problem is that my mother unfortunately lost her job to the pandemic so I am solely paying for rent, food etc. Before, I used to split this with her but now I’m taking on the responsibility (I don’t mind at all it needs to be done)
I pay her for all, rent food etc from my bank account. Meaning I transfer her the sum of money as everything else was in her name, so the bills (rent, electricity etc) come out of her account. She prefers to do the food shopping and all. So all rent, food etc goes to her account.
I can provide 3 payslips that’s no problem. But if they ask for bank statements, will this be ok? As they will see me transfer a large portion of my finances to my mother.
Please advise, thank you for your time.
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The only person who'll see your bank statements as part of this process is your Intermediary. So as long as they're satisfied (e.g. that's there's no unusual/unexplained amounts going in to the account, and the amount going out matches what you say the expenses are), it shouldn't be a problem. It's not a forensic process.
I've had clients before with no account of their own, who've been asked to provide their partner's account - which has been fine. That's not the same as your situation, but shows that the system can accommodate less usual scenarios.
And for what it's worth, the DRO maximum went up to £30,000 last year!