Dro

Xxl

Hi I was wondering if anyone can help. I have been accepted for a dro a week ago now. I’m just getting a bit anxious as too if any of my creditors object to it. I stopped paying a debt about a year ago and it was sold to cabhot who I haven’t made a payment too. But then took out a loan after that which I made about 4 payments too. I haven’t paid this now for a couple of months. I’m worried that my dro will be taken off me because of this. I went for a dro as one of my creditors was taking me too court. Any advice would be great as too how likely is a creditor going too object too the dro.

Sonic101

I’d you’ve had a DRO ‘accepted’, you will have had to have gone through and intermediary - in which case did they know this? If yes and they still submitted the application I wouldn’t have thought it would be a problem.
(Just my view from limited knowledge, but I’m sure others will be along soon). 

Xxl

Hi thank you for your reply I did tell them when I applied that the last loan I had taken out was 3 months before. They would find this out anyway on my credit report and when I’ve made payments or not wouldn’t they?. I just keep getting anxious about it but then thought after they had done their checks then if there would of been a problem then they wouldn’t of submitted my application and got me to pay the £90.

Sonic101

Xxl said:

Hi thank you for your reply I did tell them when I applied that the last loan I had taken out was 3 months before. They would find this out anyway on my credit report and when I’ve made payments or not wouldn’t they?. I just keep getting anxious about it but then thought after they had done their checks then if there would of been a problem then they wouldn’t of submitted my application and got me to pay the £90.

Hi again

I’m a bit confused about the timings, as in your initial post you say that you took out a loan and made four payments to it, then you say the loan you took out was ‘3 months before’? - do you mean you stopped paying the loan three months before you applied for the DRO, or you took out a loan 3 months before applying for the DRO? 

If the latter I don’t see there being a problem, and as discussed I doing they would have submitted the application if it wasn’t safe to do so.

in any case I understand that once applications take about 10 days to be approved or declined, so if you’ve paid the fee and the application has been submitted you’ll hear from the IS soon, so sit tight and hang in there x

fatbelly

Xxl said:

Hi I was wondering if anyone can help. I have been accepted for a dro a week ago now. I’m just getting a bit anxious as too if any of my creditors object to it. I stopped paying a debt about a year ago and it was sold to cabhot who I haven’t made a payment too. But then took out a loan after that which I made about 4 payments too. I haven’t paid this now for a couple of months. I’m worried that my dro will be taken off me because of this. I went for a dro as one of my creditors was taking me too court. Any advice would be great as too how likely is a creditor going too object too the dro.

You are correct that creditors have the opportunity to object to the granting of a DRO. But they can only object on limited grounds, i.e. that they have evidence that you do not meet the criteria for a DRO as you have too much debt or surplus income or assets.

I used to do a lot of these for around ten years and never had one rejected.

You are talking about being found to have committed some sort of offence by taking out recent credit. That isn't a problem. It's pretty standard.

Xxl

Hi sorry about confusion I took a loan out in October and paid that upto january. My other loan I took out was in December. I paid December and January. I have already been approved for my dro last week so I think I’m just over thinking things. So do creditors see how much surplus income you have left as mine is in the minus. I don’t have any assets and all my debts are on my credit file and we’re on my application. I did accidentally miss one off as it wasn’t on the credit report I use but the dro team told me about it and added it on. Sorry again for confusion like I said I think I’m just over thinking things and getting anxious about creditors objecting.

fatbelly

Yes you are over-thinking.

It's a Debt Relief Order - gives relief from your debts.

The creditors are not even given a reference number. All they are given is a notice saying you have been given a DRO and the amount of their debt that is in there.

They don't see your income/expenditure or your declaration of assets.

So really there's not much that they can know about you that will cause them to object

Xxl

Thank you for your reply I will try and chill a bit. All this has caused anxiety and depression which I am now on tablets for. Thank you again 

MalMonroe

Hi, I just also wanted to say please don't worry. You'll be fine. You've been accepted. Many of us on this forum have been through similar things. I had a DRO a few years ago and it was very, very scary at the start, I have to admit. But it was the best thing I ever did for my financial situation. Plus, because of having the DRO I learned to budget properly for the first time ever. If I can do it, I just think anyone can. It's the chance for a fresh new start and the hardest part is over now. Well done and good luck for the future. 

Xxl

Hi sorry for another question as I have been reading through a lot of dro questions. Some say that you need to save bank statements whilst in the moratorium period. As I’m aware they don’t ask for anything after your 12 months have ended is this true?. Also I lost my job last week and whilst on my application the dro team put 3 months wage slips together too get a average monthly income. They did this as 2 of my months wages were low due too sickness. My concern is that this last month wage that I will get will be a bit higher as they owe me holiday pay. Do I need to inform the dro as I know I will still be under the surplus as when they put it through my surplus was minus.

Xxl

Also sorry what if my daughter was too put some money in my bank as a gift?. She does live with me how would they see that?