DRO discharged… what next

JR27721988

Hello all, 

I was discharged from my DRO at the end of July. The debts which were included are still showing in my credit file. Is this normal or should I expect them to be taken off now? 

For example an overdraft is still showing. 

Also I have read lots about building credit post DRO, any tips on how best to start? I’ve done a check and nothing is showing as available to me, which is completely understandable, I guess it’s just a case of time? 

Thanks in advance 

sourcrates

Your DRO was only for one year.

Although your debts are now discharged, the credit file entries will stay visible for a total of 6 years, from either the date of default, or the start of your DRO, whichever was the sooner.

All your accounts should be marked as "settled" and show a zero balance.

If they do not, then you need to make a complaint, debt camel has a very good article on "credit file clean up" after any insolvency, Google is your friend.

JR27721988

sourcrates said:

Your DRO was only for one year.

Although your debts are now discharged, the credit file entries will stay visible for a total of 6 years, from either the date of default, or the start of your DRO, whichever was the sooner.

All your accounts should be marked as "settled" and show a zero balance.

If they do not, then you need to make a complaint, debt camel has a very good article on "credit file clean up" after any insolvency, Google is your friend.

I am aware that they will stay on my file but they are all still showing full balances and aren’t marked as settled. 

I’ll check out that article thanks 

MalMonroe

Hi,

I had a DRO and my 6 year period ended in 2019. After that it really was a case of waiting and slowly rebuilding my financial reputation. Now I have three 'ordinary' (i.e. not those especially for people with poor credit, etc.) credit cards with a combined credit limit of £7,500 and am debt-free. (I say 'debt-free' but actually I do also have a PCP for my car and I've been paying that faithfully with no missed payments for a couple of years, so not tarnishing my credit file. It is counted as debt but I'm managing it sensibly and it's a really small amount - a deal I wouldn't be able to get now.)

Once the initial 12 month period was over I waited a few months before applying for a basic credit card because although the DRO is discharged after 12 months, your details remain on the Insolvency Register for a further 3 months. 

I really just wanted to say that there is life after a DRO definitely but it does take time. After the initial 12 month period the job of rebuilding your credit file begins.

There's also some information from StepChange in the following link about what happens after a DRO -

https://www.stepchange.org/debt-info/what-happens-after-a-debt-relief-order.aspx

And also from the government -  

https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order#what-happens-next

My DRO taught me such a lot about managing my finances and I've also learned a lot by being a member of this forum.

I do hope that's helpful. But if not, please do ignore!     

JR27721988

MalMonroe said:

Hi,

I had a DRO and my 6 year period ended in 2019. After that it really was a case of waiting and slowly rebuilding my financial reputation. Now I have three 'ordinary' (i.e. not those especially for people with poor credit, etc.) credit cards with a combined credit limit of £7,500 and am debt-free. (I say 'debt-free' but actually I do also have a PCP for my car and I've been paying that faithfully with no missed payments for a couple of years, so not tarnishing my credit file. It is counted as debt but I'm managing it sensibly and it's a really small amount - a deal I wouldn't be able to get now.)

Once the initial 12 month period was over I waited a few months before applying for a basic credit card because although the DRO is discharged after 12 months, your details remain on the Insolvency Register for a further 3 months. 

I really just wanted to say that there is life after a DRO definitely but it does take time. After the initial 12 month period the job of rebuilding your credit file begins.

There's also some information from StepChange in the following link about what happens after a DRO -

https://www.stepchange.org/debt-info/what-happens-after-a-debt-relief-order.aspx

And also from the government -  

https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order#what-happens-next

My DRO taught me such a lot about managing my finances and I've also learned a lot by being a member of this forum.

I do hope that's helpful. But if not, please do ignore!     

That is so helpful thank you. It’s good to know that previous mistakes don’t haunt you forever! 

I am the same, I am in a much better position financially now but there are some things in life you need credit for… a car being the perfect example! 

Thank you again