We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
can i go bankrupt while having a debt relief order
MH24
Posts: 3 Newbie
a DRO was created but shortly after more debts were found totalling about £5-6000. they cant be added to the DRO (i checked). can i apply for bankruptcy to deal with this remaining debts?
many thanks
many thanks
0
Comments
-
I think you would need to end the DRO and then file for bankruptcy if these extra debts take you about the £30k DRO limit.
Alternatively - if the DRO has solved most of your problems could you not deal with these in a year's time?
When was the DRO put in place??I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇0 -
You must declare this to the Insolvency Service, who will terminate your DRO if it takes you over the limit.
You can then apply for bankruptcy.
0 -
the new found debts do NOT take the total of debts over £30K0
-
Honestly just try and bluff it out if you get contacted, you can tell them your in a DRO, and as fatbelly surmises, they may assume their debts are included in it.MH24 said:the new found debts do NOT take the total of debts over £30K
Push comes to shove for 6k a debt management plan after your DRO will work.
Bit overkill to go bankrupt for such a small amount.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
being debt free is the preferred option. . they MAY assume theyre included in the DRO, but they wont be and wont be written off which is what is required, not bluffing or a DMP
i was really hoping someone would just answer the question which is can a bankruptcy and a DRO co exist, and if not how do i get a DRO revoked? ive had the first part answered (many thanks to them) now i just need someone to answer the second part0 -
You can’t enter in to more than one form of insolvency at a time.
They are both separate regulated choices, you have one or the other dependant on your circumstances.
Your DRO would have to be revoked first, which would require you to have had a change in circumstances that would result in the arrangement being revoked, it would then have to be self reported by you.
Once that is done, you can declare yourself bankrupt for £680.
You may get a 3 year IPA on top of that.
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
See my comments on this thread
https://forums.moneysavingexpert.com/discussion/comment/80580155#Comment_80580155
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243K Work, Benefits & Business
- 619.9K Mortgages, Homes & Bills
- 176.5K Life & Family
- 255.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards